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Kamis, 28 April 2011

MAPI Strong growth momentum in 1Q11: EBIT+56% and net profit +45% YoY by Jessica - CLSA

· MAPI registered strong sales growth in 1Q11. Sales grew by 21% YoY with SSG of 10%, beating our expectation of 17% YoY sales growth for 2011.

· Due to operating leverage, EBIT grew by 56% YoY, making up 15% of our forecasts and 16% of consensus forecasts.

· In the past, 1Q operating profit usually made up only 12-14% of total FY operating profit due to strong seasonality in the business, while 4Q usually made up 33-35% of total FY operating profit. Our forecasts seem conservative at this point if the growth momentum continues throughout the year.

· MAPI remains our top pick in the small cap consumer sector. MAPI is currently trading at 18.3x 11CL and 13.8x 12CL PE. On a PEG basis, MAPI is trading half of its aggregate peers at 0.4x PEG ratio.
Posted by Saham Pilihan at 13.22

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