Fr CGS-CIMB (YU) : Ramayana Lestari
9M18F preview: Robust fashion sales
RALS IJ / RALS.JK | ADD - Maintained | Rp1,195.00 tp:Rp1,500.00▼
Mkt.Cap:US$556.60m | Avg.Daily Vol:US$0.52m | Free Float:30.80%
Retail
Author(s): Kevie ADITYA +62 (21) 3006 1738,
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■ RALS’s 9M18 revenue of Rp6,678bn (+4.5% yoy) was likely in line at 79% of our FY18F forecast, with fashion division posting 10.9% yoy sales growth.
■ We estimate 9M18F GPM ofc.29% (+2.5% pts), although 3Q18F GPM may have contracted qoq to c.28% on seasonality.
■ We project a smaller Rp12bn pretax loss in 9M18 vs. Rp25bn in 9M17. We maintain Add on the back of strong 41.7% FY18F earnings growth estimates.
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