Ramayana Lestari (RALS IJ)
Analyst: Vincent Yunnaraga
HOLD-UPF / TP: IDR1,550 (-12.7%)
Mar-19: Flat monthly SSSG
• Mar-19: Leveled monthly SSSG
• …followed by moderate monthly sales figures
• Gross margin continues to improve
• Maintain HOLD-UPF call with unchanged TP