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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
2017FY drop
  • 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
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Previously
February 2018
PT. Binaartha Sekuritas

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