Highlight

 1Q17 total sales was IDR 1.48 trillion, practically unchanged from 1Q16.

 However, 4M17 sales rose 3.1% (y/y) to IDR 2.05 trillion (23.8% of our FY17E target).

 1Q 17 Net revenue dipped 0.73% (y/y) to IDR 1.08trillion (17.55% of our FY17E target).

 Meanwhile EBIT performed slightly better (+5.14% y/y) to IDR -19.84 billion.

 Net income plunged 65.8% (y/y) to IDR 2.87 billion as interest revenue fell 21.3% (y/y).

INDONESIA
PT Phillip Securities Indonesia
ANZ Tower Level 23B, JlJendSudirman
Kav. 33A Jakarta 10220 – Indonesia
Tel +62-21 5790 0800 Fax +62-21 5790 0809
Website: www.phillip.co.id