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Kamis, 28 Juli 2011

Mitra Adiperkasa (MAPI IJ) in line by Merlissa Trisno - CLSA

MAPI has continued to deliver strong sales growth in 1H11. Sales grew by 24% YoY on the back of 12% SSSG, forming 47-48% of ours and consensus FY forecast – generally in line with company’s historical average. Its specialty stores registered the highest SSSG of 13%, followed by department stores and F&B of 12-6% respectively.
Interestingly, EBIT hit Rp264b in 1H11, +42% YoY or more than 2-folds on quarterly basis due to its operating leverage. This is making up 46-49% of ours and consensus FY forecasts or above expectation as it made up only 41% of total FY operating profit historically. Net profit also up by 58% YoY, representing 49-51% of our and consensus FY forecast.
MAPI remains our top pick in the retail space. Deleveraging balance sheet, improving inventory turnover, and strong growth driven by rising income in the middle class are the key themes for the stock. MAPI is now trading at 17x 12CL PE, yet still attractively trades at 0.4x PEG versus average consumer peers of 1x.

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