Gozco, Forever Young

Gozco Plantations (GZCO IJ) is showered with abundant land bank
availability and young age profile (average age of 7 compared to peers of
10). Factoring additional mature hectarage of 2.1k ha, we estimate 20%
growth in CPO production, leading to 10% EPS growth in 2012. But this is
just the beginning, with FFB production Cagr of 52% from 2011-14CL, we
believe Gozco full potential to kick off in 2014. We set our TP at Rp
410/sh, implying 10x 2013 P/E, 30% discount to Astra Agro. O-PF.