First read: 1Q18 results operationally in line
PTPP IJ / PTPP.JK | ADD - Maintained | Rp2,430.00 tp:Rp3,750.00
Construction
Author(s):Aurelia BARUS +62 (21) 3006 1721, Namira LAHUDDIN
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■1Q18’s core NP was at Rp155bn (+18% yoy), or slightly below expectations. However, EBIT of Rp369bn (+47% yoy) was in line with our/consensus forecasts.
â– New contracts booking in 1Q18 of Rp9.5tr (+42% yoy) was ahead.
â– Add call maintained with unchanged TP Rp3,750, still based on SOP valuation. This implies 14.4x FY18F P/E, or slightly above its 30-year mean P/E of 12.9x.
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