8 August 2008
UNDERPERFORM Maintained(cimb)
RP1,240 Target: Rp1,100
Mkt.Cap: Rp4,697bn/US$517m
Dry spell..........................oil price of US$120 per barrel.
foreword(序言) is repeated please click here if you want to read
Valuation and recommendation
Maintaining earnings forecasts but lowered target price to Rp1,100 from Rp1,675. We are maintaining our earnings forecasts pending our meeting with management but have lowered our forward P/E target to 8x from 12x to account for rising downside risk to CPO prices. As the smallest of the four planters we cover and with higher leverage, we are assigning a lower revised target multiple to UNSP than for the others (10x). As a result, our target price for the stock has been cut to Rp1,100 from Rp1,675. Maintain Underperform.
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