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MAPI: Maintain BUY with Unchanged TP of Rp1,300
29 May 2019

MAPI: Maintain BUY with Unchanged TP of Rp1,300

While the 1Q19 performance still in line with our projection, we maintain our BUY recommendation on the stock with unchanged TP of Rp1,300/ share. This implies a valuation target of PER and EV/EBITDA 17.6x and 8.2x FY19F, respectively. Based on yesterday’s closing price of Rp 905, the stock is trading at 13.0x and 5.5x PER and EV/EBITDA 2019F, respectively. Hence we believe this is the right time to BUY the stock. Risks might come from: 1) weaker than expected macroeconomics growth, 2) USD/IDR fluctuation, and 3) massive competition from foreign and local brands with similar target market.

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