Going above and beyond
- Indication of an exceptional FY18 performance.
- Maintaining strong SSSG throughout FY18.
- Strong momentum to continue into 2019.
- We maintain BUY on
Exceptionally robust FY18 sales.
Managed to maintain high SSSG in 2018. Despite
Strong momentum expected to carryover. With the company's aggressive expansion last year, we should expect it to continue into 2019, albeit slight slowdown should be anticipated. According to the management's initial guidance, they are planning to open around 20 new stores this year. This is slightly higher compared to the company's 2018 guidance of 15 new stores, but fairly lower than their actual openings of 33 stores. We believe that
Valuation. We slightly raise our revenue and earnings forecast for FY18F/FY19F, on the back of stronger than expected FY18 sales and SSSG . We reiterate our BUY call on
Sumber : IPS RESEARCH
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