Tuesday, August 13, 2013

Global Palm

Global Palm: the terrible season continues , as Global Palm posted 2Q13 revenue of IDR84.1b, down 21% YoY (but +26% QoQ), hit by softer CPO prices as well as lower volume sold. Reported net profit tumbled 70% YoY and 27% QoQ to IDR6.1b; excluding forex, core net profit still fell 69% YoY and 19% QoQ to IDR9.4b. For 1H13, revenue fell 26% to IDR150.9b, meeting 45% of OCBC's full-year forecast, while net profit slipped 57% to IDR14.4b, or just 27% of FY13 estimate. The house places its Hold rating and TP $0.17 fair value under review pending mgt briefing.

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