• Yesterday we attended analyst gathering for Sampoerna Agri. The company managed to increase first quarter net sales by 93.7% YoY to Rp302.2bn from Rp156.0bn the previous year. Net income also rose significantly by 219% YoY from Rp13.4bn to Rp42.8bn.
• Lower yield in 2009 was mainly due to some areas that just came into maturity having low yield, compounded with heavy rainfall in Sumatra in early 2009 that resulted in flooding.
• The company explained that revenue from seeds is back at 4% level from previously 2%. Although production was mostly down on a QoQ basis from 4Q09 due to the wet season, management anticipates that 2Q10 should be better harvest than 1Q10.
• Sampoerna Agri also shared that it plans to enter the sago business. Several reasons impacting that decision is that sago is the highest starch yielding crop, high tolerance to pest and disease, and perpetual economic life.
• SGRO is trading at 2010F consensus PER of 12.7x and EV/EBITDA of 7.6x.
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