Slower cement consumption has resulted
in mediocre performance for INTP in 1H14 with top line growth of 6.5% yoy
and the net profit growth of 3.7% yoy. We roll forward our valuation to FY15F
and upgrade our TP to Rp28,000 as additional capacity provided by Citereup
plant by the end of FY15F will boost INTP’s performance going forward. BUY.
No comments:
Post a Comment