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Kamis, 12 Mei 2011

Chicken run + ITMG good 1Q - JP Morgan

* Japfa Comfeed (JPFA) – this US$933mn chicken feedstock company reported impressive 1Q11 results yesterday. Net income jumped 58% yoy, driven by a 45% jump in operating profit. Annualizing the 1Q11 net profit, we would arrive at an estimated FY11 P/E ratio of 7.6x. Its local peer CPIN trades on 16x FY11 P/E, while Thailand peer CPF trades on 14.4x.

* Indo Tambangraya Megah (ITMG) – 1Q11 results out yesterday, allaying fears of further demmurage charges. Core net income up 27% yoy and 77% yoy. Stevanus Juanda’s FY11 EPS forecast of US$0.298 looking unrealistic, while consensus EPS of US$0.430 should gain credibility. ITMG’s belated 1Q11 results could provide some boost to the lagging Indo coal sector.

* Ciputra Development (CTRA) – the company is finalizing its independent NAV appraisal, with an estimated NAV/share of over Rp800. The last time CTRA provides internal NAV estimate was in early 2007, with a figure of Rp500/share. Based on the two data points, CTRA’s NAV could have grown 13% annually (compounded), that seems reasonable. The new independent NAV figure from CTRA could drive the Street’s NAV estimate upward; Liliana Bambang’s own NAV estimate is Rp695. At above Rp800, the discount to NAV would stand at around 50%.
Posted by Saham Pilihan at 09.15

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