Astra CPO output declines 0.6%

PT Astra Agro Lestari (AALI) Tbk reported CPO production of 78,520 tons in January 2010, declined slightly by 0.6% from January 2009, while PKO output dropped 4.7%.

AALI produced 1.08 million tons of CPO last year, increased 10.3% from 2008 on higher harvested FFBs (+9.1%) and the processed FFBs (+7.6%). But sales grew at lower percentage of 8.8%. The average selling price for AALI's CPO last year was Rp6242 per Kg, declined 12.5% from 2008 at Rp7134 per Kg.

AALI stock is currently traded at Rp23600 (increased 2.83% this morning), doubled from Rp11850 in March 2009. At the current price, Astra Agro has market capitalization of Rp37.146 trillion or about US$4 billion. The company is the 16th largest company on IDX by market capitalization. (Teguh Hidayat, yosefardi.com)

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Astra Agro profit drops 51%

Plantation giant PT Astra Agro Lestari (AALI) Tbk booked net profit of Rp769.8 billion in the first half 2009, slashed 51% from the same period last year on lower prices of crude palm oil.

Astra Agro reported net sales revenue of Rp3.537 trillion, declined 23% from the same period last year. With higher cost of goods sold and general expenses, AALI recorded operating profit of Rp1.155 trillion, dropped 50% from Rp2.35 trillion in H1 2008.

With annualized EPS of Rp978, the stock is currently traded at PE multiple 19. AALI currently has market capitalization of US$2.89 billion.

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Palm Oil prices

KPB PTPN, joint marketing office of state-owned plantations, withdrawn all 10 packages of 9,000 tons of crude palm oil (CPO) auctioned today due to low bids. 

The bids were in the range of Rp5400 to Rp6086 per Kg. KPB PTPN closed the auction with price set in the range of Rp6020 to Rp6254 per Kg.

Separately, giant palm oil producer PT Astra Agro Lestari (AALI) Tbl also withdrawn eight packages of 10,250 tons of CPO auctioned today because bids were significantly below the ideal price. The bids were in the range of Rp5720 to Rp6076 per Kg, while AALI's ideal prices were in the range of Rp5925 to Rp6250 per Kg.

Meanwhile, CPO futures contracts in Malaysia Derivative Exchanges closed at RM1990 per ton for the benchmark September delivery, declined RM20 per ton from last week's closing. 

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CPO falls further

Physical tender of crude palm oil (CPO) organized by KPB PTPN, joint marketing office of state-owned plantations, closed in the price range of Rp5910-6144 per Kg in Jakarta on Thursday. 

Eleven packages of 11,750 tons were auctioned off by KPB PTPN. PT Musim Mas won seven packages and one package withdrawn on low bids.

Separately, giant CPO producer PT Astra Agro Lestari (AALI) Tbk auctioned 7900 tons of CPO on Thursday and closed in the price range of Rp5895-6169 per Kg, dropped significantly from Rp8875 per Kg in early May. 

In Rotterdam, CPO closed at US$625 per ton (CIF). In Malaysia Derivatives Exchange, CPO futures contracts for the benchmark September delivery closed higher at RM2047 per ton on Thursday. This morning, CPO futures moved in narrow range.

Plantation stocks opened mixed this morning with Indofood Agri Resources dropped 3.51% in Singapore Stock Exchange (SGX) and Sampoerna Agro lost 4.6% in IDX. Golden Agri Resources also lost 3.12% in SGX, while Astra Agro gained 2% in Jakarta. IJM Plantations and PPB Group lost 1.6% and 1.7% respectively in KLSE.

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Astra CPO output ups 15%

Plantation company PT Astra Agro Lestari (AALI) Tbk reported 15% surge in CPO output for June 2009 to 104,100 tons, but its first half 2009 output inched up by 1.1% only. 

Astra Agro in its July 2009 Investor Bulletin wrote that June 2009 output is significantly higher than June 2008 by 23%. For the first six months, total CPO output is 499,444 tons, increased 1.1% from the same period last year. Palm kernel oil (PKO) output increased 2% in the same period.

Indonesia is the largest CPO producer in the world. Malaysia's output in the period of January-May 2009 declined 3.9% and is projected to reach 17.8 million tons this year, inched up slightly by 0.6%. Malaysia is the second largest producer with about 39.6% of world production.

CPO futures contracts in Malaysia Derivative Exchanges dropped to RM2002 per ton on Wednesday. The price is 30% above the bottom in December 2008 and about 30% below the recent peaks (May 2009). This morning, CPO futures pointed to lower opening with bids for October-December contracts as low as RM1806 per ton.

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Palm Oil drops further

Crude Palm Oil (CPO) futures contracts in Malaysia Derivatives Exchange lost ground this morning and touched RM2101 per ton for the benchmark September delivery. 

CPO futures contracts closed lower at RM2129 per ton on Monday to tracking the downfall of crude oil prices. This morning's price is 25% below the May average of RM2833 per ton. CPO futures have actually recovered sharply this year. It surged 82% from the bottom average of RM1555 per ton in December to RM2833 in May, but since then dropped to RM2544 last month, and below RM2200 this month, so far.

In Indonesia, physical auction of 10,500 tons of CPO by KPB PTPN on Monday closed in the price range of Rp6215 and Rp6547 per Kg. Astra Agro's CPO auction closed in the Rp6265-6555 per Kg on Monday, dropped significantly from Rp8755-8855 per Kg in early May 2009. 

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