ROTI: Better Than Expected 1Q Result, Upgrade TP to Rp1,400
29 Apr 2019
ROTI: Better Than Expected 1Q Result, Upgrade TP to Rp1,400
To reflect better than expected 1Q19 performance, we made uptick adjustments in in our projection, particularly in topline assumptions (company’s 2019 sales growth guidance 15-18%) and profitability margins. We expect FY19/20F sales will grow by 16.2%/10.2% YoY. Therefore, we come up with new TP of Rp1,400/ share (from previous Rp1,300/ share). However, as our TP offers 7.7% upside, our recommendation on the stock remains NEUTRAL. Our TP implies 39.6x PER and 18.6x EV/EBITDA 2019F, while currently the stock is traded at 37.4x PER and 17.3x EV/EBITDA 2019F.
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