Just my thoughts:

1) Glove moulding business not making profits. The situation might become better after US rise the gloves tariffs from China.

2) Concrete business not generating good profit and below my expectation. There were some one-time gain from concrete business, and it's not reoccurring.

3) ESCERAM holding good cash in hand. My estimation EPS is 1.2, current PE will 16. company has ability to distribute 0.5 cent dividend annually.

If a counter kena goreng, won't consider it's FA.

Their ready mixed concrete is always selling cheaper than other players that’s why their profit margin is relative lower, secondly their original business are doing glove mould which a lot of investor still thinking they are glove industry, thirdly they just entered in construction industry considered a new player

The lower profit before taxation despite an increase in revenue as compared with the
corresponding quarter of the preceding year were mainly due to the higher material costs and
cost incurred in setting up additional production facilities for building material segment