IndoAgri: UOBKH keeps its Buy rating but lowers target price to $1.95 from $2.65 after changing its valuation methodology to sum-of-the parts from P/E following the listing of SIMP on JSX. House cuts its net profit forecast by 11.2% to Rp1,451b for 2011 and by 15.2% to Rp1,625b for 2012 to factor in the impact on the listing of its Indon plantation unit. Expects a strong recovery in Indon & M’sain palm oil prodn to limit upside in CPO prices in the next 10-12 mths.
The stock +1¢ to $1.61, its lowest since Oct 09; support tipped at $1.49.
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