Previous Day Closing price: $0.555
Recommendation: BUY (maintained)
Target price: $1.65 (maintained)
Indo Agri has announced a “noncash” writedown of Rp663 billion, or around S$85.6m, arising from the changes in fair values of biological assets for 4Q08 and FY08. To recap, the reporting of gain or loss arising from the changes in fair values of biological assets is in accordance with SFRS 41 of the Singapore tax code. We emphasize that the write-down is non-cash and nonoperational in nature. IndoAgri expects to remain profitable in FY08.
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