Indofood registered Rp37.1tn sales (-4.3% yoy, -10.5%qoq) and Rp2.1tn earnings (+100.7%yoy, -35.6%qoq) in FY09. We view that sales figure was backed by stronger sales volume growth of its CBP products. CBP division contributed some 43% of sales in FY09, up from 31% in FY08. Noted that this earnings figure is 17-20% above our and consensus estimates largely due to minority interest factor.
As we already mention in our 9M09 report (“Passed its peak”), we think that company’s margin is already peaked in 3Q09. In 4Q09, INDF reported lower gross margin of 26.9%, from 28.6% in the previous quarter, largely due to higher wheat and CPO prices. Wheat and CPO prices have climbed by around 12% and 16% in 4Q09, respectively. For FY09, company booked some forex gain of Rp731bn.
Currently, Indofood is trading at PER10F of 19.8x. Maintain Neutral.
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