Wohin geht die Wachstumsreise? - 500 Beiträge pro Seite

eröffnet am 15.06.13 11:12:40 von
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15.06.13 11:12:40
Seit Jahren wächst das Unternehmen in hohen zweistelligen Wachstumsraten. Auch in Q1 wurden wieder 29% Umsatzwachstum erzielt. Von um die 1.300 will man allein in 2013 auf 1.600 Läden erhöhen. Wie lange kann dieser Wachstumstrend noch anhalten?
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09.07.13 12:44:11
Ich schätze mal mit 20% p.a. geht es weiter

Luxury Brands Group MAP Optimistic About Sales


Mitra Adiperkasa, a franchiser of more than 100 international brands, says the Indonesian government’s plan to reduce fuel subsidies will not affect the group’s revenue targets as its clients are unlikely to be affected by such a move.

The company, also known as MAP, remains optimistic that it can reach its target of a 25 percent increase in sales this year on top of last year’s revenue of Rp 7.59 trillion ($767 million).

“It is assisted by the resilience of our target market, which is not too sensitive to price hikes,” MAP’s corporate secretary Fetty Kwartati said on Tuesday.

The group sells high-end fashion brands such as Marks & Spencer, Zara, Massimo Dutti and Top Shop, and it also owns local franchises of famous food and beverage chains such as Starbucks and Burger King, which target middle- to upper-income Indonesians.

Fetty said the company was unlikely to lower its sales and net profit targets, based on its experience during previous fuel price increases, adding that any cost increases resulting from higher fuel prices may be passed on to consumers.

On Monday, the parliament approved a revised state budget, paving the way for an expected 33 percent increase in the price of subsidized fuel.

The company still reached its targeted sales revenue when the government reduced the fuel subsidy in 2005, which was followed by a further decrease a few years later.

The company’s revenue rose to Rp 2.64 trillion in the first quarter of this year, up 29 percent compared the same quarter last year.

This year, MAP plans to invest as much as Rp 900 billion in the continued expansion of its stores network, the company’s vice president director, VP Sharma, said.

It is planning to open more than 350 new stores, equal to 100,000 square meters of retail space.

By the end of last year, MAP had more than 1,400 stores in 52 cities in the country.

Last week the company launched Asia’s first Galeries Lafayette in Jakarta, targeting high-income earners.

“Galleries Lafayette helps to improve the standard of our current department store portfolio, as competition such as Parkson and Lotte Department Store will be coming soon,” Sharma said. These groups will vie for the same customer base.

Sharma said he believes Indonesia’s current middle-income group would likely double to more than 50 million by 2015.

Shares in MAP rose by 3.7 percent to Rp 8,400 on Tuesday.
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26.07.13 09:51:54
Umsatzwachstum ist nach wie vor hoch, auch wenn jetzt der Profit etwas leidet:

Mitra Adiperkasa 1st-Half Profit Falls on Higher Costs
By Francezka Nangoy on 9:47 pm July 25, 2013.


Mitra Adiperkasa, the franchise holder of brands including Zara and Nine West, posted a 12 percent decline in first-half profit, citing higher costs.

The Jakarta-based company known as MAP, which also holds the rights to Starbucks, said in a statement that its net income fell to Rp 145.7 billion ($14.2 million) in the January-June period from Rp 166 billion a year earlier.

Cost of goods sold rose 27 percent to Rp 2.19 trillion. Sales expenses climbed 34 percent to Rp 1.2 trillion.

Shares in MAP plunged 5.1 percent to Rp 6,500 on Thursday after the release.

Fetty Kwartati, corporate secretary of MAP, told the Jakarta Globe that the biggest cost increases can be seen in payroll.

“Not only is the minimum wage higher, but we have also added a lot of new employees as part of our expansion,” Fetty said.

Jakarta’s government has raised the minimum wage by 44 percent this year, while other regional governments have followed the increase and more plan to have a similar raise.

MAP’s interest costs have also risen 39 percent to Rp 99.5 billion as it has taken up larger loans to help its expansion, Fetty said.

MAP is setting aside Rp 900 billion in capital expenditure for the expansion.

By the end of the first half of this year, the company had added 205 new stores to a total of 1,588 stores nationwide, bringing in various new fashion brands including Cotton On, Swarovski and Thomas Pink.

The company also recently opened French department store Galeries Lafayette, which will target Jakarta’s upper income households.

This year, the company is hoping to open 300 new stores, or about 100,000 square meters of retail space.

Fetty said in a meeting last month that the company is not overly concerned with the rising inflation as MAP targets the middle to upper class spender, which are “resilient” against price hikes.

Despite falling profits, company revenue rose 27 percent to Rp 4.4 trillion in the first half of this year from Rp 3.5 trillion a year earlier, the company statement said.

This year the company is targeting 25 percent growth in revenue from Rp 7.59 trillion revenue last year. The first half revenue represents 46 percent of MAP’s full year target, based on the Jakarta Globe’s calculation.

“We remain focused on our strategy of driving top line growth to increase market share, and investing in key initiatives,” Fetty added in the statement.
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14.08.13 13:05:04
Der Wert hat in den letzten Tagen sein Jahrestief erreicht. Hintergrund war der Rückgang des Profit, obwohl der Wachstum planmäßig voranschreitet. Ist fraglich, ob ein Profit-Rückgang einen derartigen Krrsrückgang rechtfertigt, oder ob Anleger diese Überreaktion nun zum Nachkaufen nutzen werden!

Shares in fashion retailer Mitra Adiperkasa slid as much as 7.7 percent to 6,000 rupiah to touch a year low after the company reported lower-than-expected quarterly results.

Net profit fell 23.3 percent to 83 billion rupiah ($8.08 million), in the second quarter, compared with the same period a year earlier.

Operating expenses rose 31.2 percent from the previous year, resulting in net margins of 3.7 percent, lower that a year earlier.

Jakarta-based Mandiri Sekuritas downgraded its rating on Mitra to "sell" from "neutral" and slashed its target price on the stock to 5,700 rupiah from 7,950 rupiah, as another 12 percent downside is expected given negative earnings per share growth this year.

"Downside risks are high given the arrival of Uniqlo and H&M, as well as the expansion of Lotte and Aeon Mall that will put MAPI's rental bargaining power at risks," Mandiri Sekuritas analyst Adrian Joezer said in a note on Friday.

Bahana Securities also cut its target price on the stock to 7,900 rupiah from 10,000, but maintained its "buy" rating.

"On the back of this lower-than-expected second-quarter 2013 results, we have downgraded our 2013-14 earnings by 8-12 percent, as we lowered our operating margin assumption to 9 percent from 9.3 in 2013," Bahana's head of research Harry Su wrote in a note.

However, Bahana said that for investors who want to have exposure within the Indonesian retail space, Mitra's higher-end and more resilient target market is preferred given the rising local inflation on higher subsidized fuel prices.

The retailer's shares fell 6.92 percent to 6,050 rupiah. Indonesian trading firms slid 0.29 percent, while the broader Jakarta Composite Index was down 0.08 percent.

1157 (0457 GMT)

($1 = 10,267.5 rupiah)
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14.08.13 13:14:45
MITRA ADIPERKASA 1H REVENUES SURGES 27%
July 25, 2013 · by Yohanes Obor · in Industries, News, Retail
JAKARTA (Yosefardi) – Indonesia’s leading lifestyle retailer PT Mitra Adiperkasa Tbk (MAPI) reported its net revenue surged 27% from Rp 3.46 trillion to Rp 4.38 trillion while operating profit was Rp 314 billion for the first six months of 2013.

Fetty Kwartati, Corporate Secretary of MAP said, “In spite of global economic uncertainties and challenging operating environment including massive floods in January, we are pleased to deliver strong net revenue growth. Although there are short erm pressures on margins, we remain highly focused on our strategy of driving top line growth to increase market share, and investing in key initiatives to enhance our long term competitiveness. With our strong brand portfolio, management capabilities and strategic priorities, MAP is well positioned for the future.”

As at 30th June 2013, MAP has a total of 1,588 outlets in 56 major Indonesian cities. New retail concepts launched in the first half of 2013 include: Cotton On, Thomas Pink, Suite Blanco, Swarovski, Godiva and French retail icon, Galeries Lafayette.
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22.08.13 20:23:43
Der Kurs sinkt weiter, dabei wachsen Umsatz und Gewinn deutlich, wenn auch nicht mehr ganz so stark wir vor 12 Monaten. Ist ein Kursverlust von über 50% innerhalb weniger Wochen gerechtfertigt? Ich glaube nein.

Die Letzte News vom 14.08.13


Mitra Adiperkasa Projects Net Profit Growth Slowdown


JAKARTA – Modern retail issuer PT Mitra Adiperkasa Tbk (MAPI) projects its 2013 net profit growth to not exceed 10 percent from net profit of Rp 432.75 billion (US$ 41.98 million), an official of the company said. The company’s 2012 net profit grew 20 percent to Rp 360.42 billion.

Fetty Kwartati, Corporate Secretary of Mitra Adiperkasa, said the net profit slowdown projection also related to the company’s first half of 2013 net profit that sank 12.24 percent year-on-year (YOY) to Rp 145.73 billion.
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26.09.13 13:28:30
Nach dem radikalen "Absturz" erfolgt nun langsam die Erholung. Einige Hintergründe zum Kosten- udn Absatzdruck bei Mitra gab es im folgenden Interview:


Low cash, slowing sales: double whammy for Indonesia's retailers Wed 4 Sep, 2013

(...) "We have felt the cost pressure ever since the first quarter," said Fetty Kwartati, Mitra Adiperkasa corporate secretary, in an interview. Profitability, she said, is down as rising operating expenses exceed revenue growth.

The sliding rupiah has hit hard. Mitra imports 50 percent of its merchandise and passes those costs to customers, the wealthiest of whom can absorb 10-15 percent price increases, says Kwartati.

As Indonesia's middle class grows, Mitra has expanded. So, too, has its debt, which has risen five times since 2011. In the first five months of this year, Mitra opened 106 new stores. Another 244 will be opened this year but next year's plans will be scaled back. Mitra is targeting revenue growth of 20 percent next year, down from 25 percent in 2013, and reducing capital spending for next year, Kwartati said.

"We decided to slow down a bit after the heavy expansion this year."

A stroll through Mitra's sleek Galeries Lafayette, a new 12,500 sq. ft. high-end French department store in central Jakarta, underscores her point. Managers at three out of four of its shops told Reuters sales were down since it opened in May.

At the French luxury clothes store, Yves Saint Laurent, sales have fallen as much as 8 percent in the last few months, said Sinta Ningsih, a sales manager. And at the female shoe store, Noe, turnover has steadily dropped. "Now the store is only crowded on weekends," said Heru Triyanto, a Noe employee.

Some Mitra stores, including fast-food franchise outlets Burger King and Domino Pizza, are loss-making and will continue to hurt its balance sheet, according to four analysts who track the company closely. And its luxury sales outlets could face pressure from a government plan to raise taxes on imports of luxury goods to narrow a near-record current-account deficit.

Mitra's stock price has tumbled 48 percent from this year's high in May to trade at about 14.86 times next year's earnings, making it cheaper than the Indonesian retail sector average of about 21 times. In June, it announced plans to raise 1.8 trillion rupiah in a rights issue to strengthen liquidity, but this has been postponed due to market volatility. (...)

Quelle: http://in.finance.yahoo.com/news/low-cash-slowing-sales-doub…
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02.11.13 11:54:51
Ein super Umsatzwachstum, nur die Währung drückt derzeit auf das Ergebnis!

MAP’s 9-Month Profit Falls on Weak Rupiah

Mitra Adiperkasa, the largest fashion and lifestyle retailer in the country, posted a 19 percent decline in earnings for the January-to-September period from a year earlier, on the back of a weakening rupiah and rising costs.

The company, known as MAP, posted a net income of Rp 228 billion ($20 million) in the first nine months of the year from Rp 282 billion a year earlier. Revenue increased 27 percent to Rp 6.9 trillion, it said in a statement late on Thursday.

“Despite challenging business conditions, we are pleased to report good net revenue growth,” Fetty Kwartati, corporate secretary of MAP, said in the statement released in Jakarta. “We were impacted by higher operating costs and interest expenses, and the weak rupiah.”

Cost of goods sold rose 30 percent to Rp 3.5 trillion. Finance costs rose 43 percent to Rp 162 billion. Losses from foreign-exchange currency transactions more than doubled to Rp 58 billion as the costs of imports climbed. The rupiah, which traded at 11,354 against the US dollar on Friday, has lost 16 percent so far this year.

MAP’s cumulative net income has declined from the first half because costs for wages and rent increased as the company undergoes an aggressive expansion.

The company added 273 new stores, taking its total to 1,656 by the end of September. During the period, MAP brought in new brands like clothing retailer Cotton On and crystal jeweler Swarovski.

MAP also opened Indonesia’s first Galeries Lafayette in June. Through the franchise of the French department store, MAP is courting the upper-class market in Jakarta after failing with British brand Harvey Nichols, which it closed in 2010 after opening in 2008.

Fetty said MAP was “cautiously optimistic” about its outlook for the remainder of the year, stating that the fourth quarter is “traditionally a good quarter for MAP,” with people spending more on clothing during the year-end holiday season.

Fashion and sport apparel, through outlets such as Zara and Adidas, usually make up about 60 percent of MAP’s revenue. The rest comes from food and beverage outlets like Starbucks and Burger King, as well as Kinokuniya book stores and others.

MAP is targeting revenue to increase 25 percent from last year’s Rp 7.6 trillion.
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13.01.14 18:25:16
MAPI bleibt auf Wachstumskurs:


Mitra Adiperkasa to Add 250 Outlets at Total Cost of Rp 600b


Mitra Adiperkasa, one of Indonesia’s largest retailers, plans to open more than 250 new outlets across the country this year as part of the company’s expansion plans.

Outlets include shops and temporary stalls in department stores.

MAP corporate secretary Fetty Kwartati said the company has Rp 600 billion ($49 million) available to finance its expansion plans.

Planned capital expenditure for this year is Rp 250 billion less than last year’s Rp 800 billion.

The retailer has the franchising rights for Starbucks and Burger King, among others, in Indonesia.

Slowing economic growth and rising inflation has forced the company to cut its spending this year, Fetty said.

Bank Indonesia, has set the inflation target in the range of 3.5 percent to 5.5 percent this year. The consumer price index rose 8.38 percent last year, which may have hurt the purchasing power of many Indonesians.

“The capital expenditure is relatively stable amidst rising inflation,” Fetty said.

The company opened 327 new outlets by November last year, which lifted its number of outlets to 1,710 across the country by the end of last year.

MAP aims to bring new foreign brands to Indonesia this year. The company acquired the rights to sell global brands Cotton On, Oakley, Swarovski, Galeries Lafayette and Zara Home last year.

The retailer also operates department stores Debenhams, Lotus, Seibu, and Sogo in the country.

MAP posted a 19-percent drop in net income to Rp 282.42 billion in the first nine months of last year compared to the same period the year before. Revenue rose 27 percent to Rp 6.91 trillion in the same period.

Fetty said rising borrowing costs coupled with a depreciating rupiah resulted in the retailer posting lower profits.

In spite of this, she said the company expects its revenue to grow by between 15 percent and 18 percent this year.

Shares of the company fell 0.99 percent to Rp 5,000 on the Indonesia Stock Exchange (IDX) on Wednesday, compared with the a 0.6 percent rise in the main stock gauge.
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28.01.14 10:35:39
Mitra Plans Bond Sale to Fund Expansion

Mitra Adiperkasa, the largest fashion and lifestyle retailer in Indonesia, plans by the end of this quarter to sell Rp 500 billion ($41 million) in bonds, which it will use to partly finance its expansion plans across the country.

“Yes, we are going to sell it this year,” Mitra corporate secretary Fetty Kwartati told Investor Daily in Jakarta on Thursday. She did not provide any details including the coupon and tenor of the notes. Fetty did not return calls or a text message from Jakarta Globe to confirm the plan.

The Jakarta-based company said that its bond sale is the last part of the company’s plan to raise up to Rp 1 trillion within two years. The retailer appointed Indo Premier Securities and Mandiri Sekuritas to manage the sale, Investor Daily reported.

The company said on Jan. 9 that it was planning to spend Rp 550 billion this year to finance its expansion plans. This year’s capital spending will be less than the Rp 800 billion it set aside last year.

Fetty told the Globe early this month that consumer demand remains strong in the country, and that would, in turn, push revenue at companies like Mitra Adiperkasa.

“The company expects its revenue to grow by between 15 to 18 percent this year,” Fetty told the Globe on Jan. 9.

It is scheduled to release its 2013 financial statement in the next few weeks.

Mitra Adiperkasa’s net income dropped 19 percent to Rp 282.42 billion in the January-September period from the same nine months in 2012, while revenue rose 27 percent to Rp 6.91 trillion.

The company opened 327 new outlets by November, which lifted its number of outlets to 1,710 across the country by the end of last year.

Mitra Adiperkasa aims to bring new foreign brands to Indonesia this year. The company last year acquired the rights to sell global brands Cotton On, Oakley, Swarovski, and Zara Home. The retailer also operates department stores Debenhams, Lotus, Seibu, Galeries Lafayette, and Sogo in the country.

Mitra Adiperkasa is among Indonesian companies that have announced plans to sell bonds to finance their expansion plans in Southeast Asia’s largest economy. BFI Finance Indonesia, one of the country’s financing company, plans to raise Rp 500 billion from selling bonds in March.

Shares of Mitra Adiperkasa rose 4.1 percent to Rp 5,700 on the Indonesia Stock Exchange, compared with the 1.3 percent decline for the main stock index.
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07.02.14 16:54:08
Mitra Adiperkasa Issues Rp 280 B Bonds
07 Feb 2014 | News Updates
BY Hari Widowati

JAKARTA - PT Mitra Adiperkasa Tbk (MAPI) issued B series sustainable bond I/2014 for Rp 280 billion. Terms are five years and fixed coupon of 11.5 percent per year. The bond will be listed on 21 February 2014 and interest will be paid every three months.

PT Pemeringkat Efek Indonesia (PEFINDO) previously affirmed idAA- (double A minus) rating for Mitra Adiperkasa and the Shelf Registered Bond Phase I/2012, with stable outlook. (*)
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13.02.14 08:56:23
Der Wachmstum im Retailbereich im Dezember lässt hoffen auf gute Zahlen:

Retail sales surge to highest level in over three years in December

February 11, 2014

Retail sales expanded 26.6% over the same month of the previous year in December according to Bank Indonesia’s Retail Sales Survey (RSS). The expansion built upon the 17.8% rise observed in November and marked the highest growth since August 2010. According to the Bank, the increase was driven by an increase in six of the seven categories of the index, the highest of which was recorded in sales of information and communication equipment.

Annual average growth in retail sales jumped from 11.7% in November to 12.7% in December. According to the survey, retailers expect sales to accelerate further in January and grow 28.7% on an annual basis.

FocusEconomics Consensus Forecast participants see private consumption rising 5.0% in 2014, which is unchanged from last month’s forecast. For 2015, panelists see growth in private consumption at 5.2%.
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11.03.14 15:03:09
Währungsstärke dürfte Mitra's Profitabilität steigern

Stronger Rupiah Should Benefit Indonesian Retailers

Jakarta. A stronger rupiah is expected to boost the performance of companies such as Mitra Adiperkasa and Ace Hardware this year, as they import most of their products.

Trimegah Securities, a local brokerage firm, said in a report on Friday that the expected increase in Indonesia’s foreign exchange reserves in February has helped sentiment on the rupiah, which in turn would have a positive impact on some companies.

A stronger rupiah will cut raw material import costs.

Bank Indonesia announced on Friday that foreign reserves increased to $102.74 billion in February from $100.65 billion in January.

“The rupiah continues to strengthen, [trading] below the 11,500 level,” the report said, adding that a stronger rupiah should provide positive sentiment for pharmaceutical, consumer goods, and retail firms.

The rupiah gained ground to trade at 11,395 against the dollar on Friday according to central bank data.

It has gained 6.5 percent so far this year after losing 26 percent last year on concern of a widening current-account deficit, coupled with the US Federal Reserve’s tapering of quantitative easing.

Purbaya Yudhi Sadewa, a director at Danareksa Research Institute, told Jakarta Globe that a recovering rupiah would continue and give companies some relief.

“It seems that without intervention by Bank Indonesia, the rupiah may be even stronger,” Purbaya said. “The economic prospects are good, I think there is little possibility of the rupiah retracting its gain. Foreign investors like our improving economic prospects.”

The Trimegah report said companies likely to benefit from a stronger rupiah include the country’s largest pharmaceutical firm Kalbe Farma, poultry companies Japfa Comfeed Indonesia and Charoen Pokphand Indonesia, and retailer Mitra Adiperkasa, among others.

These companies have yet to announce their full-year financial results. But in the first nine month period of last year, the weakening rupiah hurt their earnings.

Japfa reported a 17 percent decline in net income in the first nine months last year. The poultry producer posted a Rp 239 billion foreign exchange loss in the period, a total swing from the Rp 19.31 billion gain a year earlier.

At Kalbe Farma meanwhile, for every 10 percent the rupiah depreciates against the dollar, production costs increase by about 3.5 percent, Vidjongtius, a director at Kalbe Farma, said in a meeting last year.

Trimegah estimated revenue at Mitra Adiperkasa to grow as much as 20 percent this year. The company is a franchise holder of Starbucks and the Zara, fashion brand.

Quarterly earnings growth momentum is “unlikely to improve significantly until the second half of 2014,” the report said.

Consumers remain confident about the country’s economic prospects, even if the consumer confidence index fell slightly in February from the previous month.

Shares of Mitra fell 0.8 percent to Rp 6,600 on Friday while shares of Japfa lost 1.6 percent to Rp 1,550.

Quelle: http://www.thejakartaglobe.com/business/stronger-rupiah-shou…
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18.03.14 08:41:10
Weiterhin starke Wachstumsraten in Indonesien im Januar

Retail sales carry strong momentum into January


March 12, 2014

Retail sales expanded 28.4% over the same month last year in January according to Bank Indonesia’s Retail Sales Survey (RSS). The expansion built upon the 28.2% rise observed in December and marked the fastest growth since August 2010. According to the Bank, the increase was driven by an increase in all of the seven categories of the index, the highest of which was recorded in sales of information and communication equipment.

Annual average growth in retail sales jumped from 12.9% in December to 14.6% in January. According to the survey, retailers expect sales to remain robust in February with a 27.7% year-on-year growth rate.

FocusEconomics Consensus Forecast participants see private consumption rising 5.0% in 2014, which is unchanged from last month’s forecast. For 2015, panelists see growth in private consumption at 5.2%

http://www.focus-economics.com/en/economy/charts/Indonesia/R…
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31.03.14 11:10:27
Das Jahr 2013 war geprägt von Wachstum und sinkenden Margen. In 2014 soll der Wachstum verringert werden, dafür die Margen wieder steigen.


MAP, Ramayana See Profits Suffer on Higher Costs

By Francezka Nangoy on 09:40 pm Mar 28, 2014
Category Business, Corporate News
Tags: Mitra Adiperkasa (MAP), Ramayana Lestari Sentosa

Jakarta. Mitra Adiperkasa, an Indonesian lifestyle retailer and Ramayana Lestari Sentosa, a department store operator, both posted lower profit last year on high labor costs.

Mitra Adiperkasa (MAP), which holds the franchising rights for Debenhams, Starbucks and Zara, saw profit decline by 24 percent to Rp 328 billion ($28.87 million) from a year earlier, though revenue grew 28 percent to Rp 9.73 trillion from the year before.

“Our overall performance was impacted by escalating wages and rentals, as well as higher interest and foreign exchange rates due to the sluggish rupiah,” MAP corporate secretary Fetty Kwartati said in a statement on Friday.

Expenses on salaries and allowances at MAP rose by 37 percent to Rp 347.16 billion, and made up more than half of its general and administrative spending last year.

The minimum wage for employees across the country was raised by more than 30 percent last year, with Jakarta receiving the largest hike of 44 percent, according to data from the government.

The rupiah, which depreciated by 26 percent last year, also had an impact on the high-end distributor. The company posted Rp 59.93 billion in foreign exchange losses, more than double 2012’s figure of Rp 25.61 billion.

MAP opened 396 new stores in 2013, increasing its rental expenses by 64 percent. The popular retailer currently operates 1,779 stores in 58 cities in the country, with franchise rights for top fashion brands, including like Marks & Spencer and Topshop and department stores such as Sogo and Seibu.

Last year, it opened Indonesia’s first Galeries Lafayette, a French luxury department store, in Pacific Place mall, Jakarta.

Ramayana Lestari Sentosa, a nation-wide department store operator, suffered the same fate as it saw its net income fall by 7.8 percent to Rp 390.54 billion last year.

The company’s income grew to Rp 6 trillion from Rp 5.70 trillion, which fell well below their revenue target of Rp 8 trillion for 2013.

As the case with MAP, Ramayana’s net earnings were hit hard by higher costs, especially with regard to labor.

The department store chain saw its expenses on salaries and allowances grow by 24 percent to Rp 681.08 billion.

While MAP caters to mid-to higher-income spenders, Ramayana targets mid- to lower-income consumers.

Shares of Mitra Adiperkasa fell 4.9 percent to Rp 6,250, while those of Ramayana lost 1.1 percent to Rp 1,390 on the Indonesia Stock Exchange (IDX) on Friday. That compared with the 0.96 percent gain the main stock gauge in the local bourse

Quelle; http://www.thejakartaglobe.com/business/map-ramayana-see-pro…
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08.05.14 09:04:00
INDONESIA PRESS-Mitra Adiperkasa to sell Burger King, Domino's Pizza rights

PT Mitra Adiperkasa, Indonesia's largest upmarket retailer that owns exclusive rights to brands such as Starbucks Corp, plans to sell its rights to Burger King and Domino's Pizza outlets in Indonesia this year, said Corporate Secretary Fetty Kwartati.

Kwartati added that Mitra is currently finalising due diligence checks with future investors and expects to complete the deal this year. Mitra Adiperkasa owns 47 Burger King outlets and 60 Domino's Pizza stores in Indonesia.

The firm booked revenues of 2.41 trillion rupiah ($208.21 million) in the first quarter of 2014, with these two brands contributing up to 5 percent. (Kontan)

Note: Reuters has not verified this story and does not vouch for its accuracy. ($1 = 11575 rupiah) (Compiled by Jakarta Newsroom; Editing by Sunil Nair)
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23.05.14 09:02:51

Indonesia’s MAP Slices Up Pizza Franchise With Everstone

By Vanesha Manuturi on 08:21 pm May 21, 2014


Jakarta. Mitra Adiperkasa, Indonesia’s leading lifestyle retailer, will partner with Singaporean private equity firm Everstone Capital, to manage its Domino’s Pizza franchise.

Better known as MAP, the listed retailer announced it will share ownership of the restaurant chain by maintaining 49 percent of its stake.

“We’re also actively communicating with other equity firms for a similar deal for Burger King,” said Virendra Prakash Sharma, vice president director at MAP, during the company’s public presentation in Jakarta on Monday.

Managing businesses in the food and beverage sector generally requires more expenses compared to fashion and sports, according to Virendra. Forming the strategic partnership, he added, will boost Domino’s and Burger King’s growth to their fullest potential.

“Like Kentucky Fried Chicken or McDonald’s, for example. The companies are focused on one brand,” Sharma added.

MAP distributes and sells a range of international lifestyle brands in various sectors, including food and beverage, sports, fashion, and other specialty stores.

Zara, Starbucks and Burger King are only a few of the world-class brands sold by MAP in Indonesia.

The company currently owns 60 Domino’s Pizza branches and 48 Burger King restaurants across the nation.

Food and beverages made up roughly 13 percent of MAP’s total sales last year.

The retail giant has set aside Rp 600 billion ($52.2 million) for this year’s capital expenditure, most of which will be allocated for the addition of 250 new stores across the country.

“This year, we want to consolidate and strengthen our backbone. There won’t be as much expansion as last year,” said Sharma.

In addition, MAP also plans to expand its e-commerce platform this year through its online platform, PlanetSports.Net, which was launched last year.

MAP aims to grow between 18 percent to 20 percent in revenue in 2014.

“We are very cautiously optimistic, but long term we feel very strongly that Indonesia’s middle class will continue to grow and double up,” Sharma said.

The company has added 49 new outlets this year, totaling its branches to 1,828.

Shares of MAP fell 0.9 percent to Rp 5,300 on the Indonesia Stock Exchange (IDX) on Wednesday.

http://www.thejakartaglobe.com/business/indonesias-map-slice…
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01.06.14 16:07:10
MAP war auch ein Thema im letzten Podcast "Market Foolery" von The Motley Fool. Ich habe das dort gesagte mal in etwa aufgeschrieben:

We recently disclosed in our funds an Indonesian company called Mitra Adiperkasa. Basically they are a franchise business and they run Starbucks in Idonesia, they run Zara in Idonesia, they run Cold Stone Creamery in Idonesia, they run Adidas and a number of other retail stores in Idonesia. These are global well known brands.

If you are Starbucks and you're saying we want to expand in Indonesia you're going to this company and saying: "Help us execute this". What they do is they get the franchise agreement, they get the rights to use Starbuck's signs and logo and everything in Indonesia, they physically operate the stores and they buy from Starbucks the packaging, the coffee and then they get the royalty on sales. They do that with clothes, they do that with fruits and beverages and they have some department stores like Debenhams, which is a British Brand.

This is a company that gets between 5 and 10 % same store sales growth in the different concepts, their overall sales are growing 25 % plus annually as a result of comps plus store count expansion. They earn somewhere between 15 and 25 % return on equity; 5 to 10 % operating margins on that growth profile and right now it's trading for about 9 times EBITDA. Show me a company in the US or in Europe with the same growth profile and that valuation. It's not there - particularly in the retail space.

The issue with Mitra Adiperkasa is that they sell to consumers in Indonesian Rupia, but when they buy their cups and coffee from Starbucks, Starbucks demands that they get paid in US-Dollars, which makes sense, because Starbucks doesn't want the currency risk. The Rupia has weakened as a lot of this (EM) curriencies have and this is why people are shorting this cycle into the space. The currencies are weak right now and so you get more purchasing power with your dollar. So if we go in as US investors to buy a stock that is selling for 5.000 Rupia it now costs you only 50 cents instead of 75 cents. It's a benefit for people that have Dollars. Who it doesn't benefit is people who need to buy dollars - such as Mitra Adiperkasa. So their costs of goods sold has gone up dramatically; not because anything has changed in the underlying business but because the currency is going against them. When those currenies roll back which naturally happens as money comes into the country then their costs are going to go down, profit margins are gonna go back up and the stock's gonna go back up. It's just obvious that should happen.

A lot of emerging markets have that situation, you get valuations like that. When people are weak because of currency that problem will solve itself when people are buying and start dropping more dollars into these countries.


Ich finde, das hört sich - gerade nach den hohen Kursverlusten der letzten Monate - sehr interessant an. Mich stört allerdings die nicht besonders hohe - und immer weiter sinkende - EK-Quote. Deswegen weiß ich noch nicht so recht...

Auf der anderen Seite reizen der niedrige Kurs und die guten Nachrichten von der Umsatz- und Währungsfront schon dazu, eine erste Position aufzubauen.
Avatar
02.06.14 18:51:46
In der Tat gab es hier in den letzten Monaten drastische Korrekturen, zurecht, nachdem der Wert zuvor sehr heißgelaufen war. Die Abwertung der Währung und der enorme Kapitalabfluss ab Juni 2013 erledigten den Rest. Daher scheint das UN derzeit recht gut bewertet, allerdings nur, weil der Profit fast völlig weggebrochen ist. Kommt dieser wieder, dann dürfte der Wert eher unterbewertet daher kommen. Denn der Umsatzwachstum ist nach wie vor ungebrochen. Indonesien hat super Retailzahlen zu Jahresbeginn hingelegt. Mitra partizipiert natürlich davon, leider aber noch unter der hohen Währungsabwertung und ggf. durch den zu schnellen Wachstum. Der Verkauf von Domino's kommt da gerade Recht und setzt ein Zeichen, nämlich "kein Wachstum um jeden Preis".
Avatar
09.07.14 18:17:26
Das mögliche Ergebniss der Präsidentschaftswahl aus Indonesien macht Hoffnung:

Indonesiens Börse setzt auf Reformen
Bei der Präsidentenwahl in Indonesien zeichnet sich ein knapper Sieg des Favoriten Joko Widodo ab. Damit deutet sich eine politische Wende in der drittgrößten Demokratie der Welt an. Eine gute Nachricht für die Aktienmärkte?

Von seinem Einbruch um rund ein Drittel im August letzten Jahres hat sich der Leitindex der indonesischen Börse bereits erholt. Mit zuletzt 5.024 Punkten notiert der Jakarta Composite zwar noch etwas unter seinem Rekord von 5.200 Zählern, doch nach Ansicht von Experten könnte die neue Höchstmarke bereits in den nächsten Wochen geknackt werden - es sei denn die Wahlen führen zu einer wochenlangen Hängepartie.

Genau diese Gefahr zeichnet sich derzeit ab. Joko Widodos Rivale, Ex-General Prabowo Subianto, reklamiert den Wahlsieg ebenfalls für sich und verweist dabei auf andere Meinungsforschungsinstitute, die ihn in Führung sahen. Angesichts des Kopf-an-Kopf-Rennens galt es als nahezu sicher, dass am Ende das Verfassungsgericht entscheiden muss, wer die Wahl in der drittgrößten Demokratie der Welt gewonnen hat. Bis dahin steht Indonesien eine wochenlange Hängepartie ins Haus.

Wunschkandidat der Unternehmer

Jakarta CompJakarta Comp: Kursverlauf am Börsenplatz Xetra für den Zeitraum 6 Monate
Kurs5024.71Differenz absolut0.00Differenz relativ0.00% In mein Depot
Dabei gilt Joko Widodo als der Wunschkandidat vieler Investoren und Unternehmer. Der in Armut aufgewachsene 53-Jährige steht für eine Generation, die sich über die Lokalpolitik hochgearbeitet hat, als unbestechlich gilt und nicht in Seilschaften verstrickt ist. Viele wünschen sich von ihm eine pragmatische Reform- und Wirtschaftspolitik, eine gewisse Öffnung nach außen, den Abbau staatlicher Subventionen und vor allem die Bekämpfung der allgegenwärtigen Korruption.

Unabhängig vom Ausgang der Wahlen gilt das 230 Millionen Einwohner zählende Land für viele Unternehmen und Investoren als ein äußerst interessanter Markt. Wegen des starken Binnenmarktes gehöre das Land zu den am besten positionierten Märkten, urteilen sogar die Experten der niederländischen Bank ING.

Währung stark abgewertet

Andere Volkswirte meinen, Indonesien müsse in einem Atemzug mit China, Indien, Russland und Brasilien genannt werden. Die werden von Investoren unter dem Kürzel BRIC zusammengefasst, nach den jeweiligen Anfangsbuchstaben. Goldman Sachs hatte soch einst sogar den griffigen Markennamen Chindonesia einfallen lassen.

Bis zur Ankündigung der US-Notenbank Fed, ihre Anleihekäufe zurückzufahren und damit eine restriktivere Geldpolitik einzuleiten, schien der Traum vom wachstumsbesselten Indonesien auch aufzugehen. Doch als die Ausländer daraufhin begannen, ihr Geld aus Indonesien abzuziehen, geriet das Land rasch unter Druck. Der Wert der Rupie wertete stark ab. Statt 13.000 Rupien mussten plötzlich 16.600 Rupien für einen Euro aufgewendet werden. Von diesem Extremwert hat sich die Währung zwar wieder erholt, doch die Abwertung gegenüber dem Euro beträgt noch immer gut 20 Prozent.

Joko Widodo, Präsidentschaftskandidat in Indonesien
Indonesien
Jakartas Gouverneur ist siegessicher
Er verspricht mehr Demokratie und neue Arbeitsplätze für Indonesien - und das kam offenbar an bei den Wählern: Laut ersten Hochrechnungen liegt der Gouverneur von Jakarta, Joko Widodo, bei der Präsidentenwahl vorn. | mehr

Wachsende Bevölkerung

Mit der Wirtschaft geht es wieder bergauf. So erreichte der HSBC-Einkaufsmanagerindex für die verarbeitende Industrie im Juni mit 52,7 Punkten ein neues Allzeit-Hoch. Zudem drehte die Handelsbilanz ins Plus und die Inflation verlangsamte sich auf 6,7 Prozent. Allerdings ging zuletzt auch das BIP-Wachstum auf 5,21 Prozent zurück.

Investitionen in diesem Land sind also mit Risiken und hohen Schwankungen verbunden. Dennoch bleibt Indonesien ür die meisten Exporteure und viele Großinvestoren ein Muss. Bis zum Jahr 2050 wird die Zahl der Einwohner nach Schätzungen der Vereinten Nationen auf knapp 290 Millionen steigen. Zudem verfügt Indonesien - anders als beispielsweise China - über eine sehr junge Bevölkerung. Langfristig ein unschätzbarer Vorteil, urteilen die Volkswirte. Der demografische Wandel spreche eindeutig für Indonesien.

http://boerse.ard.de/anlagestrategie/regionen/boerse-setzt-a…
Avatar
04.08.14 21:38:32
Falling Rupiah Hurts Profits at Mitra Adiperkasa
By Basten Gokkon on 07:02 pm Jul 31, 2014

Jakarta. Mitra Adiperkasa, the country’s largest high-end fashion and lifestyle retailer, reported lower profit in the first half of this year due to a weaker rupiah and rising costs.

Net income at Mitra Adiperkasa, or MAP, which also has the franchising rights for Starbucks Coffee, fell 31 percent to Rp 100.4 billion ($8.7 million) from January to June this year compared with the same period a year ago. Revenue increased by 25 percent to Rp 5.5 trillion, the company said in a statement on Thursday.

“Despite uncertainties, demand for our products and brands remained strong,” MAP corporate secretary Fetty Kwartati said in a press statement. “But our bottomline was, once again, impacted by a sluggish rupiah, higher interest and forex [foreign exchange] rates and escalating operating costs.”

The rupiah, which traded at 11,591 against the US dollar on Thursday, has declined 21 percent in the first half of this year compared to the same period last year, according to data from Bank Indonesia.

The total cost of goods sold and direct cost climbed 31.8 percent to Rp 2.9 trillion, according to MAP’s financial statement published at the Indonesia Stock Exchange (IDX) on Thursday.

Operating costs, which include selling and general expenses, rose 27.7 percent to Rp 2.3 trillion, while finance costs, which include interest expenses, also escalated by 76.7 percent to Rp 175 billion.

However, the company, which imports the bulk of its products, reported a Rp 12.4 billion gain from foreign-exchange transactions this year compared to a loss of Rp 10.6 billion a year ago.

“Going forward, we’ll continue to maintain our costs discipline and drive higher operational efficiency and productivity,” Fetty said in the statement.

Jakarta-based MAP opened 111 new retail outlets in the first half of this year, at a total rental cost of Rp 699 billion.

The company has 1,890 retail outlets in 61 major cities throughout Indonesia with franchise rights for top fashion brands, including Marks & Spencer, Topshop and the department stores Sogo and Seibu.

The company said in January that it had Rp 600 billion available to open at least 250 new outlets across the country this year.

MAP aims to bring new foreign brands to Indonesia this year.

Its latest franchise push is for Sephora, a French cosmetic and body care store, which opened its doors in July this year at Plaza Indonesia in Central Jakarta and Kota Kasablanka in South Jakarta.
Avatar
04.08.14 21:39:17
Avatar
31.03.15 15:06:45
Mitra hat heute die Zahlen veröffentlicht. Ein weiteres Erfolgsjahr im Hinblick auf das Umsatzwachstum. Durch die Rupiah-Schwäche wurde jedoch erneut kein überragendes Nettoergebnis erzielt und ein gewinn nahe NULL. Jedoch wurden Weichen gestellt und der Markt scheint diese positiv zu bewerten. Es ging gleich 17% hoch vom 52-Wochentief.

MAP ANNOUNCES 21.4% SURGE IN NET REVENUE
TO A RECORD RP 11.82 TRILLION FOR FULL YEAR 2014
Company to spin off its Active Business to enhance shareholder value

Jakarta, 31st March 2015 – Indonesia’s leading lifestyle retailer, PT Mitra Adiperkasa Tbk (MAP) today announced its financial results for full year 2014. Net revenue soared 21.4% to a record Rp 11.82 trillion – up from the Rp 9.73 trillion posted in 2013. Operating profit was
Rp 525 billion while net profit was Rp 73 billion.

Commenting on the full year 2014 results, Fetty Kwartati, Corporate Secretary of MAP said:
“It was another year of record net revenue for MAP but our bottomline was impacted by the weak rupiah and a few initiatives to improve our working capital.” Notwithstanding the impact on bottomline, the company opened 99 new stores to bring our total to 1,872 stores by end 2014 - including the launch of a few new retail concepts such as Sephora and Birkenstock among others. The company also won 2 prestigious awards in CSR and Investor Relations from FinanceAsia and found a strategic partner in Everstone Capital Singapore for Domino’s Pizza and Burger King. This collaborative partnership will provide funds to fulfill maximum potential of both brands.”

MAP is also currently undertaking a strategic initiative to conduct an internal reorganization and process a spin-off of its Active business comprising Sports, Golf, Kids ,Lifestyle, Payless (under PT Putra Agung Lestari) and Garment Manufacturing (under PT Mitra Garindo Perkasa) to PT MAP Aktif Adiperkasa (MAA), its wholly-owned subsidiary. This internal reorganization will allow Active to operate as an independent company and increase its focus to unlock the enormous potential of the Active business in Indonesia. It would also provide an opportunity for the Active business under MAA to raise its own capital including a future IPO.

MAP is also pleased to announce the issuance of an Rp 1,500 billion unsecured bond with zero coupon and 5 year maturity, which will be subscribed by Asia Sportswear Holdings Pte Ltd and novated to MAA at the same time as the internal reorganization. MAP intends to use the proceeds to repay existing debt resulting in lower leverage level of interest bearing debt, as well as future interest payments.

Lastly, the internal reorganization has provided MAP an opportunity to bring in an experienced and value-added partner in Montage Company Limited, a subsidiary of funds advised by CVC Capital Partners, for the Active business. MAP will issue an option for 30% of the Active business under MAA, which will be mandatorily exercised upon an IPO of MAA.

The internal reorganization, the issuance of the bond and the issuance of the option are subject to shareholders and regulatory approval. Additional information will be provided in due course.


About PT Mitra Adiperkasa Tbk
As of February 2015, MAP operates 1,871 retail outlets in 65 major cities throughout Indonesia. The major retail concepts under the group among others: Department Stores: Sogo, Debenhams, Seibu and Galleries Lafayette; Fashion & Lifestyle: Zara, Marks & Spencer, Topman, Topshop, Next, Kipling, Lacoste, Nautica, Massimo Dutti, Staccato, DKNY, Crabtree & Evelyn, Swarovski, Zara Home and Sephora; Sports: Converse, Golf House, Payless ShoeSource, Oakley, Planet Sports, Reebok, Rockport, Skechers, Sports Station, The Athlete's Foot and The Sports Warehouse; Food & Beverage: Starbucks, Burger King, Domino’s Pizza, Pizza Marzano, Krispy Kreme, Cold Stone Creamery Ice Cream, Godiva and Chatterbox; Kids: Kidz Station, Oshkosh B’Gosh, Barbie Boutique and Stride Rite; Others: Kinokuniya and Alun Alun. For more information about MAP please visit www.map-indonesia.com

For more information, please contact:
Fetty Kwartati
Corporate Secretary
PT Mitra Adiperkasa Tbk
Wisma 46, 8th fl. - Kota BNI,
Jl. Jend. Sudirman Kav. 1
Jakarta 10220

Phone : 021 575 0755
Fax : 021 574 0150
Email : fetty.kwartati@map.co.id

Quelle: http://www.map-indonesia.com/
Avatar
01.04.15 11:57:36
CVC will bei Mitra einsteigen und soll den Laden zurück in die Profitabilität bringen. Mit einem solchen Partner steigen erhebliche Potenziale. Denn der Umsatzwachstum stimmt, nur die Profitabilität war zuletzt eher dürftig:

Indonesia retailer partners with London fund in turnaround bid

JAKARTA -- Mitra Adiperkasa, which operates stores of major foreign brands such as Starbucks and Zara in Indonesia under franchise contracts, will partner with London-based private equity firm CVC Capital Partners to reverse a steep decline in profits.

Mitra said in a Tuesday news release it will spin off its apparel and goods brands categorized under sports, golf, kids and lifestyle, a shoe retail chain called Payless, as well as their local production units into a single, wholly owned subsidiary called MAP Aktif Adiperkasa. Fetty Kwartati, a company spokeswoman, said the new entity will account for about a third of the group's revenue and profit.

MAP Aktif will issue a 1.5 trillion rupiah ($120 million) bond with a five year maturity and zero coupon to Asia Sportswear Holdings, a unit of CVC, to pay down debt. In return, Mitra has agreed to give Montage Company, another unit of CVC, options to own up to 30% of MAP Aktif's shares when it launches an initial public offering, as early as 2019. Kwartati said CVC will send members to the management board to help bring operational expertise. The plans are subject to approval at a shareholders meeting scheduled for May.

Investors welcomed Mitra's plan, sending the company's shares 17% higher by Tuesday's close. Shares on Monday were down 28% from a year earlier. CVC, which usually buys shares at a discount and sells them for a higher price after ramping up the company's value, is well known among analysts in Indonesia for boosting profits at Matahari Department Store, after buying the company in 2010.

Harry Su, head of research at local brokerage Bahana Securities, said the deal can help Mitra "create synergy with Matahari" in areas such as inventory management and cross selling.

The move came after Mitra suffered a steep decline in profit. On Tuesday, Mitra reported a net profit of 74 billion rupiah ($5.62 million) for the year ended Dec. 31, a 77% decline from the previous year. Despite a 21% increase in revenue to 11.82 trillion rupiah, the company was hit hard by weak purchasing power amid a slowdown in economic growth, and higher import costs because of the weak rupiah.

Mitra has already started to scale back on the expansion of its store network. It opened only 99 stores in 2014 compared to nearly 400 stores in 2013. The company also sold a part of its stake in subsidiaries that operate Domino's Pizza and Burger King stores to Everstone Capital, another private equity firm.

Quelle: http://asia.nikkei.com/Business/AC/Indonesia-retailer-partne…
Avatar
18.04.15 13:17:33
Enorme Chancen nach CVC Kooperation: DIe Details UOB KayHian:

Mitra Adiperkasa (MAPI IJ)
CVC: Knight In Shining Armour With Ability To Generate Shareholder Return

We view the deal between CVC and MAPI positively on the back of: a) lower interest cost, which is expected to boost MAPI’s 2015 net income by fourfold yoy, b) operational improvement leading to potential value creation as CVC has delivered fivefold return post acquiring LPPF, c) listing of MAP as a catalyst to MAPI, d) gradual recovery in F&B beverage business beyond 24 months, and e) attractive P/B valuation.

WHAT’S NEW

• Potential investment by CVC. MAPI announced a deal with CVC, the former controlling shareholder of LPPF. First, MAPI will issue a 5-year Rp1.5t bond to CVC at 0% interest. Second, MAPI will inject its operations in sports (Sport Station, Planet Sports, Reebok, Adidas), golf (Golf House, Top Golf, Pro Golf), kids (Kidz Station), Payless shoes and garment manufacturing into MAP Aktif Adi Perkasa (MAP). Third, CVC will be given an option to convert the Rp1.5t loan into 30% of MAP. Finally, there could be a listing of MAP in 4-5 years’ time.

• Immediate impact: Lower interest cost and consensus expects potential 400%+ yoy growth in 2015 net income. In 2014, MAPI chalked up debt of Rp1,567b and the zero-interest bond will be used to repay outstanding loans. MAPI paid Rp381.9b in interest cost in 2014 and the immediate impact of this ransaction will be the elimination of MAPI’s interest cost and increase profit. Assuming a 25% tax rate, MAPI’s 2014 net income of Rp74.1b could have risen to Rp360.5b, a 486.5% yoy increase.

• CVC delivered multi-baggers return in LPPF. CVC has a positive track record with Matahari Department Store (LPPF) and Linknet (LINK). CVC purchased LPPF on 25 Jan 10 at a market cap equivalent of US$850b. After growing net profit from Rp624.5b in 2010 to Rp1,419b in 2014, LPPF has grown to become a US$4.3b company, a five-folds return in four years. CVC’s investment in LINK was done at market cap equivalent of US$808m on 11 Jun 11 and its market capitalisation today is US$1.4b.

• Impact on other divisions within MAPI. The investment by CVC could translate into operational improvement, better working capital management and margin improvement. MAPI told us the knowledge brought in by CVC (inventory management, merchandising, working capital management, store efficiency, store presentation) could be applied in other divisions within MAPI, such as fashion and food & beverage.

Operations not fully recovered. MAPI’s operations have yet to recover. In 1Q15, sales grew 12-13% yoy, same-store sales grew 6-7% yoy and heavy discounts are still being offered. Burger King and Domino are still suffering losses of Rp60b. Fortunately, the elimination of interest cost could push 2015 net income higher and the partial sale of Burger King could lower the losses.

RISKS
• A rupiah depreciation to raise COGS and higher prices lead to lower sales volume.
• Earnings miss in 2015.

VALUATION
• 2016F PE on a par with retail sector’s. Based on Bloomberg consensus, MAPI is trading at 32.3x 2015F PE and 19.3x 2016F PE. Valuation appears high because of the recent heavy discounting due to inventory mismanagement but MAPI is trading near 1SD below in terms of P/B. In term of 2016F PE, MAPI is trading on a par with that of Indonesia’s retail sector.

Quelle: http://www.utrade.com.hk/en/regional-morning-notes/20150408.…


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