Buy two for the price of one
MAPI IJ / MAPI.JK | ADD - Maintained | Rp990.00 tp:Rp1,250.00â–²
Retail
Author(s): Kevie ADITYA +62 (21) 3006 1738,
We estimate MAPI should post a solid c.8% SSSG in 4Q18F, propelling its FY18F sales by 18% yoy and earnings by 68% yoy.
Specialty stores and deleveraging may drive 20% earnings growth in FY19F.
We find MAPI more attractive than its listed subsidiary MAPA, given MAPA’s lack of liquidity. We maintain our Add call with a higher TP of Rp1,250.
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