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IMC to expand sowing area 1.5x yoy in 2013

IMC to expand sowing area 1.5x yoy in 2013

28 March 2013

Industrial Milk Company (IMC PW) plans to increase its sowing area 48% yoy to about 110,000 ha, Interfax reported on March 27, citing a top company manager. In particular, IMC is going to increase the planting of its flagship crop, corn, by 73% yoy to 70,000 ha, and sunflower by 33% to 24,000 ha. On top of that, the company planted 10,500 ha with winter crops (mainly wheat), up 35% yoy.

Alexander Paraschiy: The company’s ambitious growth in its sowing area is of little surprise, given that it more than doubled its land bank a year ago. We believe the company will post triple-digit growth in its 2013 revenue on both sowing area expansion and better crop yields (recall, last year’s yields suffered from a severe drought). We see Industrial Milk as among the top Ukrainia nstock picks, given the company’s solid track record in delivering on its growth plans.

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