Amid weaker demand, SMCB sales in 9M14
increased by 9.2% yoy, which is relatively in-line with our FY14F estimates.
However, the costs pressure still haunted SMCB bottom line which reduced by
4.9% yoy to Rp569.7 bn (9M13: Rp599.1 bn). Therefore, we downgrade our TP to
Rp2,500 and we recommend HOLD.
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