AALI booked strong performance in 9M14 with
sales grew by 41.3% yoy, above our expectation and reached 83.1% of our FY14F
numbers. The bottom line profit jumped by 106.8% yoy, also due to more
efficient operation. Hence, we are optimistic that AALI will have no difficulty
achieving our earning target by the year end 2014. In a medium term, AALI will
start reaping the benefit of its recent acquisitions. Thus, we maintain our TP
at Rp31,000 and recommend BUY.
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