�� SGRO posted 1Q10 revenues of Rp302bn (93.7%yoy, -52.0%qoq). This translates to net income of Rp43bn (+219.4%yoy, - 44.9%qoq)
�� Revenues decreased by 52.0%qoq mainly due to a decrease in CPO sales volume by 59.5% qoq, which partially offset by an increase in CPO sales price by 11.8%. Revenues increased by 93.7%yoy mainly due to an increase in CPO sales volume by 53.3% yoy and CPO ASP by 23.6% yoy.
�� CPO sales volume decreased by 59.5% qoq due to a decrease in FFB production by 49.4%qoq which translate to a decrease in CPO production by 51.3% qoq.
�� 1Q10 CPO production volume of 190,821 ton represents 13.7% of our FY10E CPO production volume due to 1Q10 FFB production volume represents only 14.9% of our FY10E FFB production volume. In the last 4 years, 1Q FFB production volume represented 10.3%-23.1% of full year FFB production volume.
�� Considering historical production pattern and due to the management of SGRO still confident in achieving its CPO production target, we will maintain our FY2010E CPO production volume.
Currently the counter trade at PER10-11F of 13.0-10.9x. We maintain our Neutral Recommendation with TP of Rp2,900.
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