ID : Indocement - Deep dive on 1Q21 results

There seems to be a mismatch between INTP’s reported 1Q21 numbers and its operational drivers involving transportation, energy and packaging costs. As INTP is a well-run company with strong corporate governance historically, we believe the above concerns are just a timing mismatch. However, we downgrade INTP from Add to Hold with a new TP of Rp13,100 as we apply a higher discount on margin sustainability concerns.

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