Stock Name: IndoAgri
Company Name: INDOFOOD AGRI RESOURCES LTD.
Research House: Kim Eng
The brokerage said the average CPO prices for 2010 stood at 2,715 ringgit ($1,139.) per tonne. Its CPO price assumption for 2011 is 3,350 ringgit per tonne, versus the current spot price of 3,910 ringgit per tonne.
Company Name: INDOFOOD AGRI RESOURCES LTD.
Research House: Kim Eng
Kim Eng has upgraded palm oil firm Indofood Agri Resources (IFAR.SI) to buy from hold and raised its target price to $3.33 from $2.34.
Kim Eng said it increased its net profit forecasts by 24% to 1.76 billion rupiah ($251.4 million) for Indofood Agri’s 2011 financial year, and by 17% to 1.85 billion rupiah for 2012 due to higher crude palm oil (CPO) prices.
The brokerage said the average CPO prices for 2010 stood at 2,715 ringgit ($1,139.) per tonne. Its CPO price assumption for 2011 is 3,350 ringgit per tonne, versus the current spot price of 3,910 ringgit per tonne.
Kim Eng added that CPO prices are likely to be supported by moderating industry output and higher crude oil prices.
Indofood Agri has also managed to raise the average selling prices for its downstream products, primarily in consumer packs, thrice in the last three months amid easing price competition.
At 10:45 a.m., Indofood Agri shares were down 0.4% at $2.58 on a volume of 848,000 shares.
No comments:
Post a Comment