Sarimelati Kencana (PZZA IJ)
BUY / TP: IDR:1,020 (+29.1%)
Analyst: Chandra Pasaribu

Another speed bump
• Hitting the emergency brakes again
• Operational numbers on weak side in 4Q20
• Expansion will be evaluated
• Re-iterate BUY – PZZA continues to display good fundamentals