IndoFood Agri

IndoFood Agri: Citi maintains Buy but decrease TP to $1.90 from $3.54. Cite of underleveraged B/S and opportunities to Create Value. Add that CPO outlook in 2011 still remains favorable. House lowers FY11-12E earnings by 16%, to reflect earnings dilution. Also ascribe a 15% holding disc. and raise risk rating to Medium (from Low) to factor uncertainty risk entailed in asset acquisition plans.