Holcim Indonesia: Weak 1Q13 results 14.4% to our' and 13.7% to consensus' estimates (SMCB, Rp3,725, Sell, TP: Rp3,000)
•SMCB reported a weak 1Q13 results booking a net profit of Rp184bn (-26.1%yoy, -58.0%qoq) which is 14.4% to our' and 13.7% to consensus' estimates. The company was hit hard on the pretax earnings level which we suspect is due to royalty cost.
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