SMCB sales grew by 10.0% yoy, however its
bottom line profit declined by 3.8% yoy due to higher costs and meeting only
35.6% from our FY14F. The outlook in the mid-term is still favorable though as
SMCB will reap result from its expansion plans as well as government’s
infrastructure project. We roll forward our valuation to FY15F and upgrade our
TP to Rp3,250. BUY.
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