Ramayana Lestari (RALS IJ)
Analyst: Chelene Indriani
BUY / TP: IDR:1,620 (+20.4%)
1H19: flat revenue, improving margins
• Net income surged YoY due to improving margins...
• … although slow Lebaran sales in FY19 leads to flat revenue YoY
• Revising forecast to account for better margin
• Undemanding valuation, upgrade to BUY with target price of IDR1,620