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Apr 18, 2017 13:16:18
Key takeaways from meeting with Gajah Tunggal (
Gajah Tunggal aims revenue growth of 5% - 10% this year. However, its gross margin will be normalized at 15% - 20%, lower than23.4% in FY16.
Gajah Tunggal will do refinancing on its debt this year, which company expects to have better interest rate for the company.
Its plants utilization currently stood at 66%-78%. Moreover, the company will expand its TBR tire capacity to 2,200pcs/day this year, from only 1,000pcs/day last year.
Domestic market will still be the biggest contributor to revenue with 55% of revenue this year, while the rest will be from exportmarket.
Gajah Tunggal has annual contract with raw material suppliers based on volume and its price will use average price from previous month.
Currently, the stock is trading at 5.95x FY16 PE. (Dony Gunawan)