Indofood CBP - New noodle and snack flavours launched
● Indofood CBP (ICBP) is starting the year with new variant launches of
instant noodles and snack products. In instant noodle Sarimi Isi 2,
ICBP launched new flavors—Soto Koya (from East Java) and Goreng Kremes
(fried noodle). In addition, it also launched value-for-money Sarimi
Gelas, a smaller size instant noodle (35 g) that can be consumed
conveniently from a glass/cup.
● Within its snack division, a new flavour is launched under the
already successful Qtela Tempe Chips—Cabai Rawit (spicy) flavor.
● Noodle is the largest division of ICBP, accounting for 64% and 79% of
2013E revenue and operating profit while the snack division is smaller,
accounting for 8% of 2013E revenue and 5% of operating profit. Despite
its smaller size, snack division growth has been quite promising—27%
CAGR in revenue-terms 2010- 13E and 39% CAGR in operating profit
● We continue to like Indofood CBP for its continuous innovative
products strategy. We maintain our OUTPERFORM rating with target price
of Rp8,100, implying 18.6x 2013E P/E.
me @ LOTS Trading Club (LTC)
Kamis, 14 Februari 2013
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