FR CGS-CIMB (YU) : Sarimelati Kencana PT
Strong delivery
PZZA IJ / PZZA.JK | ADD - Maintained | Rp1,190.00 tp:Rp1,500.00
Mkt.Cap:US$248.40m | Avg.Daily Vol:US$0.54m | Free Float:30.50%
Food Retail
Author(s):Kevie ADITYA +62 (21) 3006 1738,
--------------------------------------------------------------------------------
■ The significant c.70% yoy jump in core NP in 1H18 was on the back of strong c.20% yoy sales growth and EBITDA margin expansion of 1.6% pts. These were in line.
■ Margins held up despite concerns over weaker currency while expansion was on track.
■ We maintain our Add call and target price of Rp1,500, pegged to 22.0x 2019F P/E.
Komentar
Posting Komentar