RHBInvest Research Highlights 20th October 2011

20th October 2011

 

Top Story: First Resources – Beneficiary of Indonesian export tax policy change.

                         

Outperform

 

Visit Note

• Production targets of 15% for FY11 and 10-15% for FY12-13%
• Impact of Indonesian export tax and update on refinery operations
• FY11 production costs to be about US$225-250/tonne
• Planting targets maintained – 15,000ha for CPO and 5,000-8,000ha for rubber
• Higher FY12 capex guidance

 

Regional

 

Bank Central Asia : A premium too high             

                                                                   

Underperform

 

Results Preview ( Indonesia )

• We expect BCA to report robust 3Q11earnings and look for 3Q11 pre-tax and net earnings of IDR3, 345bn and IDR2, 642bn respectively