Trimegah Bangun Persada (NCKL IJ): Remains a front-runner in the game

Trimegah Bangun Persada (NCKL IJ)
BUY / TP: IDR:1,200 (+79.1%)
Analyst: Alditya Galih Ramadhan

Remains a front-runner in the game
• Higher stake in ONC to scale up earnings
• Production expansion softens timid outlook
• Resilient margin remains foreseeable
• BUY on the low, we downgrade our TP to IDR1,200