HMSP’s market share was stable in 2Q18 by Christine Natasya (natasya@miraeasset.co.id)
(Jul 23, 2018)
-HMSP sold 25bn sticks in the 2nd quarter (+0.7% YoY; vs. -1.7% YoY in 1Q18)
-For HMSP, it is encouraging that its sales volume growth (+0.7% YoY) outperformed the industry average, and that its overall market share improved slightly to 33.2% (vs. 32.7% in 2Q17).
-On a quarterly basis, however, HMSP’s market share barely moved (33.2% in 2Q18 vs. 33.2% in 1Q18), despite the significant increase in sales volume (+8.6% QoQ). Thus, we infer that other big players also saw their sales volume increase in 2Q18.
-We will revise our assumptions after the company releases its full financial statement for 1H18. For now, we recommend Hold on HMSP with a target price of IDR3,750.
-Despite its resiliency in maintaining market share over the past two quarters, the company’s margins are trending down due to lower-priced products
(Please see more at: https://goo.gl/jPcf1o)
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