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Rabu, 24 Agustus 2011

London Sumatra: 1H11 net income beats consensus (61.2% of FY) (LSIP, Rp2,400, suspended) - Mandiri

􀂄 LSIP booked strong growth in its 1H net income of Rp886bn (+112.1%yoy, +25.1%qoq)., which beats consensus estimate (61.2% of FY11F consensus.
Historically, 1H net income represented between 30% and 41% of FY net income since 2005. This is in exception in 2008, where due to slump in CPO prices during 2H08, 1H08 net income represented 52% of FY08.
􀂄 2Q11 net profit of Rp492bn grew by 25.1% qoq. The main reason is LSIP started to apply new corporate income tax (20%) in 1H11, including retroactive of its 1Q corporate income tax. LSIP still applied corporate income tax of 25% in 1Q11. The other Indonesian listed plantation companies would not be able replicate LSIP’s effective corporate Income Tax of 20 % due to LSIP’s corporate structure is different with the others.
􀂄 1H11 CPO sales volume grew by 27.2% yoy to 202,520ton. Rubber sales volume decreased by 24.9% to 7,302 ton mainly due to lower purchased rubber from smallholders. OP seed sales volume grew by 60.7% yoy to 11,8 mn seeds.
􀂄 At Rp2,400, LSIP is traded at PER FY11F and FY12F of 11.2x and 10.7x, respectively.

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