Result note - Good headline on land gains - by Liliana Bambang
(AALI IJ / ALII.JK, UNDERPERFORM - Maintained, Rp13,000 - Tgt. Rp11,500, Plantations)
AALI's FY08 core earnings and EBIT are in line with our forecasts, but below consensus by 10%. In 4Q08, AALI booked a Rp403b gain for land settlement from Adaro for 7,163ha of plantation assets in South Kalimantan. This came as a surprise as management previously indicated that the gains would be booked over several years i.e. when the land is transferred. We have raised our earnings estimates as we adjust for weaker Rp/US$ assumptions. Maintain UNDERPERFORM on AALI due to expensive valuations and a lack of catalysts.
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