Simone Yeoh (analyst) raised her CPO forecast on the back of 3 key drivers, namely soybean oil demand from biodiesel mandates, weather-related risk to Asian CPO output, and a tighter supply demand balance for CPO. We raise our CPO forecasts from M$2,450/t for 2010-11 to M$2,600/t in 2010 and to M$2,800/t (up 14%) in 2011. We earlier felt that CPO prices would range between M$2,200-2,800/t, and now lift this to M$2,400-3,000/t, expecting prices to be at the upper end of the range in coming months.
>> Astra Agro Lestari (AALI) – Price target raised to Rp17000 from Rp14500 but U/W maintained. FY11 EPS upped by 44%. Trades on 15.7x and 11.2x P/E 2010-11.
>> London Sumatera (LSIP) – Price target raised to Rp10700 from Rp9800, O/W maintained. FY11 EPS upped by 76%. Trades on 13.7x and 10.3x P/E 2010-11.
>> Indofood Agri (IFAR SP) – Price target raised to S$3.05 from S$2.80, O/W maintained. FY11 EPS upped by 1%. Trades on 20.3x and 10.7x P/E 2010-11.
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