FR CGS-CIMB (YU) : Total Bangun Persada
First read: 1Q18 results slightly ahead
Mkt.Cap:US$163.20m | Avg.Daily Vol:US$0.05m | Free Float:38.00%
Construction
Author(s):Aurelia BARUS +62 (21) 3006 1721, Namira LAHUDDIN
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■Core NP in 1Q18 of Rp71.4bn (+11% yoy, +41% qoq) was slightly ahead by 2%/1% of our/consensus’ forecasts.
■GPM improved in 1Q18 to 17.1%, which we believe was due to higher direct contracts’ contributions to the total scope of works.
â– Maintain Add call with an unchanged TP of Rp800 still based on 11x FY18F P/E.
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