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May 02, 2016 13:11:29
Sumber Alfaria Trijaya (AMRT), Excellent Performance But Higher Leverage

Despite its strong SSSG and solid fee-based income generation, Alfamart’s salaries and utilities expenses grew significantly while its net gearing rose again in 1Q16. This prompted us to lower our FY16F-17F earnings by 5%/4% respectively to reflect higher interest expense going forward. Given its current lofty valuation, we remain NEUTRAL on the stock with an unchanged DCF-based TP of IDR570.

$AMRT

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