ROTI: 2019 A Tastier Year, Downgrade To Neutral
04 Apr 2019
ROTI: 2019 A Tastier Year, Downgrade To Neutral
This year, the company guided a 15-18% sales growth on the back of higher volume (no ASP increase plan) both from general trade (GT) and modern trade (MT) channels, driven by forecasting tools that has proven to boost sales and decrease return rate since last year. We made no adjustment in our projection and hence our TP of Rp1,300/ share is unchanged. However, we had to downgrade our recommendation from BUY to NEUTRAL since the current share price has fully reflected our TP, but still offers an 8.3% upside. Our TP implies 40.2x PER and 18.1x EV/EBITDA 2019F, while currently the stock is traded at 37.0x PER and 16.6x EV/EBITDA 2019F.
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