Trimegah Bangun Persada (NCKL IJ): Shines on despite sector turbulence

Trimegah Bangun Persada (NCKL IJ)
BUY / TP: IDR:1,200 (+103%)
Analyst: Alditya Galih Ramadhan

Shines on despite sector turbulence
• Missed our margin yet another beat to consensus
• Production ramp-up to drive this year’s volume
• Fine-tune our margin as headwinds loom
• Buyback as a sweetener for now – TP maintained