TOTL 1Q13 Results Review: Little Insight Into Strategic Plans
TOTL booked IDR584bn in revenue and IDR53.5bn in net profit for 1Q13, up 69.7%/47.8% y-o-y and 27%/22% of our FY13 estimates respectively. We continue to be wary over its management’s vague strategic plans, as it hoarded for cash despite minimal capex disbursements. We maintain our NEUTRAL call and TP of IDR1,060, as its valuation reached.
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