(INDF IJ / INDF.JK, OUTPERFORM - Upgraded, Rp3,800 - Tgt. Rp4,500, Consumer)
Upgrade to OUTPERFORM, target price of Rp4,500. We raise our target price from Rp4,000 to Rp4,500, still based on a 10% discount to NAV, implying 20x CY10 and 16.8x CY11 earnings, on the back of 1) lower-than-expected debt and imminent deleveraging post listing of ICBP, 2) rupiah strength and a strong consumption trend which should boost margins, 3) a higher CPO price forecast which should benefit the plantation arm, and 4) a share price that is lagging behind its subsidiaries, the consumer sector and the market. Catalysts are a strong 1Q result and good response to the ICBP listing.
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