SELL / TP: IDR:14,170 (-17.1%)
• Flattish revenue despite volume growth.
• Oversupply still haunts as competition intensifies
• No government intervention to ease status quo yet
• Coal and fuel price increase brought down gross margin to an all-time low..
• … while delivery expense became the culprit of all-time low operating margin
• Focusing on Java market and bulk sales
• Valuations and recommendations
• Siam Cement Group to add stake in Catur Sentosa (CSAP IJ)
• PTPP (PTPP IJ) booked new contract of IDR17.6tn as of 6M18