Pembangunan Perumahan (PTPP IJ)
BUY / TP: IDR:1,325 (+56.8%)
Analyst: Muhammad Abdul Aziz

First quarter spells weak start to year
• Plunging margin driven by soft revenue
• Balance sheet starts to ray yellow signal
• Cut FY2020 new contract and orderbook burn-rate estimate
• We re-iterate our BUY call