Indofood Sukses Makmur
Result note - Eyes on balance sheet - by Erwan Teguh
(INDF IJ / INDF.JK, UNDERPERFORM - Maintained, Rp960 - Tgt. Rp910, Consumer)
Indofood reported net profit of Rp1,034bn, +5.5% YoY on 39% increase in sales, which was 14% ahead of our estimate but way below consensus. This was largely due to higher revenue from edible oil and lower tax rate, partly due to reported loss in 4Q08, 1st in over 13 quarters. Of concern is high gearing of which debt rose to Rp18.6tr, +17% QoQ, +50% YoY, some 50% short term in nature. The main challenge remains reducing gearing while not exerting too much pressure on P&L. We cut earnings by 2-6%, trimmed target price to Rp910 from Rp925, which is SOP based. Maintain Underperform.
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