Company Update / Click here for full PDF version
Author(s): Kevie Aditya, Elbert Setiadharma
- 1Q20 results were below expectations; net profit fell 94% yoy on the back of -8% SSSG , 130bps GPM decline, and impact from PSAK 73.
- While its solid brand portfolio and mid-upper target market will allow faster SSSG recovery, GPM will take a big hit as discounts intensify.
- While the worst is likely priced in, there is lack of near-term catalyst. We maintain our Rp850 TP but downgrade our call to Hold.
1Q20 was below expectation amid weak SSSG and margin
Strong brand equity may allow
As large-scale social distancing ( PSBB ) was lifted across Indonesia, almost all of
Cost efficiency is still going strong; GPM is our major concern
A year to forget
Sumber : IPS
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