In 3Q20, AALI managed to record financial performance that grew beyond expectations, posting bottom line of IDR210 billion or jumping significantly by 695% QoQ (+177% YoY) and outperformed our previous expectation (IDR69 billion). Meanwhile, in 9M20 AALI was able to book bottom line of IDR619 billion or jumped 378% YoY. We revised our forecast for 2020-2022F to adjust with company’s outlook. Thus, we maintain BUY recommendation with higher TP : 14,475.
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