Indofood Agri Resources

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We cut our target price for Indofood Agri Resources (IFAR) by 33% to S$2.60 from S$3.90 on reduced earnings assumptions for FY08–10E and a higher discount rate. The lower earnings also stem from reduced earnings estimates for 64.4%-owned London Sumatra. Our new target price implies an FY09E PER of 11.4x.
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