Kategori: Trade Services

RALS’ 4Q13 sales are set to improve as October SSSG rose ~14% m-o-m The company’s plans to add 5-6 stores annually should get a boost from the potential income increment among low-end consumers during next year’s election. The biggest risk to RALS’ 2014 sales is the close timing of the Lebaran and back-to-school sales season..

TELE’s acquisition of Samsung and Apple iPhone distributors will make its full impact as well as catalyse growth in 2014. Handset sales will soar 73% y-o-y while voucher sales will see a modest 11% y-o-y growth. TELE’s margin is set to improve as handset contribution to total revenue increases. We keep our 2014 earnings forecast.

Management expects 9M13 earning before tax to come at IDR62bn (+15% y-o-y) reaching only 46% of our FY13 forecast. We may need to revisit our forecast considering majority of the highly profitable exhibitions (IIMS, Mega Bazaar Computer, Festival Komputer Indonesia, IPA etc) are already included in 9M13 result. Major projects to come in 4Q13 including.

Company Profile Mitra Pinasthika Mustika (MPMX) was established in 1987 with initial operations in the motorcycle distribution business. It subsequently expanded into related areas such as motorcycle retail sales and consumer parts. In 2011, it expanded its business by acquiring a car rental and financing business. The company is 29%-owned by Saratoga Investama Sedaya (majority.

Company Profile Matahari Putra (MPPA) is one of the leading modern fast-moving consumer good (FMCG) retailers in Indonesia with 82 hypermarkets in operation. It also operates 28 supermarkets and 79 pharmacies. Highlights Solid growth MPPA’s strong distribution network and the compact format of its Hypermarts give it great flexibility in opening hypermarkets in Indonesia’s second-tier.

Company Profile Established in June 2008, PT Tiphone Mobile Indonesia Tbk (Tele)’s main business is in the trading of telecommunications products. It focuses on selling and distributing starter packs and vouchers from network operators such as Telkomsel, Telkom Flexi and XL. Recently, the Company has also focused on selling handsets such as iPhone, Samsung and.

A long awaited IPO which at last come to realization, adding another option to modern retailer option in JCI consumer universe. Supra Boga Lestari (SPL) runs Ranch Market, a premium supermarket that serves high end customers, and Farmers Market, a mid to high segment supermarket which targets broader consumer base. Strategically speaking, SPL chooses to.

One of Indonesia’s leading TV stations SCMA has an extensive broadcasting network and is well-known for its prime time mini-series. The Indonesian TV broadcast industry looks promising in view of the increasing income per capita of its population. Advertising rates may grow by 15-20% next year and with over 17k islands and a geographical width.

BUY, TP Rp3,900 Our Buy recommendation is based on SCMA’s i) strong position in Indonesia’s television network, ii) promising earnings growth, iii) improving profitability, iv) high dividend yield, and v) strong cash position. Our target price of Rp3,900 is premised on 14.9-13.0x FY11-12f PE. The share’s price catalysts include: i) a special dividend, and ii).