A general review of Astra Agro Lestari’s (AALI) FY20 results and FY21F guidance were delivered by CEO Mr. Santosa and CFO Mr. Mario Gultom. There were no surprises, with FY21F production growth projected to be flattish and FY20 dividend projected to be unchanged at 45% payout ratio. CPO price aside, the upshot in FY21F depends on cost efficiencies. Reiterate Add with unchanged Rp13,900 TP, based on +1 s.d. from 10-year mean P/E.