Santoso notes that 4Q16’s profit after tax (PAT) of IDR 417.3 billion ($44 million) was ahead of what DBS had anticipated, principally on the back of lower cost of sales and general & administrative expenses.
SINGAPORE (March 2): DBS Vickers Securities continues to keep its “hold” recommendation on Indofood Agri Resources while lowering its target price on the stock by one cent to 56 cents.
In a Thursday report, analyst Ben Santoso says he expects the agribusiness company’s earnings to recover meaningfully in FY17 thanks to improving fresh fruit bunch (FFB) yields, maturing estates and relatively stable palm oil prices.
