COMPANY FOCUS PT Trimegah Securities Tbk - www.trimegah.com 1 Solid 1Q15 results amid the weak purchasing power condition Despite of weak purchasing power condition, combining with salary and utility increases, LPPF was still able to deliver Rp185bn net profit in 1Q15, grew significantly by 50.3% YoY. It was in-line with our and con- sensus’ estimates at 9%, given its historical seasonality. The revenue stood at Rp1.6tr (+9.4%), with higher DP portion in merchandise mix. The top-line made 17% of TRIM and the consensus’ forecast, where the historical seasonality was at ~19%. We also highlight a significant de- cline in finance expenses by 67% YoY, to come to Rp19bn (vs Rp58bn). Delivered positive SSSG level of 5.4% LPPF still managed to deliver positive SSSG at 5.4%, amid the slow down economic condition. We note that LPPF is the only one retailer that able to post positive SSSG in 1Q15, while the others showed negative growths (e.g. ACES, RALS). We see that LPPF has strong consumer profile, which are on the middle-income segment. To open 9 new stores prior to Lebaran In FY15E, the management kept its target to open 12-14 new stores, of which 9 new stores will be opened prior to Lebaran. In 1Q15, LPPF add- ed 1 new store in Singkawang, Kalimantan. In April’ 15, LPPF also has opened 2 new stores in Buton Island, Sulawesi, and Kupang, Nusa Tenggara. Maintain BUY, higher TP Rp20,200 We use DCF methodology, and roll over our DCF-based year to FY16E, to derive our Rp20,200 target price. We now apply 7.3% risk-free rate and 13.1% WACC. LPPF currently trades at 28-21x PE FY15-16E. Although our target price implies a 1.3x PEG, we believe this is warranted due to LPPF’s more stable business versus most other retailers and closer to the likes of ACES (also 1.1x PEG). BUY Year end Dec 2013 2014 2015E 2016E 2017E Sales 12,739 14,451 16,603 20,076 23,770 Net Profit 1,125 1,440 1,855 2,439 2,920 EPS (Rp) 386 494 636 836 1,001 EPS Growth 47.2% 28.0% 28.8% 31.5% 20% DPS (Rp) n/a 158 219 287 376 BVPS (Rp) (272) 55 473 1,023 1,647 P/E (x) 44.4 36.0 27.4 20.9 17.5 Div Yield n/m 0.9% 1.3% 1.6% 2.2% Matahari Department Store Company Focus Solid performance in 1Q15 Companies Data Dian Octiana ([email protected]) May 4, 2015 PT Matahari Department Store Tbk en- gages in the retail business for several types of products such as clothes, acces- sories, bags, shoes, cosmetics, house- hold appliances, and management con- Share Price Rp17,500 Sector Retail Price Target Rp20,200 (+15%) BUY Rp20,200 Reuters Code LPPF.JK Bloomberg Code LPPF.IJ Issued Shares (m) 2,918 Mkt Cap (Rpbn) 51,064 Avg. Value Daily 6 month (Rpbn) 63.6 52-Wk range (Rp) 20225 / 13475 Asia Color Company Ltd. 2.00% PT Multipolar Tbk 20.48% Public 77.52% EPS 15F 16F Consensus (Rp) 651 790 TRIM vs Cons. (%) -2.3% 5.9% Company Update Stock Data Major Shareholders Consensus Stock Price & Value - 20 40 60 80 100 120 140 160 180 - 5,000 10,000 15,000 20,000 25,000 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 (Rpbn) Avg. 5 Day MA Trading Value (RHS) Price (LHS)
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COMPANY FOCUS PT Trimegah Securities Tbk - www.trimegah.com 1
Solid 1Q15 results amid the weak purchasing power condition
Despite of weak purchasing power condition, combining with salary and
utility increases, LPPF was still able to deliver Rp185bn net profit in
1Q15, grew significantly by 50.3% YoY. It was in-line with our and con-
sensus’ estimates at 9%, given its historical seasonality. The revenue
stood at Rp1.6tr (+9.4%), with higher DP portion in merchandise mix.
The top-line made 17% of TRIM and the consensus’ forecast, where the
historical seasonality was at ~19%. We also highlight a significant de-
cline in finance expenses by 67% YoY, to come to Rp19bn (vs Rp58bn).
Delivered positive SSSG level of 5.4%
LPPF still managed to deliver positive SSSG at 5.4%, amid the slow
down economic condition. We note that LPPF is the only one retailer that
able to post positive SSSG in 1Q15, while the others showed negative
growths (e.g. ACES, RALS). We see that LPPF has strong consumer
profile, which are on the middle-income segment.
To open 9 new stores prior to Lebaran
In FY15E, the management kept its target to open 12-14 new stores, of
which 9 new stores will be opened prior to Lebaran. In 1Q15, LPPF add-
ed 1 new store in Singkawang, Kalimantan. In April’ 15, LPPF also has
opened 2 new stores in Buton Island, Sulawesi, and Kupang, Nusa
Tenggara.
Maintain BUY, higher TP Rp20,200
We use DCF methodology, and roll over our DCF-based year to FY16E, to
derive our Rp20,200 target price. We now apply 7.3% risk-free rate and
13.1% WACC. LPPF currently trades at 28-21x PE FY15-16E. Although our
target price implies a 1.3x PEG, we believe this is warranted due to LPPF’s
more stable business versus most other retailers and closer to the likes of