BEM FEB UNAIR

Fakultas Ekonomi & Bisnis

Samporna Agro (SGRO)

SGRO’s 1H09 results were in line with our forecast but below consensus by 3%. 1H09 core earnings comprise 43% of our FY09 forecast and 37% of consensus. We are expecting a better 2H09. 1H09 earnings were down 72% yoy on the back of lower CPO sales volume and prices. However, production recovered sharply in 2Q09. Production in June exceeded last year’s by 34% in Sumatera and 26% in Kalimantan. July’s production had already exceeded June’s. We raise our production estimates for SGRO and upgrade our FY09-10 EPS estimates by 6-11. Following this, we raise our target price to Rp1,940 (from Rp1,750), still based on 10x CY10 P/E. Upgrade to OUTPERFORM from Neutral as we believe 2H09 results could provide a catalyst. Source: CIMB (2009)

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8 Agustus, 2009 - Posted by | Berita Hangat

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