MAIN FR CIMB TARGET PRICE RP 2,200

Patchy road to recovery? Malindo’s FY14 revenue was in line with our forecast and consensus. However, the company posted a larger-than-expected FY14 net loss of Rp85bn (vs. our net loss forecast of Rp41bn) on the back of operating losses by its DOC and broiler segments. Nonetheless, we think that net margin has troughed in 4Q14 and expect the DOC segment’s losses to narrow in 1Q15,