Current Rating: Hold; Previous Rating: Hold

Current Target Price: 19,100; Previous Target Price: 19,100

Maintain Rating, Maintain Price Target

• 1Q18 revenue reported to be at IDR 3.4 tn (+1.9% YoY),
• Net profit came in below expectation at IDR 264 bn (-51.9%).
• Higher energy costs and lower selling price still hurdle margins improvement amidst good cement demand growth period. 

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