Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-CIMB cuts Indofood target price

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STOCKS NEWS SINGAPORE-CIMB cuts Indofood target price Nov 1st 2012, 01:23 Wed Oct 31, 2012 9:23pm EDT CIMB Research cut its target price for palm oil firm Indofood Agri Resources to S$1.55 from S$1.82 and kept its 'outperform' rating, citing weak quarterly core earnings due to high estate costs and lower rubber earnings. By 0108 GMT, Indofood Agri shares fell 2.8 percent to S$1.225, and have dropped 3.2 percent since the start of the year, compared to a 20 percent loss in the FTSE ST Consumer Goods Index. Indofood Agri's third quarter net profit rose 22 percent to S$35 million from a year ago, lifted by higher sales volume of palm products and contribution from sugar operations. However, CIMB said its core net profit for July-September fell 24 percent to 242 rupiah from a year ago as higher costs and inventories offset stronger sugar earnings. The broker noted that Indofood said it is keeping its 2012 crude palm oil production target of 890,000-900,000 tonnes, suggesting a strong fourth quarter output, which could help lift sales.

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