(INDF IJ / INDF.JK, TRADING BUY - Maintained, Rp1,250 - Tgt. Rp1,350, Consumer)
Indofood's 1Q09 results beat our forecast and consensus by quite a wide margin despite a reported net profit of only Rp110.4bn, down 70.4% yoy on flat revenue of Rp8.9tr. Core profit, taking out forex losses, grew less than 1% qoq (because of better margins) and yoy (lower taxes paid). Strong downstream performances were the main driver. But balance sheet remained fragile as gross debt increased to Rp20tr, pushing net gearing to 231% from 219% qoq. That said, operating improvements and a more conducive domestic bond market bode well for Indofood's attempts to refinance its US$ and short-term debt to Rp debit with a longer duration. Maintain Trading BUY and forecasts pending an analysts' meeting tomorrow morning, and target price of Rp1,350, based on sum-of-the parts analysis.
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