Sari Melati Kencana (PZZA IJ)
BUY / TP: IDR:1,020 (+25.9%)
Analyst: Chandra Pasaribu
Analyst: Muhammad Abdul Aziz

Recovery underway
• Sales down -2.4% YoY up to May2020
• Expansion delayed
• Earnings upgrade as sales were better than expectations
• Re-iterate BUY recommendation