Trimegah Bangun Persada (NCKL IJ): QoQ profits squeezed from costs

Trimegah Bangun Persada (NCKL IJ)
BUY / TP: IDR:1,500 (+32.7%)
Analyst: Alditya Galih Ramadhan

QoQ profits squeezed from costs
• Consensus may overshoot
• Inflated cash costs harmed equity income
• New pipelines are up, aiming for further value creation
• Renew our TP to IDR1,500, reflecting production expansion