Highlights

 A pleasant surprise from 3M18 sales at IDR 1.57 tn (+21.5% y/y) which represents

24% of our FY18E target.

 Strong growth from net consignment sales (+77.9% y/y) to reach IDR 22 bn.

 As operating expenses growth has been subdued (+14.7% y/y), net profit rose

37.3% y/y to IDR 210 bn.

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