Following robust 2Q results (previous daily attached) Teddy upgraded 2011F EPS, but today Teddy cuts SGRO EPS to Rp209-198 for 2010F-2011F. At Rp2,525- SGRO is trading on cheapest in sector 12.1x-12.7x 2010F-11F PER and implying 10% upside to Target Price Rp2,775 (based on 13.3x 2010F PER and 14x 2011F PER). I recommend Trading Buy for short-term being cheapest and Hold SGRO for mid-term!
· Teddy Oetomo (Daily attached): In line with the changes in our CPO price assumption, we increase our FY10E earning estimates for SGRO by 11.5% and reduce our FY11E earning estimates by 11.8%. The weaker CPO price outlook in 2011E may potentially result in softer sentiment for SGRO’s share price ahead, given the smaller market capitalisation and daily traded value of SGRO. We downgrade SGRO from Outperform to NEUTRAL and reduce our target price from Rp2,900/share to Rp2,776/share. Our target price for SGRO implies 13.3x 2010E P/E and 14x 2011E P/E.
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