Analisa Saham SPTO | 7 Februari 2019

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CLSA (KZ) 16/12/18

SPTO INITIATE  BUY TP 1250

Leader of the pack

Dominant player with manufacturing capability
Surya Pertiwi (SPTO IJ), the sole distributor of the TOTO brand, is poised for 17% Ebitda Cagr in 2017-20CL driven by volume growth coupled with additional manufacturing margin. Project sales could still be the volume growth driver for next year, while higher utilisation rate in the manufacturing JV could lead to margin expansion (+150bps at Ebit level in 19CL). We believe the company is one of long-term key beneficiaries in the midst of the property market recovery given its dominant position in the industry. Initiate with BUY and TP of Rp1,250.


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