Indofood Agri: HSBC upgrades to Neutral from Underweight and cuts TP to $1.79 from $2.04 on lower EPS/higher capex estimates. Says "the bulls will have to wait" and points to IndoAgri's valuation discount to PT SIMP. Says this discount reflects their diverging strategies; until IndoAgri mgt starts to deliver shareholder value accretive opportunities, otherwise the overhang will remain...
However, after IndoAgri's underperformance since April and SIMP providing downside earnings support, the house upgrades the stock.
Shares are flat at $1.565.
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