Reuters: Hot Stocks: STOCKS NEWS INDONESIA-Macquarie cuts Indofood to 'neutral'

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STOCKS NEWS INDONESIA-Macquarie cuts Indofood to 'neutral' Nov 6th 2012, 05:23 Tue Nov 6, 2012 12:23am EST Macquarie Equity Research slashed the rating on PT Indofood Sukses Makmur Tbk to 'neutral' from 'outperform', citing falling NAV discount for the stock of Indonesia's largest noodle maker and weak earnings of its subsidiary Indofood CBP. "With INDF's share price having rallied 8.4 percent since last August, the stock's NAV discount has therefore shrunk to just 1.8 percent from 8.8 previously," analyst Lyall Taylor said in a note on Tuesday. "INDF's third-quarter earnings rose by 16.7 percent year on year, seemingly outperforming ICBP, whose earnings declined by 2.2 percent." the note said. PT Indofood CBP Sukses Makmur Tbk, which makes packaged food, said in July it was planning to set up a non-alcoholic beverages joint venture with Japan's Asahi Group worth up to 2 trillion rupiah ($213.11 million) Macquarie also cut Indofood target price to 5,900 rupiah from 6,150 and trimmed its full-year earnings estimates by 5 percent for this year and 7 percent for the next year. Indofood shares were down 0.85 percent at 5,800 rupiah while the broader index was down 0.7 percent.

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