In Riset

BNIS Daily Report of April 7, 2021

 

 

RESEARCH REPORT

TBLA: Riding Two Sweet Business

 

What’s New?

We reiterate BUY on TBLA and retain our target price of IDR1.200 based on the blended forward P/E and DCF-based valuation. We expect FY21F EPS growth of 30.3% YoY (vs. FY20: 2.3% YoY). TBLA’s two main businesses of biodiesel and sugar remain to be lucrative with minimal competition.

 

Key Highlights:

  • Biodiesel sales volume expected to grow at +32% YoY in FY21F from economic recovery.
  • Low production cost to ensure spacious sugar’s margin.

 

Analyst: Firman Hidayat (firman.hidayat@bnisekuritas.co.id)

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