INTP
Contact our analyst Eka
Market share recovers in 1Q, but after big drop in 2017, we still recommend sell.
11th April 2018
Price Rp19,850
Target price Rp18,650
11th April 2018
Price Rp19,850
Target price Rp18,650
2017FY drop
But sales grew in 1Q2018
Valuation: Maintain SELL with Increasing TP 18,620
- 2017FY INTP booked revenue of IDR 14.43 trillion a decrease of -6.1% yoy
- Operating profit fell -48.6% yoy to IDR 1.87 trillion
- Operating margin dropped to 13% from 23% the previous year
- Net profit fell -51.9% to IDR 1.86 trillion
But sales grew in 1Q2018
- INTP sales volume grew in the first quarter of 2018 by +9.8% to 4.1 million tons
- Market share in Indonesia jumped from 25.8% in March 2017 to 26.7% in March 2018
- The improvement in market share came from Jakarta, Banten, Central Java, West Java
Valuation: Maintain SELL with Increasing TP 18,620
- Using DCF with WACC at 12.01%, we are targeting INTP to trade at 33x 2018F PE within a year.
- Target Price is IDR 18,620 which represents -6.2% downside. SELL
Previously