Sampoerna Agro
Result note - Unexciting 4Q08, but a brighter future ahead - by Liliana Bambang
(SGRO IJ / SGRO.JK, OUTPERFORM - Maintained, Rp1,330 - Tgt. Rp1,480, Plantations)
SGRO's FY08 earnings came below ours by 6% and consensus and 10%. Reasons for below is due to poor ASP in Sep-Nov with discounts of 19-21% compared to its peers coupled with sharp margin pressure in 4Q08 due to CPO price volatility. Going forward, we expect a better 1Q09 due to a more stable CPO price market coupled with improving ASP as discount with its peers has narrowed to 2-5%. As we expect a better ASP, we increase our earnings estimate by 7-14%. Maintain Outperform with new target price of Rp1,480 (from Rp1,400).
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