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Corporate Updates

PTPP (PTPP IJ): FY18 results: Boosted by one-off gain

BUY / TP: IDR2,610 (+24.9%)
FY18 results: Boosted by one-off gain
• Positive net profit growth due to one-off gain in 4Q18
• Margin compression as toll road projects towards completion
• Expecting weaker FY19 performance, but buoyant outlook afterwards
• vise down FY19-20 profitability outlook, but still better than FY18
• Maintain BUY, but with lower TP of 2,610
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