LSIP posted 1H20 net profit of IDR92 billion or jumped 778% YoY, contributing to 32% of our 2020F revised target but below our expectation by around 24%. ASP increase of 21% YoY, forex gain, and lower expenses drove an improvement in margins despite lower CPO production. We cut our 2020F estimates because of a modest 1H20 performance. However, we still maintain BUY recommendation for LSIP.
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