Analisa Saham MAPI
FR CIMB (YU) : Mitra Adi Perkasa | PDFStrong delivery
MAPI IJ / MAPI.JK | ADD - Maintained | Rp7,675.00 tp:Rp9,500.00
Mkt.Cap:US$926.40m | Avg.Daily Vol:US$0.85m | Free Float:44.00%
Retail
Author(s):Kevie ADITYA +62 (21) 3006 1738,
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■ We believe MAPI delivered robust improvement in SSSG over the past five months (Oct 2017-Feb 2018), with estimated SSSG of 6% in 4Q17F and 6-7% in 2M18F.
■ Specialty stores should remain the growth driver with low-teens SSSG, though our channel checks also suggest improvements in F&B and department store divisions.
■ The IPO of the sportswear division MAP Active (slated for 2H18) could unlock value and improve MAPI’s net gearing from 55% in FY17F to 11% in FY18F (our estimate).
■ Despite its strong share price performance YTD (up 24%), MAPI remains one of our top picks in the Indonesian retail sector. Maintain Add and SOP-based TP of Rp9,500.
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