MAIN reported strong sales growth of 21.1% yoy in 1H13 to Rp1.9 tn (1H12: Rp1.6 tn), however, net profit declined 4.5% yoy to Rp104 bn (1H12: Rp109 bn). We are still bullish on MAIN’s performance going forward and remain positive on the industry as the anticipation of lower corn and soybean prices will benefit MAIN in the near term. Hence, we maintained our TP at Rp4,250 implying PE FY13F and FY14F of 17.1x and 13.7x respectively. BUY. goo.gl/BeQUT7
Posted on: Mon, 19 Aug 2013 02:14:44 +0000
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