Company Update / Consumer Discretionary / Click here for full PDF version
Author(s): Kevie Aditya, Elbert Setiadharma
- SSSG further improved to -8.1% in Jul20 from -10.7% in Jun20. At this rate, we think
- With continued high demand for lifestyle products (i.e. sporting goods and housewares), we think that overall GPM of 47% can be maintained.
- Robust fundamental (especially against its peers) has been reflected in strong YTD share price performance. Maintain Hold.
Improvement remains on-track with gradual recovery in traffic
Jul20 SSSG came in at -8.1%; further improved from -10.7% in Jun20 (worst at -27.7% in Apr20). Traffic has mostly recovered to around 80-90% of normal in
GPM improvement remains intact as lifestyle items remain popular
Cost efficiency measures to continue in 2H20
Robust fundamental has been priced-in; maintain Hold
Minimal drop in SSSG and solid GPM made
Sumber : IPS
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