• London Sumatera (LSIP) has prepared Rp500.0bn capex for this year. The company will use the budgeted capex to increase CPO production capacity from 405 tons/hour to 425 tons/hour and for a new planting program this year. 60% of the amount will be financed from internal cash with the remaining to be financed from bank loans.
• The company will also disburse 40% of its 2009 net profit as cash dividend which translates into Rp209/share (2.3% yield). The cum date will be on 26 May 2010, while the payment date will be on 5 June 2010.
• LSIP is trading at 2010F consensus PER of 13.3x and EV/EBITDA of 8.2x.
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