ID : Erajaya Swasembada - Strong momentum likely to continue

ERAA reported 1Q21 NP of Rp278bn (+171% yoy), ahead of expectations. Sales grew a robust 39% yoy, also above forecasts. We expect the strong momentum to continue due to a recovery in mobile phone volumes and higher ASP. We raise our FY21-22F EPS by 7-14%. The company expects limited impact from the global chip shortage as it has increased its inventory levels in advance. Reiterate Add.

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