Weak 1Q18: no land sales and unsatisfying margin
AKRA IJ / AKRA.JK | ADD - Maintained | Rp4,860.00 tp:Rp5,700.00▼
Mkt.Cap:US$1,404.00m | Avg.Daily Vol:US$3.05m | Free Float:40.30%
Chemicals - Others
Author(s):Erwan TEGUH +62 (21) 30061720, Felica TRENSENO
—------------------------------------------------------------------------------
■ 1Q18 core net profit of Rp200bn (-15.6% yoy, -3.6% qoq) was behind our FY18F estimate at 19% and Bloomberg consensus at 16%.
■ Fuel distribution volume robust but margins remained under pressure.
■ Special dividend from proceeds of Khalista divestment remains a possibility.
■ Cut 2018-20F EPS estimates by 5-13% mainly to reflect our more conservative earnings expectation for the fuel distribution business.
■ Maintain Add; lowered SOP-based target price to Rp5,700.
Komentar
Posting Komentar