Astra Graphia booked a net profit of Rp139.5b (18% growth YoY), with revenue rising by 10% YoY to Rp1.72t. Both figures were in line with our expectations after we downgraded our revenue and net profit assumptions by 3% and 10%, respectively, on 26 Jan 12. We are cautiously optimistic about the company’s revenue growth for this year. In particular, we are concerned that global turmoil would trigger a Rupiah depreciation. We maintain our estimate and TP at Rp1,530 as the FY11 results were in line with our expectations. We like the stock for its dividend payout ratio (DPOR) of 40%; double-digit revenue growth; and debt-free position. Our TP pegs the stock at 13x 2012 PER. Reiterate BUY. (from Kim Eng)
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