MAIN recorded disappointing results in 9M14,
dragged down by poor 3Q14 results, due to several factors, e.g. lower sales,
higher cost of raw materials, prolonged weak Rupiah, significant decline in DOC
price. In 9M14, total sales only grew by 9.2% yoy to Rp3.4 tn, while bottom
line profit tumbled by 92.4% yoy to only Rp18.5 bn. Hence, we cut down our
earnings estimate and downgrade our TP to Rp2,400. HOLD.
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