Indofood, Strength in Diversity
BUY with target price Rp6,300 Our BUY call hinges on INDF’s i) diversified earnings, ii) ability to maintain robust margins, and iii) aggressive expansion for future growth. Our target price is Rp6,300, based on 18.8x-16.6x FY11-12f PE earnings multiple. Diversified earnings INDF’s diversified earnings base ranging from flour, noodle and dairy to plantations provides the.
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