MAPI: Steadier Footing, Maintain Buy TP Rp1,100
12 Nov 2018
MAPI: Steadier Footing, Maintain Buy TP Rp1,100
During 9M18, MAPI posted a solid 18.3% YoY sales growth from Rp11.68 trillion in 9M17 toRp13.83 trillion, on the back of 8% SSSG (vs 3% SSSG in 9M17), in line with our expectation, which made up 72.5% of FY18F Rp19.06 trillion. On the bottomline, the net profit jumped by 124.4% YoY to Rp557.7 billion, which mostly due to one-time gain on sale of fixed asset in 1Q18. With all divisions yielded positively now, the company is now ready to launch another omni-channel project planetsports.asia, a flagship online platform for active division. We maintain our BUY recommendation on the stock with unchanged target price of Rp1,100/ share.
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