Premier Insight : RALS, reported sales of Rp1.98tn in May19 and Rp4.17tn cumulatively in 5M19
Thursday, June 13, 2019       09:31 WIB

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: Ramayana ( IJ; Rp1,655; Buy) reported sales of Rp1.98tn in May19 (+90.8% yoy; +206.2% mom) and Rp4.17tn cumulatively in 5M19 (+32.9% yoy). SSSG in May soared to 92.5% (vs. Apr19: 12.6%), mainly driven by Greater Jakarta booking 99.7%, followed by Rest of Java and Ex Java which recorded SSSG of 95.7% and 82.5% respectively. 5M19 SSSG also jumped to 33.0% (vs. 5M18: 9.3%), still mainly supported by Res of Java recording SSSG of 39.2%. 5M19 gross margin also improved to 29.3%, compared to 27.4% in 5M18. (Company).
 Comment: Despite the outstanding SSSG and margin improvement in May, we have to note that the Lebaran holiday moved from June 14th in 2018 to June 5th this year. Hence we suspect that most of the Lebaran sales were booked in May, instead of being more spread out between May and June in 2018. We maintain our Buy call on with TP of Rp2,100.  


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