Stock Name: Consciencefood
Company Name: CONSCIENCEFOOD HOLDING LIMITED
DMG & Partners Research in a Nov 17 research report says: "Consciencefood reported a 194% y-o-y rise in 3Q11 PATMI to Rp32.2 billion (+194% y-o-y) which was achieved on the back of a 30% rise in revenue to Rp183.4 billion. Results were above expectations.
"9M11 PATMI of Rp94.6 billion accounted for 87% of our FY2011F while revenue of Rp563.8 billion accounted for 80% of our FY2011 forecast. We increase our FY2011F revenue and earnings forecast by 2% to take into account higher sales of instant noodles which would be offset by the delayed production of its beverage line.
"With two new avenues of sales coming on stream next year and growing instant noodle sales, we remain optimistic on the stock. Unchanged target price of 29 cents, pegged at 7x FY2011F earnings. MAINTAIN BUY."
Company Name: CONSCIENCEFOOD HOLDING LIMITED
| Research House: DMG | Price Call: BUY | Target Price: 0.29 |
DMG & Partners Research in a Nov 17 research report says: "Consciencefood reported a 194% y-o-y rise in 3Q11 PATMI to Rp32.2 billion (+194% y-o-y) which was achieved on the back of a 30% rise in revenue to Rp183.4 billion. Results were above expectations.
"9M11 PATMI of Rp94.6 billion accounted for 87% of our FY2011F while revenue of Rp563.8 billion accounted for 80% of our FY2011 forecast. We increase our FY2011F revenue and earnings forecast by 2% to take into account higher sales of instant noodles which would be offset by the delayed production of its beverage line.
"With two new avenues of sales coming on stream next year and growing instant noodle sales, we remain optimistic on the stock. Unchanged target price of 29 cents, pegged at 7x FY2011F earnings. MAINTAIN BUY."
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