DBS Vickers Securities in a Mar 7 research report says: "CSF outperformed our forecasts due to higher ASP and lower operating costs. Headline earnings came in at Rp130.7 billion, 6.4% above our expectations driven by higher than expected ASP and lower operating costs.

"The absence of dividends for FY2011, despite a strong cash balance of 40% of net assets could signal management’s intention to conserve cash for further investments to drive future growths.

"We have trimmed our earnings marginally by 4%/5% for FY2012F/2013F on a slower ramp up of its new production lines and higher expenses for its newly acquired Jakarta factory. Target price is lowered marginally to 26 cents, based on a pedestal 5x PE. MAINTAIN BUY."