Semen Indonesia (SMGR IJ)
Analyst: Joshua Michael
BUY / TP: IDR:13,200 (+10.9%)
Below expectation
• Net profit below expectation
• Flattish YTD ASP/t growth in 1Q19
• Increasing COGS/t, but operating margin in-line
• Higher than expected interest expense
• Maintain BUY with lower TP of IDR13,200