TOTL’s FY20 operating profit was ahead of our estimate, on the back of stronger-than-expected JO profit. FY20 core NP was in line with our estimate. It may benefit from a final income tax cut proposal, which could provide a 5-8% earnings upside. However, it also has increasing receivables risk. It trades at 1x P/BV FY21F (vs. 9% ROE) and is fairly valued, in our view. We downgrade our call to Hold from Add, with an unchanged TP of Rp350.