Michael W Setjoadi – RHB Sekuritas Indonesia
Maintain BUY with unchanged TP of IDR1,600, 16% upside
Net sales growth accelerated +5.4% YoY (+4.5% in 9M18), mainly due to slowdown in supermarket store closures in 4Q17. 11M18/2018F: 92% vs. 90% achievement in 2017.
Consignment products and Java ex. Jakarta continue to be the growth drivers
SSSG: +7.3% YoY, translating to 11M18 SSSG: +2.5% YOY.
Details in our report: https://research.rhbtradesmart.com/attachments/8/rhb-report-ind_ramayana-lestari_company-update_20181213_rhb-207068410783415925c118729dede2.pdf
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