Monday, 3 March 2014

Indofood Agri Resources

UOBKayhian on 3 Mar 2014

FY14F PE (x): 22.9
FY15F PE (x): 13.8
Results were within our expectation. Indofood Agri Resources (IFAR) reported net profit
excluding biological asset gain of Rp208.6b (+69.8% qoq, +37.3% yoy) for 4Q13 and
Rp504.2b (-51.5% yoy) for 2013. Maintain HOLD and target price of S$1.00, based on
SOTP valuation and after a holding company discount of 25%. Entry price is S$0.85.

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