Mayora Indah(MYOR IJ) Growing export revenues MYOR reported 1Q18 earnings of IDR396bn, up 5.1% yoy but down 38.6% qoq, thanks to high gross margins and forex gains. In 1Q18 the contribution of export revenues increased to 43% of total revenues (1Q17: 39%). The 1Q18 earnings are above consensus estimates (27.2%) and our forecast (29%). Solid 1Q18 top line with 43% contribution from exports. MYOR booked 1Q18 revenues of IDR5.4tn (+8.7% yoy and -16.9% qoq), supported by the food processing division (+7.6% yoy) while the coffee/chocolate business booked +2.8% yoy revenues growth. The 1Q18 revenues are in line with our target (22.9%) and the consensus estimates (23.6%). In 1Q18 the contribution of export revenues increased to 43% of total revenues (1Q17: 39%). Solid earnings thanks to high gross margins and forex gains. In 1Q18, MYOR reported a 25.6% gross margin. By division, coffee and chocolate reported continued high gross margins of 27% - mainl
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