Stock Name: IndoAgri
Company Name: INDOFOOD AGRI RESOURCES LTD.
Research House: UOB KayHian
UOB KayHian, which places its Hold rating and a $2.85 target under review, says despite higher revenue in FY10, core net profit declined 2% to IDR1,200 billion, slightly higher than its forecast of IDR1,108 billion.
Company Name: INDOFOOD AGRI RESOURCES LTD.
Research House: UOB KayHian
Indofood Agri Resources (5JS.SG) is +3.1% at $2.33 after its 4Q results came in line with expectations, with net profit of IDR598 billion, +108% on year, +131% on quarter, helped by fair value gains on biological assets; revenue rose 31% on year, +30% on quarter to IDR2979 billion.
UOB KayHian, which places its Hold rating and a $2.85 target under review, says despite higher revenue in FY10, core net profit declined 2% to IDR1,200 billion, slightly higher than its forecast of IDR1,108 billion.
It notes, lower core net profit was due to rising operating expenses due to higher salary and professional fees, lower forex gain and higher other operating expenses with lower operating income.
Goldman Sachs, which has a Buy rating, says “palm oil production was relatively weak, down 2% on year and was 2% lower than our forecast, mainly driven by lower yields. However, this was largely offset by higher-than-expected CPO prices.” The house makes no changes to its forecasts.
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