C P R O

Sekilas CPRO : charoen pockhand grup. Bisnis : Pakan dan posesing udang. (1) lap-keu improving signifikan - usaha dari negatif menjadi positif : laba usaha :Dari rugi 59 bio menjadi laba 167 bio. (2) bottom line dari rugi 745 bio - mjd rugi 199 bio - namun kerugian ini bersifat non cash. Dampak dari restrukturisasi. Amortisasi restrukturisasi obligasi. (3) Hutang : terbesar dlm denominasi Rupiah. Pelemahan Rupiah - meningkatkatkan nilai eksport. (4) bank Agris - afiliasi cpro - ipo. REMINDER

CPRO: fundamentals may turn around after the US reopens shrimp exports from CPRO starting next month. Revenue may increase by 40% which could drive bottom lines to hit 200 bln rupiah for the first time in 10 years. TP 2015 is at IDR220 per share (DISC ON)

FR RHB OSK (DR) COMPANY VISIT NOTES

We visited Central Proteinaprima (CPRO IJ, Not Rated) in order to find out their strategy onwards post shares suspension period.

Recovery on-track.

Due to the IMNV virus, CPRO recorded negative EBITDA in 2011 but since the company has successfully applied the farmers training & ponds treatment process, recovery can be seen with EBITDA improved from negative in FY11 to IDR425bn in FY13 and is targeted to reach IDR520bn by this year (+22.3% YoY). Although management still expects bottom line to remain negative this year, we view that the company is on the right track of recovery given its resolved virus issue, higher & better productivity, improving EBITDA, stabilizing IDR, and focusing more export portion given its better margin. If we estimate using a conservative 15% on future revenue growth, stable 11%-12% COGS growth, and ~12% of EBIT margin it is possible that the company will have a turnaround on its net income by FY17.

Future strategy. CPRO is targeting higher shrimp output of 48k tons in FY15 where 30k tons will be from WM ponds (+11% YoY) & 18k tons from CPB ponds (+28.6% YoY). This is due to the continuing training & treatment process for both CPB & WM ponds. The company also intends to develop an additional IDR200bn processing plant for food products with estimated capacity of 45k-48k tons/year starting in 2015 to expand its food products portfolio. Capex allocation for FY15 is at IDR400bn that will come from internal cash & bank loans. Currently CPRO has only two processing plants in Lampung & Surabaya. Going forward, management has indicated that the company is focusing on ready-made food products rather than conventional shrimp export. As an example, its strategy has changed from historically ~80% of shrimps being conventionally exported to only ~20% in the recent months.

CPRO Dongkrak Pangsa Pasar Hingga 50%

-Produk pakan ikan dan udang Central Proteina Prima (CPRO) menguasai 50% market share pasar domestik sehingga perseroan menjadi pemain utama di bisnis tersebut. Saat ini CPRO sedang membangun pabrik pakan ikan di Jawa Timur dengan kapasitas 40.000 yang akan selesai pada akhir 2015. Hal ini untuk meningkatkan market share di pasar domestik.

Riset Analis PT Indo Premier Securities, Robby menilai penemuan formula khusus virus IMNV oleh CPRO berhasil menurunkan insiden virus IMNV, sehingga meningkatkan utilisasi kapasitas tambak udang hingga mencapai 85% ,dan tingkat terjangkit IMNV turun signifikan di bawah 1 persen.

"Hal ini dapat menunjang keberhasilan budidaya udang berkelanjutan dan juga meningkatkan perolehan keuntungan bagi para petambak plasma," ujarnya dalam riset yang dipublikasikan Kamis (5/2).

CPRO memperkuat bisnis makanan olahan dengan menambah kantor cabang distribusi dan pemasaran di Indonesia. Menurutnya usaha olahan makanan mendulang marjin yang cukup besar bagi CPRO, mencapai 25 persen.

Di sisi lain, kata Robby, CPRO bersama anak usahanya Blue Ocean Resources (BOR) berhasil merestrukturisasi utang obligasi yang berdampak pada penurunan tingkat bunga obligasi. Selain itu berhasil memperpanjang jatuh tempo pembayaran pokok obligasi sampai dengan 31 Desember 2020

. "Restrukturisasi membuat interest coverage ratio CPRO menjadi 2,05 kali per September 2014 dibandingkan pada periode yang sama pada tahun lalu yang mencapai 0,039 kali. (Ipotnews)