CIMB What's on The Table

What's on the table

Quick Takes – Ramayana Lestari – A shaky start, but stability should return later
Weak Dec 08 and shaky Jan 09 sales are only to be expected because of the economic slowdown, though buffered by festivities which boosted consumption. Falling inflation, stabilising coal and CPO prices, the government’s focus on maintaining purchasing power, and the start of election campaigning in a month should boost the disposable income of Ramayana’s target market.

Maintain Outperform and DCF-derived target price of Rp600 (WACC 15.8%, LTG 8.6%), implying 11x and 8x CY09-10 earnings.

Corporate news/News of the Day

Economy – Yudhoyono orders central bank to ‘protect’ the rupiah
Economy – Indonesia’s export growth may slow to 1%, Finance Minister says
Economy – Immediate House approval ‘key’ to stimulus success
Matahari mulls Rp1tr bond sale
Indonesian car sales probably fell 23% in Jan 09
Pertamina to halt diesel imports as demand slows
Indonesia appoints Pertamina’s first woman president