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INTP

Contact our analyst Eka
Hold
4th August 2020
​
Price Rp 11,900
Target price Rp 14000
1H2020: below expectation
  • 1H2020, INTP net revenue of IDR 6.17 trillion was down -11.6% YoY from 1H2019‘s IDR 6.98 trillion.
  • Recovery in June sales volume could not cover the decline in 1Q2020.
  • After recording growth in 1Q,, INTP net profit in 1H2020 declined -26.6% YoY to IDR 470 billion. The decline in net profit was inline with lower sales volume in 1H2020 and despite improving cost of revenues which declined -11.3% YoY.
  • Lower costs were the result of lower coal prices and savings on fuel & power with a higher usage of low-calorific value (LCV) coal and of alternative fuels.
  • Gross profit dropped -12.3% YoY to IDR 1.88 trillion from IDR 2.14 trillion in 1H2019 with a slightly lower gross profit margin of 30.4%.
  • Operating profit dropped by -36% YoY to IDR 377.7 billion and the operating profit margin fell to 6.12% from 8.45% in 1H2019.
  • However, despite the challenges, INTP still kept a clean balance sheet with no bank loans and a strong cash position as of 1H2020.
  • As the 1H2020 result was lower than our expectation, We are reducing our forecasts for INTP’s revenue for 2020F to IDR 14.1 trillion which is  -11.7% YoY while net profit will reach IDR 1.5 trillion down by -15% YoY. 



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June Sales Rebound
  • In June 2020, cement sales had positive growth due to the shifting  of the Eid Al-Fitr holidays. Domestic cement sales increased +32.3% YoY to 4.97 million tons for the month of June.
  • For the year to date, domestic cement sales still dropped -6.4% YoY to 27.57 million tons.
  • INTP cement sales volume rebounded with June sales volume up  +28.3% YoY to 1.33 million ton from 1.04 million tons in June 2019. For the Year to date, INTP sales volume still dropped by -12.4% YoY to 7.36 million tons.
  • We expect an economic recovery after re-opening, and that 2H2020 cement demand will rebound as the Indonesia Government infrastructure projects continue.
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Valuation: Hold with TP 14,000
  • The 1H2020 was below our expectation and we revise our 2020F target.
  • We are now targeting INTP to trade at 26x 2020F PE within a year. Target Price is IDR 14,000 which represents +18% upside. We downgrade our recommendation to HOLD.
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Previously
​INTP Jul2020
​INTP Mar2020
​January 2020
​March 2019
November 2018
​April 2018
February 2018
PT. Binaartha Sekuritas

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+62215206678 | email: kyc.online@binaartha.com

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