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Indofood Agri Resources
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vw2796
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28-Feb-2013 10:40
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Indofood Agri Resources, Hold S$1.24, Bloomberg: IFAR SP Fairly valued Price Target : 12-month S$ 1.20 (Prev S$ 1.29) By: Ben SANTOSO +65 6398 7976 • 4Q12 earnings came in at Rp163 bn (-49% y-o-y -37% q-o-q) – below our Rp185 bn estimate • In addition to poor sales volumes, costs were higher, and provisions were booked an associate also contributed its share of losses • FY13F-14F earnings cut by 5-7% on net higher cost expectations • HOLD call maintained, TP revised lower to S$1.20 Poor 4Q12 profitability. The 49% y-o-y drop in IndoAgri’s 4Q12 earnings, were primarily driven by a 55% y-o-y plunge in plantations EBITDA to Rp348 bn. We understand there were also provisions in smallholders (plasma) receivables and market value of inventory, although these were partially offset by better refining margins (at 8%). Final dividend will be declared during the AGM in Apr13. Fraught with problems. The group’s plantations sold less volumes during 4Q12 mainly reflecting lower output in South Sumatra due to the dry spell in Jul-Sep12. Poor roadwork infrastructure had further dampened sales volume for the quarter. Nevertheless, we understand inventory has declined since this year on delivery of previously postponed shipments. Earnings revised. Imputing higher cost of production, and weaker Lonsum contribution, we have lowered FY13F-14F earnings by 5-7%. The revisions have lowered our DCF valuation for stock by 7% to S$1.20 (based on WACC 14.4%, ERP 8.2%, Beta 1.3, TG 3%). This excludes any potential upside from purchase of 50% stake in CMAA in Brazil. HOLD call maintained. We expect IndoAgri to book 3-year earnings CAGR of 16%, given the low-base effect. While there remains 3% downside, we believe the share price has already priced in the negatives. |
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wendel
Master |
28-Jan-2013 10:53
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Is it good news? Price set to soar? | ||||
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Octavia
Supreme |
28-Jan-2013 10:13
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Indofood Agri Resources on Monday said it was looking to pay $143.4 million real (S$87.1 million) for a post-closing 50 per cent interest in Companhia Mineira de Açúcar e Álcool Participações (CMAA), a Brazilian group that cultivates sugar cane to make ethanol and sugar and generate electricity. IndoAgri said it has set up a subsidiary in Singapore, IFAR Brazil Pte Ltd, which in turn has incorporated a unit in Brazil called IndoAgri Brazil Participações Ltda. On Saturday, IndoAgri Brazil and a unit of JF Citrus Agropecuária Ltda (JF Group) entered into definitive agreements with the two sellers, ZAM Ventures LP and Fundo de Investimento em Participações PCP. The sellers will be exiting CMAA, while JF Group will increase its existing interest as a result of CMAA's capital increase that will take place at closing - expected to occur during the second quarter of 2013, IndoAgri said. |
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chinastar
Veteran |
24-Jan-2013 06:13
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Indo bagus:)
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5spice
Member |
03-Jan-2013 16:55
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hey Indo 1.38 => 1.39 => 1.40 go go go |
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5spice
Member |
22-Dec-2012 10:19
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whatever u may see whatever u may hear there will be bargain hunting. |
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marubozu1688
Master |
21-Dec-2012 22:18
Yells: "Be humble in front of Mr. Market." |
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IndoAgri rejected at resistance. http://mystocksinvesting.com/singapore-stocks/indoagri/indoagri-rejected-at-down-trend-resistance/ |
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bishan22
Supreme |
19-Dec-2012 18:49
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This wan less volatile den Olam. Will there be another 3rd white soldier forming in the next few sessions???
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5spice
Member |
19-Dec-2012 09:50
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IndoAgri today my smile big big :) Merry Christmas!!! |
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chandyling
Member |
19-Dec-2012 09:39
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Can close the gap at $2?
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bishan22
Supreme |
18-Dec-2012 15:04
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Quietly closing the gap. 
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susan66
Elite |
13-Dec-2012 14:32
Yells: "Hope is in the Future, huat together!" |
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Commodity stocks in play, this one also moving soon. Vested. 
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bishan22
Supreme |
11-Dec-2012 18:47
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One white soldier with high volume. Can it close the gap???
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5spice
Member |
05-Dec-2012 10:23
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yes ! can smile :) | ||||
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xing78
Elite |
04-Nov-2012 11:09
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not looking good for CPO and rubber. only sugar holding steady at this point.
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chartreader
Senior |
03-Nov-2012 12:03
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Good observation, my thinking too
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xing78
Elite |
03-Nov-2012 11:14
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the possibility to hit 1.10 to 1.15 range looks higher at this point before we see any sort of bounce. | ||||
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smallcap_king
Member |
01-Nov-2012 22:30
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IndoAgri Q3 profit up 22%
By
Indofood Agri Resources Ltd's (IndoAgri) on Wednesday said its net profit registered a year on year increase of 22 per cent to 257.86 billion rupiah (S$32.71 million) for the third quarter ended Sept 30, 2012. Turnover for the quarter gained 7.9 per cent to 3.54 trillion rupiah due to higher sales of palm and sugar products. Earnings per share gained 22.6 per cent from 146 rupiah to 179 rupiah. The group says palm oil consumption growth from emerging economies like India and China will continue in the long term. It also expects its home country Indonesia to sustain domestic demand growth for palm oil products. |
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smallcap_king
Member |
01-Nov-2012 22:25
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Indofood Agri - 'Outperform' ratingAuthor: kimeng | Publish date: Thu, 1 Nov 09:51 Indofood Agri exhibits revenue and earnings growth Indofood Agri Resources reported a third quarter revenue of Rp3.5 trillion (S$477 million) and a profit of Rp0.3 trillion (S$35 million). This is an increase of 7.9% on revenue and 22% on profits, compared to the same period last year. Indofood Agri, an integrated agribusiness group and manufacturer of leading brands of edible oils and fats products in Indonesia, attributes the earnings growth to higher sales volume of palm products and contribution from sugar operations. CEO Mr Mark Wakeford emphasized, saying that the positive sales and profit growth is driven particularly by " the contribution from sugar operations following the commencement of our first full sugarcane crushing season in May 2012." Although the group’s gross profit rose 1.5% this quarter compared to 3Q2011, the nine month gross profit fell 6.1% compared to 9M2011 mainly because of lower average selling prices for plantation crops and higher cost of production. Upbeat on revenue streams Indofood Agri gave outlooks for their different revenue streams: 1) Crude Palm Oil (CPO) While the company went into high production season, the average CPO prices unfortunately fell 11% from 1H2012 to 3Q2012. However, they are of the opinion that the long term fundamentals of CPO is still supported by consumption growth, especially emerging Asian economies, coupled with demand for biodiesel in Europe, Brazil and Argentina. 2) Rubber Rubber prices also fell significantly this year given the weaker demand, particularly in Europe. Like CPO prices, Indofood Agri feels that the long term outlook for rubber will remain positive, supported by tyre-makers, automotive industries and rubber goods manufacturers in developing economies and emerging markets. Since China is the world's largest consumer of rubber, the company expects the Chinese to contribute strongly. 3) Sugar Half of Indonesia's consumption of sugar is from imports, with the Indonesian government imposing a strict import quota system for sugar. With effect from May 2012, the floor price of imported sugar will be revised upwards, thus giving an advantage to domestic sugarcane producers like Indofood Agri. |
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chartreader
Senior |
31-Oct-2012 15:11
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I'm using Phillip. You can do some reading some here http://www.phillipcfd.com/ |
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