Reuters: Hot Stocks: STOCKS NEWS INDONESIA-Credit Suisse cuts BW Plantation to 'neutral'

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STOCKS NEWS INDONESIA-Credit Suisse cuts BW Plantation to 'neutral' Nov 2nd 2012, 08:53 Fri Nov 2, 2012 4:53am EDT Credit Suisse downgraded palm oil producer PT BW Plantation Tbk to 'neutral' from 'outperform', saying the stock is trading at relatively demanding valuations. The research house also cut its target price on the stock to 1,690 rupiah from 1,780 rupiah, citing lower earnings estimates. Credit Suisse said third quarter earnings were down 5 percent sequentially due to lower crude palm oil (CPO) price and lower sales volumes. Nine-month earnings fell short of estimates, hit by lower CPO price and the company's back-end loaded production profile this year. "We expect BWPT's CPO production to peak in 4Q12. The management remains confident it can achieve up to 18-20 percent YoY CPO production growth this year. We, however, tweak down our FY12-14 CPO production estimates by 1-3 percent to account for the risk of slower production growth from BWPT's newly-matured plantations," analysts Agus Sandianto and Teddy Oetomo wrote in a note on Friday. BW Plantation's shares were up 0.69 percent at 1,450 rupiah, while the broader index was down 0.08 percent. 1522 (0822 GMT) (Reporting by Andjarsari Paramaditha, Editing by Prateek Chatterjee) *************************************************************** 11:53 STOCKS NEWS INDONESIA-Express Transindo soars on debut Shares in Indonesian taxi operator PT Express Transindo Tbk gained as much as 10.71 percent after its trading debut on Friday. Express was the nineteenth company to list on the Indonesian stock exchange this year. Its IPO, which aimed to raise 588 billion rupiah ($61.12 million), was priced at 560 rupiah a share. The money will be used for business expansion, debt payment and to acquire a new taxi operator company. The underwriter to the IPO was Mandiri Sekuritas. The stock was trading at 580 rupiah with a volume of 118.7 million shares, the second-biggest traded by volume on the day. The Jakarta Composite Index was down 0.07 percent. ($1 = 9,620 rupiah) 1140 (0440 GMT) (Reporting by Andjarsari Paramaditha, Editing by Prateek Chatterjee) Link this Share this Digg this Email Reprints

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