Stock Name: IndoAgri
Company Name: INDOFOOD AGRI RESOURCES LTD.
CIMB in an Oct 31 research report says: "At its 3Q results teleconference, we gather the weak 3Q results were partially due to one-off expenses including Rp63 billion founder tax relating to the listing of PT Salim Ivomas Pratama (SIMP) and Rp19 billion share transfer fees relating to the amalgamation of a wholly-owned subsidiary, Indofood Oil and Fats Pte Ltd with the company.
"We continue to like the stock due to its cheap valuations against peers and potential of its sugar division. 4Q earnings should improve with the absence of one-off costs and as inventory levels normalise.
"We lower our net profit forecasts by 12% to account for the one-off costs and our earnings cuts at SIMP. Unchanged target price of $1.56 (10% discount to sum-of-the-parts). TRADING BUY."
Company Name: INDOFOOD AGRI RESOURCES LTD.
| Research House: CIMB | Price Call: TRADING BUY | Target Price: 1.56 |
CIMB in an Oct 31 research report says: "At its 3Q results teleconference, we gather the weak 3Q results were partially due to one-off expenses including Rp63 billion founder tax relating to the listing of PT Salim Ivomas Pratama (SIMP) and Rp19 billion share transfer fees relating to the amalgamation of a wholly-owned subsidiary, Indofood Oil and Fats Pte Ltd with the company.
"We continue to like the stock due to its cheap valuations against peers and potential of its sugar division. 4Q earnings should improve with the absence of one-off costs and as inventory levels normalise.
"We lower our net profit forecasts by 12% to account for the one-off costs and our earnings cuts at SIMP. Unchanged target price of $1.56 (10% discount to sum-of-the-parts). TRADING BUY."
No comments:
Post a Comment