ROTI: Soared Earnings Led by Cut In Return Rate, TP Rp1,600/share
25 Jul 2019
ROTI: Soared Earnings Led by Cut In Return Rate, TP Rp1,600/share
We made slight adjustment in FY19F sales assumption to reflect better than expected 1H19, while in 2020F onwards we see potential improvements in opex. Using 2020F as base year, our TP on the stock is now Rp1,600/ share (from previous Rp1,400/ share), offers 24.0% upside based on yesterday’s closing price. Our TP implies 28.9x PER and 17.3x EV/EBITDA 2020F, while currently the stock is traded at 23.6x PER and 13.3x EV/EBITDA 2020F.
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