To: undisclosed-recipients:; From: CIMB-GK Research SG <[EMAIL PROTECTED]> Date: 03/26/2008 09:23AM Subject: IND: Sampoerna Agro - Saved by 4Q
26 March 2008 Sampoerna Agro (SGRO IJ / SGRO.JK, NEUTRAL - Maintained, RP3,750 - Target: Rp4,700) 4QFY07 results - Saved by 4Q by Erwan TEGUH / Iswan KOSASIH SGROs FY07 earnings were in line with our forecast and consensus. Revenue was above expectation, thanks to strong production and sales in 4Q07. 4Q07 production alone formed 45% of FY07 production (and 46% of sales). We are a bit cautious about SGROs volatile production cycle. We also note that SGRO has aggressive expansion plans for 2008, to add 15K ha of new planting to its currently 78K ha of planted area. We are leaving our earnings forecasts, Neutral rating and target price of Rp4,700 unchanged, still based on 14x CY09 P/E. For the full-report please [ Click here ] or the URL below http://www.gohdirect.com/NASApp/spaf/econtent/ind/SampoernaAgro-260308.pdf To view these reports, you need to have Adobe's Acrobat Reader. To download a free reader, click here . PS: if you wish to Opt-Out or Change your Mailing Details, please send an email message to [EMAIL PROTECTED] Otherwise call your respective Salesperson. Disclaimer: This email may contain privileged and/or confidential information intended only for the use of the addressee. If you are not the addressee, or the person responsible for delivering it to the addressee, you may not use, copy or deliver this to anyone else. If you receive this email by mistake, please immediately notify us. Opinions contained herein may be the personal opinion of the sender and do not necessarily represent the views of the Company. If you are in any doubt as to whether the opinions are officially endorsed by the Company, please contact our Compliance Dept at (+65) 6225 1228 for clarification. --------------------------------- Be a better friend, newshound, and know-it-all with Yahoo! Mobile. Try it now.
