Indo Retail: 3Q18 Results Roundsup: D/G LPPF&ERAA TP, Maintain BUYs
Michael W Setjoadi – RHB Sekuritas Indonesia

Improving EBIT margins as sales productivity rises on lower operating leverage. Consolidated EBIT margin now at 5-year high.

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Lower GPM, as expected, due to IDR depreciation, mainly driven by MAPI, ERAA and ACES.

Toning down LPPF on potential IDR700bn impairment loss, we have assumed the worst with lower SSSG and new store openings for the forecasted period. Still a BUY at TP IDR7,500

ERAA, being the highest leveraged retailers under our coverage, we tone down 2019F-onwards cellphone sales volume and higher effective interest rate. Maintain BUY at TP IDR3,300

Details in our report: https://research.rhbtradesmart.com/attachments/50/rhb-report-ind_retail-round-up_sector-update_20181106_rhb-722142010951878525be1623c0b106.pdf
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