In 9M14, SMGR posted sales growth of 11.3%
yoy, while bottom line profit only grew by 4.7% yoy, below our estimate and
accounted for 63.6% from FY14F numbers. On quarterly basis, SMGR recorded
weaker results as lower than expected cement demand. We downgrade our TP to
Rp18,000 and we recommend HOLD.
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