Sampoerna Agro: FY08 sales reached Rp2.3tn, in line with our estimates (SGRO, Rp1,150, Buy, TP:Rp1,400)
Sampoerna Agro (SGRO) posted FY08 revenue of Rp2.3tn (+43.1% yoy) which primarily contributed by CPO sales(84.5% of its overall sales). The rest of income was consisted of palm kernel (11.1%), germinated seeds (4.2%), and rubber (0.2%). This result is in line with our full year top-line estimate of Rp2.3tn.
Moreover, SGRO’s CPO production in 2008 reached 265k tons (+8.0% yoy), of which around 88.0% was produced by its plantations in Sumatra and the rest was from Kalimantan area.
As of current, SGRO is trading at PER09F of 8.5x.
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