Equity Analysis /
Indonesia

ID : Indofood Sukses Makmur - Consensus forecasts too low, easy to beat

    CGS-CIMB
    6 December 2021
    Published byCGS-CIMB

    3Q21 NP grew >2x to Rp2tr, bringing 9M21 NP to Rp5.4tr (+44% yoy), in line with our forecast. 3Q21 sales rose 32% yoy as all segments improved. On higher CBP growth, we raise FY21-23F EPS by 2-4%. Our FY21-22F NP forecast is 13-15% above Bloomberg consensus’, which we view as too low. Reiterate Add. We believe high CPO prices will support INDF’s NP in 4Q21F, and possibly till 1H22F, assuming prices remain high until then.