(INDF IJ / INDF.JK, OUTPERFORM - Upgraded, Rp1,890 - Tgt. Rp2,340, Consumer)
Indofood's share price has been reacting to three things: CPO prices, rupiah strength and bond yields. The group has seized on strong investor appetite to upsize its rupiah bond offering which should lead to a 4.6% qoq debt reduction, reducing its balance-sheet risks. Higher-than-expected dividend payouts mark a good start to corporate-governance mending. We raise our earnings estimates by 3-8% on the back of higher CPO price assumptions, which lifts our sum-of-the-parts target price from Rp1,485 to Rp2,340. This implies 16x and 13x CY09-10 earnings. Upgrade to Outperform from Trading Buy.
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