Stock Name: IndoAgri
Company Name: INDOFOOD AGRI RESOURCES LTD.
Maybank-Kim Eng Research in a Mar 1 research report says: "Indofood Agri's (IFAR) FY2011's numbers were in line with expectations. It recorded a net profit of Rp.1,489 billion. Headline 6.3% net profit growth was unexciting due to the reduced stake following PT SIMP's listing.
"Looking ahead, FY2012 earnings will be driven by higher CPO prices, a progressive output rise from maturing estates, and growing sugar contributions. On balance, we therefore expect a steady 10% improvement in FY2012 core net profit.
"Current PER multiples of its main operating subsidiary PT SIMP is trading in line with market peers, and the derived SOTP valuation from this indicates that IFAR is fully valued, near our target price of $1.53 (applying a 10% holding company disc). MAINTAIN HOLD."
Company Name: INDOFOOD AGRI RESOURCES LTD.
| Research House: Kim Eng | Price Call: HOLD | Target Price: 1.53 |
Maybank-Kim Eng Research in a Mar 1 research report says: "Indofood Agri's (IFAR) FY2011's numbers were in line with expectations. It recorded a net profit of Rp.1,489 billion. Headline 6.3% net profit growth was unexciting due to the reduced stake following PT SIMP's listing.
"Looking ahead, FY2012 earnings will be driven by higher CPO prices, a progressive output rise from maturing estates, and growing sugar contributions. On balance, we therefore expect a steady 10% improvement in FY2012 core net profit.
"Current PER multiples of its main operating subsidiary PT SIMP is trading in line with market peers, and the derived SOTP valuation from this indicates that IFAR is fully valued, near our target price of $1.53 (applying a 10% holding company disc). MAINTAIN HOLD."
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