Erajaya Swasembada (ERAA IJ): Considerably below expectation

Erajaya Swasembada (ERAA IJ)
Analyst: Chandra Pasaribu
HOLD-OPF / TP: IDR:1,730 (+8.1%)
Considerably below expectation
• Poor result
• Increase in operation cost
• Earnings downgrade
• Downgrade to HOLD