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Kamis, 12 Mei 2011

LSIP More on SIMP listing (LSIP IJ / LSIP.JK, OUTPERFORM - Maintained, Rp2,400 - Tgt. Rp3,200, Palm Oil & Rubber) - CIMB

SIMP's 20% share offering has been indicatively priced at Rp1,060-1,700 a share, giving it a potential market cap of Rp17tr-27tr vs. IFAR's Rp21tr and LSIP's Rp16.4tr. Using the low and high pricing, valuation is 8.1-12.9x CY11 earning. Since the listing announcement, IFAR has lost 17%, LSIP gained 14%, while INDF has appreciated 20%. Though the SIMP listing has no financial impact on LSIP, the latter stands to gain, particularly if SIMP is priced at higher multiples. Mid-term, LSIP investors should expect higher dividends as IFAR needs to make good on its promise to pay more dividends after SIMP's listing. No change to our earnings estimates or target price of Rp3,200 (15x CY12 P/E). A successful SIMP listing should provide a short-term lift for LSIP, particularly if the valuation gap is wide. Another potential catalyst is dividend upside.
Posted by Saham Pilihan at 08.15

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