AALI’s reported 1Q10 CPO production of 218kton (-3.2%yoy) due to lower FFB production of 5.1%yoy. Production in Sumatera and Sulawesi declined, at the same time, Kalimantan area continued to show production growth due to younger plantation profile. Despite of YoY production decline, CPO and FFB production grew on MoM basis at 25% and 24%, respectively. 1Q10 production data represented 20% of our FY10F production volume.
We consider it inline with our forecast as 2H production has been usually bigger than that in 1H.
We still have a Buy recommendation on AALI which currently is trading at
PER10-11F of 15.4-13.9x.
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