Analisa Saham AALI | 30 Oktober 2018

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AALI 3Q18 results by Andy Wibowo Gunawan (andy.wibowo@miraeasset.co.id)   
Oct 29, 2018

- Astra Agro Lestari (AALI/Hold/TP: IDR12,500) announced its 3Q18 financial results, reporting net profit of IDR340bn (-20.6% QoQ).

- This weak 3Q18 net profit was due to flat 3Q18 revenue of IDR4.6tr (+2.9% QoQ) but is in line with our estimate (please see our 3Q18 earning preview “Potential 3Q18F negative earnings surprise” at https://goo.gl/Yc7arF).

- Cumulatively, AALI booked IDR13.8tr revenue in 9M18, increasing by 10.2% compared to the same period last year. Meanwhile, AALI’s 9M18 net profit dropped to IDR1.1tr, decreasing by 18.2% in comparison with the same period last year due to higher production cost that reached IDR11.7tr (+24.5% YoY).

- All in all, AALI’s 9M18 net profit achieved 93.5% and 74.2% of ours and consensus’ target. Nevertheless, AALI has yet to publish its operational performance data.
(See more at: https://goo.gl/6W176W)

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