Astra Agro Lestari said 1Q10 palm oil sales volume fell 1.2% from a year earlier to
223,308 metric tons. Astra Agro’s average palm oil selling price rose 19% in 1Q10 to
Rp6,554 a kilogram, the Indonesian palm oil producer said yesterday. (Bloomberg)
Sales formed 20% of our full year est, in line with past seasonality. Given Mar
production mending from low in Feb, there's upside potential assuming weather does
not turn worse from present. On ASP, it's slightly ahead of our est by some 1.3%.
Maintain OP and TP of Rp30200, based on 18x CY11 earnings.
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