• Gozco Plantation is eyeing auctioned Benua Indah assets, particularly palm oil plantation areas with usage rights reaching 13,000 ha and two CPO plant in West Kalimantan with capacity of 45 tons/hr.
• The company has previously targeted areal expansion to only reach 5,000-7,000ha. As such, this plan is outside its Rp280.3bn capex budget. If realized, the assets will be purchased out of internal cash. The company will also seek external financing if necessary.
• GZCO is trading at 2011F consensus PER of 8.5x and EV/EBITDA of 9.3x.
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