(LSIP IJ / LSIP.JK, OUTPERFORM - Maintained, Rp4,575 - Tgt. Rp5,020, Plantations)
Lonsum booked Rp103bn of net profit for 1Q09, making up 19% and 20% of our full-year forecast and consensus. 1Q09 results are line with our expectations as we are anticipating a stronger 2H09, on the back of cost declines and an improvement in its non-CPO divisions. We are maintaining our forecasts, OUTPERFORM rating, and our target price of Rp5,020, based on 10x CY10 earnings. LSIP remains our top pick for the sector. Near-term catalysts could come from upside in its rubber and seedling businesses.
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