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Minggu, 12 Juni 2011

Sampoerna Agro: Buy; Rp3,450; TP Rp4,200; SGRO IJ Plans for 45% dividend payout ratio - DBS

Sampoerna Agro (SGRO) plans to pay final dividend of Rp204.1bn or Rp108/share, yielding 3.1%, implying 45% dividend payout ratio. The proposed dividend has increased from FY09’s final dividend of Rp85.0bn or Rp45/share (30% dividend payout ratio), and higher than our expectations of Rp136.3bn dividends based on 30% dividend payout ratio. We believe the higher payout ratio is due to SGRO’s growing net cash position.

SGRO also announced that it will allocate Rp1tr for capex, of which Rp500bn will be allocated for new planting of 10k ha. We have forecasted capex of Rp815.3bn based on new planting of 8k ha. The group plans to finance 65% of capex through external financing and 35% from internal cash flows. In addition, SGRO also announced that it will set aside Rp10bn for retained earnings and plans to donate Rp9bn to the Putera Sampoerna Foundation.

We are leaving our assumptions unchanged for now, pending inquiries. Our Buy call and TP of Rp4,200 are reiterated.

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