AALI IJ / AALI.JK | OUTPERFORM - Upgrade | Share Price Rp23150 - Tgt. Rp26,600
Plantations | - by Erwan TEGUH / by Erisca WIRAATMADJA
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Seasonally adjusted, 1Q12 production was some 5-10% higher than target while ASP was 7% above. Although we expect prices to soften a little in 2H12, the more robust CPO price outlook underpins our rating upgrade to Outperform from Trading Buy. Our new higher target price is based on a 3-year MA of 16x vs. 14x P/E previously on the back of a more robust CPO price outlook. No change to our numbers pending 1Q12 results. Strong 1Q earnings is a near-term catalyst.
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