Semen Indonesia (SMGR IJ)
Analyst: Joshua Michael
BUY / TP: IDR15,300 (+12.5%)
Margin expansion with strong net profit growth
• Robust FY18 net profit growth
• Higher ASP/t growth in FY18 compared to INTP
• Gross margin was boosted by efficiency in raw material and labor utilization
• Maintained logistic efficiency in 4Q18
• Revise up our FY19F net profit, upgrade to BUY