Market Flash: iSHARES MSCI Indonesia Investable Market Index Fund (EIDO:US) PRICE: 28.530 USD Down -0.360 (-1.246%) >>> BI: Rupiah Melemah Akibat Kondisi Eropa >>> Pertemuan FED pertimbangkan langkah baru dorong ekonomi >>> KIJA akan Terbitkan MEN Valas USD150 Juta >>> PT Indika Energy Perusahaan Teladan Dunia 2011 >>> Govt Promises Revision of Cost Recovery Regulation >>> BPMigas Demands PGN to Pay US$6 per MMBTU >>> Jababeka to Raise US$150 Million from Debt Markets >>> SCG Chemicals buys Chandra Asri >>> Solusi Tunas eyes Rp380 bio IPO >>> SMR Utama scouts Rp300 bio IPO >>> Alam Sutera picks two bond arrangers >>> ASII Tetap Rajai Penjualan Mobil Agustus 2011 >>> Perusahaan Thailand kuasai Saham TPIA senilai Rp 3,76 Triliun >>> Agis Main ke Tambang, Sahamnya Masuk Dalam Pengawasan >>> ACES Mendekati The Northern Agar Mau Kurangi Kepemilikan >>> IHSG masih harus berjuang terus bertahan diatas MA200 >>> Melirik Peluang Akumulasi di Saham Perbankan >>> Analisa Saham BUMI: Kuat Bertahan & Berpeluang Kembali Uptrend >>> Analisa Saham JSMR: Bertahan Di Support, What Next? >>> INDF Tertahan Di Area Support Kuat, Berpeluang Rebound >>> ASII Break Minor Support, Sell on Strength >>> ADRO Membentuk Descending Wedges, Berpeluang Rebound Terbatas >>> Wall Street ends flat as early gains evaporate >>> Fed begins policy meeting, tiptoes toward easing >>> Fed meeting to help decide on long-term Treasuries >>> Greece Makes 'Good Progress' in Reform Talks: EC >>> China worried Europe debt crisis will hit trade >>> China could roll out 4.65tr yuan stimulus package >>> IMF sees Mideast stagnation >>> NYMEX-Crude ends higher at Oct contract expiry >>> Asian Crude Palm Oil Up On Technical Buying, Soyoil >>> Foreign net Sell - 61.785.746

Jumat, 10 Juni 2011

Salim Ivomas Pratama (SIMP.JK, TP Rp 1856.00, OUTPERFORM INITIATION: Too good to miss - Credit Suisse

n Same good asset at deep discount. SIMP’s IPO is merely a corporate restructuring process for the group. Currently, SIMP’s assets are exactly the same as IFAR’s. At the IPO price of Rp1,100/share, we believe that investors are given the opportunity to buy these same good assets at a deep discount. We initiate coverage on SIMP with an OUTPERFORM rating, and a target price of Rp1,856—offering 69% potential upside.
n Stacking up well against local peers. We believe SIMP’s fundamentals are as robust as, if not better than, its local peers. SIMP exhibits one of the highest growth outlooks given its relatively young plantation age profile than peers. It also has a more favourable cost structure, leading to relatively higher margins than peers. We expect FY11E earnings growth of 102%, with 1Q11A already contributing 27% of our FY11E earning forecasts.
n Valuations have to converge. Despite having the same assets, the 2011E P/E implied by SIMP’s IPO price is at a 28% discount to IFAR’s current 2011E P/E and is at a 26%, 38% and 31% discount to LSIP, AALI and SGRO, respectively. Given the valuation gap, at the IPO price, we prefer to switch from IFAR to SIMP. Our SOTP valuation finds that on a standalone basis (excluding LSIP), SIMP’s IPO price implies 6.7x 2011E P/E, a 46% discount to IFAR and at a 54%, 45% and 48% discount to AALI, LSIP and SGRO, respectively. Our target price for SIMP is based on 15x 2011E P/E, in line with the 2011E P/E implied by our target price for LSIP given our view that the fundamentals of the two companies are comparable.
n Risks to our forecasts: (1) Indonesian economic, regulatory, and political risks, (2) commodity prices, particularly for CPO and edible oils & fats, (3) fluctuations in the Rp exchange rate to US$, and (4) related party transactions with INDF, which is also the company’s majority shareholder.

Tidak ada komentar:

Poskan Komentar