Kalau nyampe 7000, ane masukin semua duwit gw ke AALI de. Kalau perlu jual kolor
On 2/9/09, y_dizz <y_d...@mail2web.com> wrote: > > Hahaha... Analisnya DBS ini benar2 lucu. Kalo nawar kira2 dong.. > > Coba kalo berani nawar kaya gitu sama orang yang jual minyak goreng > di pasar, pasti udah digebukin pedagang satu pasar. Kekekek... > > Regards, > Yudizz > > > > --- In obrolan-bandar@yahoogroups.com, James Liem <prim...@...> wrote: > > > > Subject: FW: [Fwd: DBS Vickers (Indo) Astra Agro Lestari: Still > > expensive (FULLY VALUED; Rp12,100; AALI IJ; Price Target : Rp7,175 > (Prev > > Rp 3, 800))] > > > > > > > > Astra Agro Lestari (FULLY VALUED; Rp12,100; Bloomberg Code: AALI IJ) > > Still expensive > > Price Target : Rp7,175 (Prev Rp 3,800) > > by: Ben Santoso +65 6398 7976 > > and Indonesia Research Team +6221 3983 2668 > > > > Our recent visit to Astra Agro Lestari (AALI) indicated that its > 2008 > > net > > profit might be slightly ahead of our forecast. AALI might also > have to > > consider external funding for capital expenditure because it expects > > lower > > cash levels this year. We raised FY09F and FY10F EPS by 47.9% and > 14.8%, > > respectively, after imputing weaker IDR rates. Consequently, our > target > > price is raised to Rp7,175, based on 10.8x FY09F EPS. Maintain Fully > > Valued. > > > > 4Q08 net profit down q-o-q. Despite this, we estimate 4Q08 revenue > from > > CPO > > and PK sales at Rp1.4tn, bringing full year revenue from these > products > > alone to Rp7.5tn. Including contribution from other divisions, FY08E > > revenue could be slightly ahead of our expectations, as will net > profit. > > > > Cash remains a concern. AALI expanded its planted area by over > 22,000 > > hectares last year. But it has not decided on its expansion plan for > > this > > year, pending further analysis of its cash flow situation. We are > > retaining > > our assumption of 25,000 ha expansion this year, but we now expect > the > > group to take on Rp500b new debt to fund its capex. > > > > EPS raised on weaker IDR. After imputing 6.0-14.9% weaker IDR rate > for > > FY09F and FY10F, we raised EPS by 47.9% and 14.9%, respectively. > Hence, > > our > > target price is raised to Rp7,175, based on 10.8x FY09F PE (upgraded > > from > > 7.0x given AALI's large capitalization). > > > > (See attached file: AALI090209.pdf) > >
