FR CGS-CIMB (YU) : Total Bangun Persada
First read: 1Q18 results slightly ahead
TOTL IJ / TOTL.JK | ADD - Maintained | Rp665.00 tp:Rp800.00
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.
■ Maintain Add call with an unchanged TP of Rp800 still based on 11x FY18F P/E.
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