FR CGS-CIMB (YU) : Sarimelati Kencana PT
Strong delivery
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,
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â– 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.
â– Margins held up despite concerns over weaker currency while expansion was on track.
â– We maintain our Add call and target price of Rp1,500, pegged to 22.0x 2019F P/E.
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