Company Update / Consumer Discretionary / Click here for full PDF version
Author(s): Lukito Supriadi ;Andrianto Saputra
- We expect a stellar 3Q23 earnings rebound of c.50% yoy on a low base effect and robust 3Q23 SSSG expectation of 13% (2Q23 of 8.9%).
- We upgrade our FY23/24F earnings by 11/10% on the back of higher-than-expected 8M23 SSSG (7%) and monthly sales run-rate.
- Despite the earnings upgrade, we maintain HOLD with higher TP of Rp740 as current valuation of 18.5x FY23F P/E has partly reflected the upside.
In light of
Earnings upgrade of +11/10% in FY23/24F
Further assessing the outlook for 4Q23F, we found that
Maintain HOLD with higher TP of Rp740
Despite the positive development of SSSG , recent share price appreciation of +1/12% in the past 1M/3M may have partly priced-in the upside, in our view. We maintain our HOLD call for
Sumber : IPS