MAPI
Contact our analyst Lingga
33% upside. BUY.
2nd March, 2022
Price Rp820
Target price Rp1,071
Sales decline due to PPKM
In 3Q21, Net Sales were IDR 2.9 trillion a decline of -13% from IDR 3.4 trillion in 3Q20 driven by the temporary closure of physical outlets during the emergency PPKM from Jul-Aug 21. The fact that sales did not decline more shows the robust purchasing power of its middle-up customers. Retail sales remains the main contributor to MAPI total sales, with a 70% share, food & beverage is 13.1%, and department stores and others 11.5% and 2.7%, respectively. We expect better sales in FY2021 and a continued recovery in 2022 from the easing of PPKM restrictions.
Growing Digital Contribution
In 3Q21, Digital Sales’ share of total sales increased to 21.6% from 12.3% in 2Q21. This brings Digital sales share of total sales up to 14% in 9M21 with growth of 48,1%. The strong digital sales came 33% from active, 21% from F&B, 20% from fashion, 13% from Dept Stores, and 13% from Digimap. We expect digital sales will still maintain double digit growth next year.
More Outlets despite the pandemic
In 9M21 Total Stores reached 2,345 Outlets from 2,342 outlets in 1H21, with the addition of 1 Foodhall Supermarket, 9 Starbucks, 1 Pizza Marzano, and 1 Genki Sushi, there were also some reductions, 2 Active, 1 Fashion & Beauty, 1 Digimap and 5 Others. Total 9M21 SQM reached 903,834 from 896,905 in 1H21, an increase of 0.77%.
Valuation: BUY with TP 1,071
We are targeting MAPI to trade at 30.59x PER within a year. Target Price is IDR 1,071 which represents 33% upside. Buy.
In 3Q21, Net Sales were IDR 2.9 trillion a decline of -13% from IDR 3.4 trillion in 3Q20 driven by the temporary closure of physical outlets during the emergency PPKM from Jul-Aug 21. The fact that sales did not decline more shows the robust purchasing power of its middle-up customers. Retail sales remains the main contributor to MAPI total sales, with a 70% share, food & beverage is 13.1%, and department stores and others 11.5% and 2.7%, respectively. We expect better sales in FY2021 and a continued recovery in 2022 from the easing of PPKM restrictions.
Growing Digital Contribution
In 3Q21, Digital Sales’ share of total sales increased to 21.6% from 12.3% in 2Q21. This brings Digital sales share of total sales up to 14% in 9M21 with growth of 48,1%. The strong digital sales came 33% from active, 21% from F&B, 20% from fashion, 13% from Dept Stores, and 13% from Digimap. We expect digital sales will still maintain double digit growth next year.
More Outlets despite the pandemic
In 9M21 Total Stores reached 2,345 Outlets from 2,342 outlets in 1H21, with the addition of 1 Foodhall Supermarket, 9 Starbucks, 1 Pizza Marzano, and 1 Genki Sushi, there were also some reductions, 2 Active, 1 Fashion & Beauty, 1 Digimap and 5 Others. Total 9M21 SQM reached 903,834 from 896,905 in 1H21, an increase of 0.77%.
Valuation: BUY with TP 1,071
We are targeting MAPI to trade at 30.59x PER within a year. Target Price is IDR 1,071 which represents 33% upside. Buy.
