FR CGS-CIMB (YU) ; Indofood CBP
3Q18F preview: comfort food
ICBP IJ / ICBP.JK | HOLD - Maintained | Rp8,775.00 tp:Rp8,900.00
Mkt.Cap:US$6,738.00m | Avg.Daily Vol:US$1.81m | Free Float:19.50%
Food & Beverages
Author(s): Patricia GABRIELA +62 (21) 3006 1734,
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■ We believe ICBP’s 9M18 earnings growth decelerated slightly to 9% yoy vs. 1H18’s 10% yoy, still driven by instant noodle sales.
■ With over-reliance on instant noodles, we believe its earnings growth could come down to mid-single digits in 2019F, though FCF may remain aplenty.
■ Unless ICBP pursues a more aggressive capital structure, its ROE may continue to fall, challenging any re-rating potential. Maintain Hold call.
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