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Minggu, 19 Juni 2011

Ramayana Lestari (RALS, Not Rated): One of Indonesia’s Largest Dept. Stores, Caters to The Middle and Low Income Segments - Credit Suisse

RALS is planning to extend its operating hours until midnight in July and August to attract customers during the Ramadan (fasting month). Risk to this strategy is margin squeeze, if the increase in opex is not being compensated with higher sales. We also see tough competition for RALS’ supermarket operations coming from the minimarkets.

· RALS is one of Indonesia’s largest department stores, focusing on the middle-low and low income segments.
· RALS’ sales are partly supported by overseas workers’ remittances. Hence, current rupiah appreciation could be a challenge for RALS.
· RALS’ sales are 30-40% contributed during Moslem holiday, which comes in August this year.
· Based on consensus estimates, RALS is trading at 13.3x 2011 PE with 13% EPS CAGR in 2011-13. Regional peers and Indonesia retail sector is trading at 17.2x and 18.7x 2011 PE with 12% and 24% 2011-13 EPS CAGR, respectively.

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