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Corporate Updates

Adhi Karya (ADHI IJ): Below expectations

Adhi Karya (ADHI IJ)
Analyst: Joshua Michael
BUY / TP: IDR:1,950 (+24.2%)
Below expectations
• Below expectation net profit as LRT progress are still slow
• Improved net margin due to unusually low final tax rate
• LRT payment improved cash conversion days
• Maintain BUY, but with lower TP of IDR1,950
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