INDF (PT.

Indofood Sukses Makmur Tbk)

PT. Indofood Sukses Makmur Tbk is a company engaged in food & beverage.
A. Fundamental Growth Investing Analysis

1. Analysis of revenue growth in 2007-2016

Year Revenue

2007 27,858

2008 38,799

2009 37,397

2010 38,403

2011 45,332

2012 50,202

2013 55,624

2014 63,595

2015 64,062

2016 66,750

2016 / 2007 239.61%

Average Growth 10.20%

Fundamental indicators increase by an average of 15% in 10 years
(This ratio is good in terms of revenue growth) Equity above 10 trillion

2. Earnings analysis growth in 2007-2016

Year Earning EPS Stock EPS

2007 980 115.00 9,444,189,000

2008 1,034 120.00 8,780,426,500

2009 2,076 236.00 8,780,426,500

2010 2,953 336.00 8,780,426,500

2011 3,077 350.00 8,780,426,500

2012 3,224 371.00 8,780,426,500

2013 2,534 285.00 8,780,426,500

2014 3,942 449.00 8,780,426,500

2015 2,968 338.00 8,780,426,500

2016 4,145 472.00 8,780,426,500

2016 / 2007 422.75% 410.43% 92.97%

Average Growth 17.37% 16.99% -0.81%

Fundamental indicators increase by an average of 15% in 10 years

(This ratio is good in terms of earnings growth)

3. Equity growth analysis for 2007-2016

Year Equity

2007 10,912

2008 13,159

2009 15,496

2010 24,853

2011 31,610

2012 33,322

2013 36,884

2014 40,274
2015 43,122

2016 43,941

2016 / 2007 402.67%

Average Growth 16.74%

Fundamental indicators increase by an average of 15% in 10 years

(This ratio is good in terms of equity growth)

4. Stock price growth analysis

Year Price

2007 2,575

2008 930

2009 3,550
 2010 4,875

2011 4,600

2012 5,850

2013 6,600

2014 6,750

2015 5,175

2016 7,925

2016 / 2007 307.77%

Average Growth 13.30%

Fundamental indicators increase by an average of 15% in 10 years

(This ratio is good in terms of stock price growth) because equity is above 10 trillion.

5. Average ROE analysis for 2007-2016

ROE

Year Net Profit Equity ROE

2007 980.4 10,912.4 8.98%

2008 1,034.4 13,158.9 7.86%

2009 2,075.9 15,496.2 13.40%

2010 2,952.9 24,852.8 11.88%

2011 3,077.2 31,610.2 9.73%

2012 3,223.6 33,321.9 9.67%

 2013 2,534.3 36,884.1 6.87%

2014 3,941.8 40,274.2 9.79%

2015 2,968.0 43,121.6 6.88%

2016 4,144.6 43,941.4 9.43%

Total 94.51%

Average / year 9.45%

(Fundamental Indicators Increase 15% Average ROE in 10 Years)

(This ratio is not good in terms of Average ROE)

Analisa Growth Investing

No Indicator Result

1 Revenue Growth Good

2 Earning Growth Good

3 Equity Growth Good

4 Stock Price Growth Good

5 Average RoE Not Good

Total Score 80

Through fundamental growth investing analysis, these shares are from 5 Important
Points. The health value of the fundamental growth investing for this stock is 80%

B. Analysis of Fundamental Value Investing

1. Dividen
This company always distributes dividends
Years Dividen EPS % Payout

2014 220 449 49.00%

2015 168 338 49.70%

2016 235 472 49.79%

Average % Payout 49.50%

2. Price per Earning Ratio

The price at the time of writing is 8,250, -
Earning Q2 2017 is 259
2017 Earning projection is 518
Then P / E = 15.93 -> This ratio is not good because it should be P / E <15)
3. Price Book Value
The equity of the parent entity is 29,721,163,000,000, -
With the number of shares outstanding is 8,780,426,500.
So the book value of the company is Rp. 3,385, -
PBV is 2.44, -.
(This ratio is not good because it should be PBV <1.5)
4.Working Capital
Current Asset = 35,178,696, -
Current Debt = 24,145,791, -
(This ratio is not good because Current Assets should be> 2 x Current Debt)
5. Debt to Equity Ratio
Total Equity = 44,459,268, -
Total Debt = 45,466,284, -
(This ratio is not good because of Total Equity> Total Debt)

Analisa Value Investing

 No Indicator Result

1 Deviden Good

2 P/E Not Good

3 PBV Not Good

4 Working Capital Not Good

5 Debt to Equity Not Good

Total Score 20

Through analysis of the fundamental value investing of these shares of 5

Important Points . The health value of the fundamental value investing for this stock
is 20%. The fundamental fundamental health value of Growth and Value Investing is
50%
C. Additional Analysis of AFSI
See from the history of the stock price chart. Then this Trending Stock is Short Term
Downtrend. Weak Long Term Uptrend
 Additional analysis of VS ICBP INDF (December 6, 2017)
According to the 2017 ICBP VS INDF Q3 Report

At a glance we see ICBP earnings approaching INDF. but INDF itself has an
80.5% ICBP stake. Where this means 2,448,561,255,000 represent 74.7% of INDF's
income comes from ICBP but if we see the outstanding shares of ICBP and INDF the
amount is different this will have an impact on EPS INDF over ICBP income. ICBP
recorded EPS 261 income while INDF which owns ICBP shares 80.5% has EPS 279
-> This income comes only from the ICBP Division (INDF EPS will be 6.92% higher
than ICBP from ICBP subsidiaries' earnings without the others) This means INDF
will have EPS that is always higher than ICBP for a long time unless all INDF
subsidiaries suffer losses.
Then why can ICBP be higher? That is because the price of the market
participants sees ICBP ROE higher ICBP growth is higher than INDF so it seems that
ICBP can catch up with INDF. Even if we know inside it is impossible except for all
subsidiaries outside the ICBP, they all incur losses based on such reason, normally
INDF Prices will never be below ICBP, as evidenced by INDF's dividend distribution
will always be higher than ICBP in the future.
Then why can ICBP be higher than INDF? Well to understand this need to study
the History of INDF and ICBP issuers. ICBP has a 1: 2 stock split (July 27, 2016)
where ICBP shares have been divided 2. Previously 5,830,954,000 -> In this case
ICBP EPS must be 2 x greater than INDF so the ICBP price above INDF should be
approximately 2x. but after the stock split. then the ICBP price will always be below
INDF It's a fact of math. This means that INDF has a Hidden Gem price for ICBP
now 2 possibilities appear for the current price ICBP will drop below INDF. or INDF
will rise above the ICBP. even if it does not last long, the dividend / stock will always
be INDF above the ICBP.