IndoAgri - Indofood Agri downgraded to Hold by Phillip Securities

Stock Name: IndoAgri
Company Name: INDOFOOD AGRI RESOURCES LTD.
Research House: Phillip Securities

Phillip Securities downgrades Indofood Agri Resources (5JS.SG) to Hold from Buy, cuts target price to $2.67 from $2.83 after plantation firm reports 68% lower 2Q net profit, 8% fall in revenue on lower sales, says Dow Jones.



Phillip Securities expects 2010 income to fall due to price competition, lower yields.



“We revised our earnings estimates down for Indofood Agri Resources as we adjust our forecast for cooking oil and margarine division down in view of intense pricing competition of branded cooking oil in Indonesia and lower production figures,” house says.



Stock last +2.9% at $2.41.