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Danareksa Equity Snapshot - 15 Mei 2018
May 15, 2018 09:23

FROM EQUITY RESEARCH

Ramayana Lestari Sentosa:  Benefitting from supermarket downsizing (RALS IJ. IDR1,325. BUY. TP IDR1,500)

RALS has posted 4M18 gross revenues of IDR2.1tn, only up +2.0%, supported by fashion sales despite the lagging supermarket business. SSSG in 4M18 was relatively weaker compared to 1Q18 and also last year. Positively, in April 2018, RALS opened 2 new stores in Cibubur and Bekasi.  Going forward, we foresee EBITDA margins expansion from the downsizing of its loss-making supermarket business, despite the expectation of mid-single digit top line growth this year. Maintain BUY.

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MARKET NEWS

Macroeconomy

  • Government optimistic the tax collection target will be reached
  • Government plans to withdraw the revision of general provisions and taxation procedures

Sector

  • Retail: Estimated smartphone sales growth in 2018 is 9%

 

TECHNICAL ANALYSIS CORNER

Market Maker

  • IHSG. 5,947. POSITIVE. TP 5,985.

Stock Shoot

  • ELSA. IDR420. BUY. TP IDR465.
  • INCO. IDR3,410. BUY. TP IDR3,800.

 

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