Adhi Karya (ADHI IJ)
BUY / TP: IDR:1,085 (+83.9%)
Analyst: Muhammad Abdul Aziz

Pandemic impact darkens results
• In-line 1H20 top line
• Soft margin leads to weak bottom-line
• Gearing ratio increased
• New contracts target cut
• Re-iterate BUY call with a lower TP of IDR1,085