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Selasa, 29 Maret 2011

MAPI:Goodwill hunting - Mandiri

Many good progresses happened in FY10, although what should be spotless results were somewhat marred by increase in goodwill from the acquisition of a company deemed to have ownership relation with the majority shareholders. Cash cycle dropped from 155 days in FY09 to 118 days in FY10. Net gearing fell from 72.0% in FYE09 to 48.6% in FYE10. This resulted in ROE improvement to 13.7% (FY10) from 12.7% FY09. Operating margin also reached 9.5% (FY10) from 7.5% in FY09. We understood that the acquisition of Krispy Kreme franchise holder is somewhat disappointing. Transaction reversal is advisable. We maintain our Buy rating with adjustment in earnings.

Regretted acquisition. On October 6, 2010 MAPI acquired 80,000 shares of PT Premier Doughnuts Indonesia (PDI) for Rp75bn from Lumbung Nusantara and Resource Java. PDI was previously owned by MAP Premier, a former shareholder of MAPI. From Rp75bn, the goodwill value was Rp42bn. PDI is the franchise holder of Krispy Kreme in Indonesia. Considering Krispy Kreme’s poor performance, it is very difficult not to see the transaction as a ‘bailout’ for the majority shareholder, despite legally it is a non-related party transaction. This type of transaction is not strange for Indonesian companies. However, we regret this to happen in a result which supposedly highlights progresses in operational management and financial strength of MAPI.

Improved operating metrics and financial strength. MAPI has everything right in FY10. Improvements in cash cycle have resulted in higher average asset turnover from 1.15x in FY09 to 1.34x in FY10. MAPI has been able to reduce its inventory days from 203 days in FY09 to 168 days. With the implementation of inventory control program, first applied in the sport division, we expect MAPI to be able to continue its inventory reduction in FY11. Debt has also been reduced from Rp1,118bn in FY09 to Rp953bn in FY10, despite 14.6% yoy revenue increase.

Focus expansion. MAPI added 42,021sqm gross space to 423,776sqm by end FY10. Percentage wise, MAPI expanded more in specialty stores (12.3% yoy gross space increase) and F&B (19.2% yoy). MAPI plans to add 40,000 sqm focusing on specialty (26,000sqm) and F&B (14,000sqm). Specialty stores and F&B have higher gross margins vs department stores.

Maintain Buy. We expect MAPI to be more careful in corporate actions related to majority shareholders. However, the misstep shouldn’t cloud the progresses it’s making. Maintain target price.
Posted by Saham Pilihan at 23.34

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