google-site-verification=zsLknblUv9MPpbGfVx9l3sfhCtAjcEQGFzXwTpBAmUo Analisa Saham MAPI | 19 November 2018 Langsung ke konten utama

Analisa Saham MAPI | 19 November 2018

Mitra Adi Perkasa

MAPI’s solid 9M18 core net profit of Rp691bn (+87% yoy) exceeded
expectations. This was on the back of strong 8% 9M18 SSSG.

Restructuring at its department store unit lifted its EBIT margin from 0.2% in
9M17 to 7.5% in 9M18, leading to a 90bp yoy EBIT margin rise for MAPI.

MAPI's strong fundamentals justified its 29% share price increase YTD.
Maintain Add and Rp1,000 TP.

9M18 results: strong operations and lower tax rate boosted profits
● 9M18 core net profit (excluding non-cash and one-off items, i.e. gain from land sale
and amortisation expenses) was at Rp691bn (+87% yoy), above expectations at 84%
of our and 112% of Bloomberg consensus full-year estimates (vs. 67% in 2017). 9M18
tax rate normalised to 28% of PBT (vs. 44% of PBT in 9M17), following its financial
restructuring, resulting in a huge improvement in core earnings.
● 9M18 gross sales were Rp15,889bn (+17% yoy), on the back of 8% 9M18 SSSG (flat
from 8% in 1H18). This was in line at 72%/73% of our/consensus FY18 estimates.
● F&B and department store SSSG improved to 7% and 5% respectively in 9M18, from
6% and 4% in 1H18. Specialty stores’ 9M18 SSSG was flat yoy but solid at 10%.
● 9M18 GPM dropped 120bp yoy to 40.7%; we believe that was mainly due to more
promotional events in 1Q and 3Q18, as well as rupiah's depreciation against US$. We
note that c.50% MAPI’s COGS are US$-linked.
● Nevertheless, EBIT margin improved 90bp yoy to 6.7% in 9M18 as department stores'
EBIT margin significantly improved to 7.5% during the period (vs. 0.2% in 9M17),
although the EBIT margins of specialty stores and F&B declined to 7.5% and 8.3%
respectively, from 8.1% and 8.8% in 9M17.
● 3Q18 core net profit was at Rp102bn (+32% yoy). This was on the back of Rp5,372bn
3Q18 gross sales (+17% yoy).
Maintain Add, with unchanged Rp1,000 TP
● MAPI’s share price re-rated 29% YTD, the most among retailers under our coverage.
Nevertheless, its strong 87% yoy earnings growth in 9M18 seems to justify its
dominance. We believe MAPI could continue to delivery strong earnings until end of
FY19F, which should serve as further re-rating catalyst.
● We maintain our FY18 forecasts of 18% gross sales growth and 49% earnings growth,
as well as our SOP-based target price of Rp1,000. MAPI’s current valuation implies an
undemanding 12.5 CY19F P/E.
● Risks to our call include weakening purchasing power amid rupiah depreciation
against US$ which may negatively impact its sales growth, as well as its GPM to some
extent.


by : Kevie ADITYA
T (62) 21 3006 1738
E kevie.aditya@cgs-cimb.com


Komentar

Saham Online di Facebook

Postingan populer dari blog ini

Rekomendasi Saham BBRI, GGRM, DRMA dan ACST oleh RHB Sekuritas Indonesia | 26 Oktober 2023

RHB Sekuritas Indonesia 26 Oktober 2023 Muhammad Wafi PT Bank Rakyat Indonesia (Persero) Tbk (BBRI) Bank Rakyat Indonesia terlihat kembali melakukan rebound disertai volume dan menguji resistance garis MA20 sekaligus resistance bearish channel-nya. Jika mampu breakout resistance garis MA20 maka akan mengkonfirmasi sinyal reversal dari fase bearish untuk menguji resistance garis MA50. Rekomendasi: Buy area disekitar Rp 5.125 dengan target jual di Rp 5.325 hingga Rp 5.575. Cut loss di Rp 5.000. PT Gudang Garam Tbk (GGRM) Gudang Garam terlihat melakukan rebound dan breakout resistance garis MA50 disertai volume dan menguji resistance garis MA20. Jika mampu breakout resistance garis MA20 maka akan mengkonfirmasi sinyal breakout menuju fase bullish dan menguji level tertingginya di bulan Oktober 2023. Rekomendasi: Buy area disekitar Rp 24.800 dengan target jual di Rp 25.375 hingga Rp 26.650. Cut loss di Rp 24.525. PT Dharma Polimetal Tbk (DRMA) Dharma Polimetal terlihat melakukan rebound d...

Kisah Timothy Ronald, Miliarder Saham Berumur 20 Tahun

Dari usia muda, Timothy (20) terinspirasi investor saham sukses seperti Warren Buffett dan Cathie Wood. Namun setelah gagal melakukan trading cryptocurrency (mata uang kripto) di usia 16 tahun, ia bertekad untuk mempelajari seluk beluk pasar modal. Untuk mengumpulkan modal supaya bisa berinvestasi saham, Timothy memutuskan berdagang. Ia menjual pomade, jam tangan, hingga sedotan di marketplace saat hari kerja. Ia juga menjalankan part-time wedding organizer di saat akhir pekan. Ia melakoninya saat menduduki bangku SMA. Setelah itu, sembari kuliah, Timothy mendirikan advertising agency yang melayani beberapa klien UMKM sampai startup kecil. Uang yang didapatkan dari menjalankan beberapa usaha tersebut diinvestasikan seluruhnya di saham. Berbekal pengalaman melipatgandakan uangnya di pasar modal, Timothy mulai secara aktif sharing di social media mengenai investasi saham. "Investasi terbaik bukanlah berinvestasi di saham, melainkan investasi di ilmu," katanya. Buku seharga 400 ...

BELAJAR SAHAM di SAHAM ONLINE

Untuk rekan-rekan yang hendak BELAJAR INVESTASI SAHAM atau TRADING SAHAM, rekan-rekan bisa akses materi pembelajaran terkait dengan mudah dan gratis melalui link di bawah ini WEBSITE SAHAM ONLINE - BELAJAR SAHAM untuk inspirasi dalam investasi saham, rekan-rekan juga bisa baca beberapa artikel melalui link berikut ini WEBSITE SAHAM ONLINE - INSPIRASI SAHAM sedangkan jika rekan-rekan lebih tertarik untuk belajar investasi atau trading saham melalui VIDEO TUTORIAL yang tertata berdasarkan topik sudah terbagi menjadi beberapa playlist, rekan-rekan bisa akses di link berikut ini CHANNEL YOUTUBE SAHAM ONLINE