Sari Melati Kencana (PZZA IJ)
BUY / TP: IDR:800 (+30.1%)
Analyst: Chandra Pasaribu; Muhammad Abdul Aziz

FY2019 result in line with estimates
• Posting net profit growth of 14.1% YoY in FY2019
• FY2020 a challenging year
• Having a strong balance sheet is key to recovery
• A Buy call on recovery play