DANGCEM just released Q2-17 result, growing revenue (34.8% y/y), EBITDA (67.5% y/y), and PAT (45.1% y/y) at the group level. Revenue was ahead of our estimate by 3.9% while PAT lagged by 9.3%. Compared to Q1-17, revenue (-1.8%) and EBITDA (-2.3%) declined while PAT -- owing to lower net finance cost and effective tax rate -- grew by 4.1%.
Overall, DANGCEM's result is impressive, with EBITDA consistent with management’s target. We look for positive investor reaction. Our estimates are under review.