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Kamis, 16 Juni 2011

Budi Acid Jaya (BUDI.IJ, BUY) - Heading towards recovery - Kim Eng

Higher sales and better margins year-to-date have bolstered Budi Acid Jaya’s optimism about the recovery of its profitability in FY11. Management expects full-year net profit to grow by 217% y/y to Rp146b, similar to the performance in 2009. The company’s expansion of its sweetener capacity is on track. It increased capacity by 32,400tpa last year to 155,300tpa and will expand it further by another 30,000tpa to bring total capacity to 185,300tpa this year. We raise our TP on Budi to Rp310, from Rp240, in anticipation of the company’s profit recovery. This pegs the stock at 7.4x FY11F PER. Hence, we upgrade our recommendation from HOLD to BUY.

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