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MARKET MAKER : IHSG - 24 Maret 2017
March 24, 2017 08:31 WIB

Kinerja IHSG cenderung bergerak terbatas untuk menguji kisaran level resistance 5.570 dengan level support pada kisaran 5.540. Potensi tersebut disertai dengan kinerja IHSG yang telah menguat dan berada dalam kisaran overbought atau jenuh beli jelang akhir pekan. Download artikel selengkapnya(505.14 Kb)

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Danareksa Equity Snapshot - MPPA 24 Maret 2017
March 24, 2017 10:07 WIB

Matahari Putra Prima: Below expected 4Q16 results (MPPA. IDR1,150. SELL. TP IDR1,100)

  • The 2016 result was rather weak. Besides facing sluggish demand, the company recorded higher opex, mainly due to higher rental costs. The result was also hit by a higher-than-expected overall tax rate in 2016. We are still looking for further details on the reason for this. 
  • Going forward, we think the hypermarket business will continue to struggle from continued soft purchasing power given the expectation of flattish economic growth and rising inflation. Stiff competition will also be a challenge for the hypermarket business. As such, the general outlook does not look that great this year. Meanwhile, the management recently revealed plans to reduce the prices of more than 5,000 SKU which MPPA sells throughout Indonesia to boost sales. Nonetheless, we don’t think this initiative will have much of an impact.
  • The stock is also trading expensive at 51x PE 2017 and we reaffirm our SELL call.
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