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This palm oil company is looking forward to a good 4Q

Gwyneth Yeo
Gwyneth Yeo11/1/2016 11:41 AM GMT+08  • 2 min read
This palm oil company is looking forward to a good 4Q
SINGAPORE (Nov 1): DBS is maintaining its “buy” rating on Indofood Agri Resources and its target price of 58 cents, after the palm oil company posted core earnings of IDR130 billion ($13.8 million), which were above the brokerage’s expected IDR120 b
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SINGAPORE (Nov 1): DBS is maintaining its “buy” rating on Indofood Agri Resources and its target price of 58 cents, after the palm oil company posted core earnings of IDR130 billion ($13.8 million), which were above the brokerage’s expected IDR120 billion.

Including the fair value gain on biological assets of IDR 25 billion and foreign exchange gains of IDR40.2 billion, the group’s reported earnings were IDR 159.2 billion.

Ben Santoso, analyst at DBS Group Research, noted that the group’s improved performance for the quarter arose from the improvement in its plantation pre-tax earnings — arising from the higher selling prices for its sugar, crude palm oil and palm kernel business segments — and the IDR46.4 billion contribution from joint venture company CMAA. However, it was mitigated by the poor performance at the edible oils and fats segment due to higher feedstock costs.

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