Search result for: "consumer goods"

We initiate coverage of MNC Sky Vision (MSKY) with a SELL call and a DCF derived TP of IDR1,100, implying 9.9x/8.9x FY15F/FY16F EV/EBITDA. MSKY’s performance has been poor in FY14 as subcribers growth has been muted at 2.5mn subs; and we expect only 4% additional subscribers growth in FY15F due to Indonesia economy headwinds, piracy,.

We reinitiate coverage of PT Matahari Putra Prima (MPPA) with a BUY rating and a DCF-derived TP of IDR4,650 (implying a 37.8x FY15F P/E). We like MPPA due to its: i) margin expansion and higher asset turnover; ii) expected higher customer traffic from store reformatting to its quality new G7 format; iii) focused, targeted marketing;.

We reinitiate coverage of PT Matahari Department Store Tbk (MDS) with a BUY rating and a DCF-derived TP of IDR22,000 (implying a 32.6x FY15F P/E). We like MDS due to its: i) solid strategy positioning; ii) widening market share lead; iii) excellent supply chain network; and iv) strong free cash flow generation and healthy balance.

Despite declining 1Q15 consumer consumption, MDS’ SSSG managed to grow 5.4% YoY, which points to the resilient spending power of its target middle-income segment. Maintain BUY and DCF-based IDR22,000 TP (29% upside). Its 1Q15 numbers, consistent with its historical performance, were in line with our/consensus estimates. It is also on track to open 12 new.

We reinitiate coverage of PT Matahari Department Store Tbk (MDS) with a BUY rating and a DCF-derived TP of IDR22,000 (implying a 32.6x FY15F P/E). We like MDS due to its: i) solid strategy positioning; ii) widening market share lead; iii) excellent supply chain network; and iv) strong free cash flow generation and healthy balance.

We reinitiate coverage of PT Matahari Putra Prima (MPPA) with a BUY rating and a DCF-derived TP of IDR4,650 (implying a 37.8x FY15F P/E). We like MPPA due to its: i) margin expansion and higher asset turnover; ii) expected higher customer traffic from store reformatting to its quality new G7 format; iii) focused, targeted marketing;.

While we are still cautious on Indonesia’s short-term equity market outlook owing to economic and political uncertainties, we are of the view that its long-term fundamentals are intact. We foresee 2014 GDP growth dipping to 5.4% while Bank Indonesia (BI) may have to raise the BI rate to 7.75-8.25%. As short-term macroeconomic fundamentals are weak,.

Being the largest bread manufacturer in Indonesia – supplying in our estimate some 90% of the mass market – PT Nippon Indosari Corpindo Tbk (Indosari) we believe is in the right position to fulfill huge demand in the segment. Backed up by strong shareholders, it is set to break out of its traditional markets in.