LSIP IJ; BUY; CP: IDR9,300; TP: IDR11,275; Mkt cap: USD1,415m; ADV: USD4.86m
2010E: P/E 12.0, P/B 2.7, ROE 25.0, Yld 1.7
2011E: P/E 12.8, P/B 2.4, ROE 19.8, Yld 2.5
The key highlights:
· CPO production and sales down 3-4% y-y in 1H10.
· Higher commodity price and strong seed sales support top line.
· More sales to the group - shows more synergy.
· BUY maintained with 21% upside potential.
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