(INDF IJ / INDF.JK, NEUTRAL - Maintained, Rp2,850 - Tgt. Rp3,600, Consumer)
Maintain Neutral on Indofood with an unchanged Rp3,600 target price, based on sum-of-the-parts valuation. Barely two months after the company announced a spin-off of its noodles and food ingredient businesses into Indofood CBP, it has tweaked the structure to include virtually all branded consumer products, including its recently acquired dairy division. Whether this was by design or marked a change of heart was the first question in our mind. Regardless, the impact will not be much given noodles' dominance in the CBP business, despite the addition of a dairy business in 2009. The new structure is certainly simpler for investors to understand and probably easier for management to manage. No change in our earnings forecasts. Our unchanged target price implies 17.5x and 13x for CY10-11 P/Es respectively.
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