Bakrie Sumatra Plantation
Result note - Dissapointing year - by Liliana Bambang
(UNSP IJ / UNSP.JK, UNDERPERFORM - Maintained, Rp310 - Tgt. Rp305, Plantations)
UNSP's FY08 core earnings were significantly below our forecast and consensus by 27% and 31%, respectively, due to: 1) a higher-than-expected tax rate of 38% vs. our estimate of 30%; 2) Rp243bn of forex losses; and 3) Rp79bn of losses in subsidiary, Agri BV. Net gearing also shot up to 60% in 2008 from 28% in 2007. We are maintaining our earnings estimates pending details on the subsidiary's losses. For now, maintain UNDERPERFORM.
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