ID – [ IMJS]: FY18 core-earning -2.6% YoY, below estimates
Andrey Wijaya, Alvin Baramuli – RHB Sekuritas
♦ Indomobil Multi Jasa (IMJS)’s FY18 core-earning came in at IDR189bn ( -2.6% YoY), achieved 80%/83% of our/consensus full year estimates. Lower than expected earning was driven by higher financing cost.
♦ Interest expense jumped 40% YoY to IDR258bn, in line with higher debts which rose to IDR15.1trn (+40% YoY).
♦ IMJS recorded IDR41bn impairment loss related to lower investment value.
♦ Revenue in FY18 was posted at IDR3.4trn ( +25% YoY).
♦ Maintain BUY. IMJS indicated strong demand on its logistic business.
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