Joint-Book Runners 2011 EPS estimate is Rp288. Its Parents INDF (Restricted) at Rp5,650 is trading on 18.1x IBES consensus 2011 PER. The peers comparison are currently: 1) circa 24x 2011 PER for HK-listed F&B companies, 2) Gudang Garam (GGRM) @Rp52,250- 21.3x 2011F PER, 3) Unilever Indonesia (UNVR) @Rp17,400- 26.8x 2011F PER, 4) Nestle Malaysia @MYR43.90- 24.4x 2011 PER.
If we use JBRs’ 2011 EPS estimate of Rp288 and assign a mid valuation of 22x 2011 PER, we will arrive at Rp6336. If we use 24x instead, the number would be Rp6912.
ICBP IJ STARTS TRADING TODAY (10:30 HK time), IPO priced at Rp 5395/share. Deal size; USD 700.62 million or 1,166,191,000 shares Market Cap; ~USD 3.5 billion.
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