Terima kasih untuk sharing analisa dari ML ,namun saya perlu bertanya kenapa INDF hari ini terbawa arus dan jatuh cukup tajam?
--- On Tue, 9/2/08, hs <[EMAIL PROTECTED]> wrote: From: hs <[EMAIL PROTECTED]> Subject: [saham] Fw: [junior_Trader] INDF: Noodle to the rescue! by ML To: "saham" <[email protected]> Date: Tuesday, September 2, 2008, 7:32 AM --- On Tue, 9/2/08, James Liem <[EMAIL PROTECTED] com> wrote: From: James Liem <[EMAIL PROTECTED] com> Subject: [junior_Trader] INDF: Noodle to the rescue! by ML To: junior_trader@ yahoogroups. com Date: Tuesday, September 2, 2008, 5:28 PM INDF: Noodle to the rescue! Don't get mislead by weak commodity prices, this is about brand equity. Thanks to successful noodle price hike (+40%) YoY while volume loss is marginal, INDF could even gain margin as commodity prices weaken. Keep in mind they use CPO and wheat to manufacture the noodle, and Bonny’s sensitivity analysis shows 1% lower CPO and wheat prices will actually lead to 2% higher consolidated margin; And 60% of its EBITDA is driven by the consumer business. So the next chapter is about how noodle brand equity and management strategy to serve regional customers with specific products/tastes boost margins. Bonny’s comment on 1H08 results is attached; INDF bottom line came at Rp 827bn, +125% YoY, accounting for 52% MLFY08. Branded products accounted for 51% of Mle. Gross and EBIT margins improve to 26% and 14% respectively from 1H07's 21% and 8%. Combined with easing competition and softening raw material costs, things are looking up; We are keeping forecast intact. Buy, PxT Rp 3,125, with stock currently on 11x '09 P/E and 3.8x EV/EBITDA.
