Astra Agro Lestari (AALI) until 7M10 has booked Rp4.00tn of revenue or slightly up by 1.5% YoY from Rp3.94tn in 7M09. This is mainly due to lower CPO and kernel sales volume in 7M10 which are down by 2% YoY and 14.6% YoY to only 573.6k tons and 71.4k tons, respectively.
The company’s CPO and kernel selling price was up by 3.0% YoY and 32.0% YoY in 7M10 to reach Rp6,563/kg and Rp3,430/kg, respectively.
Currently, AALI is trading at 2011F PER of 11.8x and EV/EBITDA of 7.5x, Buy.
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