ICBP, Less savoury, CLSA

We foresee flat Ebit margin of 13% this year despite lower input cost, due
to less likelihood of price adjustment coupled with stiffer competition
which lead to greater ads spending. The company has targeted to
increase its ads spending by about 30% this year, or about 3.5% of its
total sales, from 2.9% in 2011. We thus trim our earnings assumption by
3-5% for FY12-13CL, which translate to 8% earnings Cagr over FY11-
14CL, halved from its consumer peers. Retain U-PF with new TP of
Rp5,400/sh.

Saham Pilihan Jumat, 300312

AALI : MACD golden cross diikuti oleh histogram positif masih mengindikasikan tren naik

Support    : S1  22.100    S2   21.250

Resisten   :  R1 24.150    R2   24.800

Rekomendasi : Trading Buy