- PT Ramayana Lestari Sentosa Tbk (RALS, Rp 1.220) still has not made a buyback today. Director of Ramayana Lestari Sentosa, Mr Suryanto said, buyback could be happened by observe market conditions, particularly the company's stock price that has not reached the maximum price of Rp 900 per share.
Based on records, the retail company has allocated Rp 150 billion for the maximum buyback. Buyback process scheduled to commence 5 September 2013 until December 4, 2013. The company will stop the buyback process when the stock share price has more than Rp 900. (Bisnis.com) - PT Garuda Indonesia (Persero) Tbk (GIAA, Rp 495) will bring ATR72-600 turboprop aircraft in November 2013. The arrival of this aircraft carried by lease mechanism through purchases made by Nordic Aviation Capital (NAC), leasing and financing company from Denmark.
President Director of Garuda, Mr Emirsyah Satar said that the number of aircraft that will be presented are 35 ATR72-600 aircraft consisting of 25 aircraft already ordered and with 10 options additional aircraft. This aircraft will be brought in gradually until 2017, and is intended to serve remote routes in eastern Indonesia. (Tribunnews.com) - President Susilo Bambang Yudhoyono endorsed two new officials in the economic sector, thay are the Head of the Investment Coordinating Board (Kepala Badan Kordinasi Penanaman Modal / BKPM) Mr Mahendra Siregar and Deputy Finance Minister Mr Bambang Brodjonegoro. The inauguration was held at the State Palace, Jl Veteran, Jakarta, which began at 14.00 pm, also attended by the vice president and all ministers KIB II. (Detikfinance.com)
- SoE multisector PT Rajawali Nusantara Indonesia ( RNI ) admit to issue bonds worth Rp 750 billion in the first half II/201 . The proceeds will be used for business development, especially to build a cooking oil factory with a minimum production capacity of 10 thousand tons per year .
RNI has appointed PT Mandiri Securities as financial advisers and underwriters. (Okezone.com) - PT Indonesia Air Transport Tbk (IATA, Rp 92) plans to issue shares without pre-emptive rights (non-HMETD/non-preemptive rights) . Previously , IATA recently did a similar corporate action on September 6, worth Rp 18.4 billion in the price of Rp 50 per share. (IDX)
Showing posts with label Ramayana Lestari Sentosa. Show all posts
Showing posts with label Ramayana Lestari Sentosa. Show all posts
Tuesday, October 1, 2013
Indonesia Market Summaries 1 October 2013
Friday, May 10, 2013
Ramayana Lestari Sentosa April sales still sluggish
Ramayana Lestari Sentosa: April sales still sluggish (RALS, Rp1,530, Buy, TP: Rp1,600)
April gross sales came at Rp489bn, 12% below internal budget. Positive impact from the minimum wage hike has not kicked in yet. SSSG for April remained sluggish at -5.1%yoy, dragged by ex-Java (-8.7%) and Java (-3.5%), while Greater Jakarta was flat (-0.4%).
We are yet to obtain the growth figure at bottom-line level, but believe that it remains encouraging given the 25.5% gross margin achieved in 4M13 (against the 23% level in 4M12, despite moderating from 26.1% in 3M13). As such, we believe that operating profit should remain on track with our and consensus' forecasts, despite weak top-line realization at 22% to the full-year.
We reiterate our Buy call with Rp1,600/share target price. We still believe that strong wage hikes in the past two years would strongly benefit RALS. When the volume is back, likely in July-August (during the back-to-school and Eid-ul-Fitr periods), RALS growth should be much higher at the bottom-line level as the company now earns more profit for each sales generated. In 1Q13, RALS already reported higher-than-expected 36%yoy growth at operating profit level.
Indonesia Market Summaries, 10 May 2013
April gross sales came at Rp489bn, 12% below internal budget. Positive impact from the minimum wage hike has not kicked in yet. SSSG for April remained sluggish at -5.1%yoy, dragged by ex-Java (-8.7%) and Java (-3.5%), while Greater Jakarta was flat (-0.4%).
We are yet to obtain the growth figure at bottom-line level, but believe that it remains encouraging given the 25.5% gross margin achieved in 4M13 (against the 23% level in 4M12, despite moderating from 26.1% in 3M13). As such, we believe that operating profit should remain on track with our and consensus' forecasts, despite weak top-line realization at 22% to the full-year.
We reiterate our Buy call with Rp1,600/share target price. We still believe that strong wage hikes in the past two years would strongly benefit RALS. When the volume is back, likely in July-August (during the back-to-school and Eid-ul-Fitr periods), RALS growth should be much higher at the bottom-line level as the company now earns more profit for each sales generated. In 1Q13, RALS already reported higher-than-expected 36%yoy growth at operating profit level.
Indonesia Market Summaries, 10 May 2013
Tuesday, April 2, 2013
Ramayana Lestari Sentosa Margin upside as the key catalyst
Ramayana Lestari Sentosa: Margin upside as the key catalyst (RALS, Rp1,390, Buy, TP: Rp1,400)
We fine-tuned our financial model to incorporate FY12 results, which were broadly in line with our and the street forecasts. With the re-rating in the retail space, we also raised target multiple for RALS to 22x, arriving at a new TP of Rp1,600. Margin surprise should catalyze the stock, particularly when sales recover. We reiterate our Buy call.
Thanks to early heads-up on unaudited figures, the audited FY12 sales and NPAT formed 100% of our estimate. NPAT also formed 97% of consensus forecast. If not for the approximate Rp15bn net loss at the supermarket division (versus Rp40-50bn profit target), NPAT would have been ahead of estimates.
2012 sales/sqm reached Rp8.0mn (+4.4%yoy), a historic high. The decision to replace some supermarket space with the fashion consignment products enhanced productivity. SSSG recovered to 8.8% from 5.0%in 2011, albeit slightly lower than our expectation.
Margin upside as the catalyst. Wage hike has been consistently high in the past two years, thus disposable income of the low-income earners have increased. We learned from Thailand’s experience, strong minimum wage hike only took a notable impact 6 months after the increase implemented. In 2M13, we observed that RALS’ gross profit grew 10%yoy despite 1.5% decline in sales, thanks to lower discounts on fashion outright and supermarket. When the volume is back in August during the Eid-ul-Fitr month to be prepared.
We fine-tuned FY13F and FY14F EPS by -0.4% and -3.0%, respectively after incorporating FY12 results into our model. We also raised our TP to Rp1,600, as we now assigned a higher multiple for RALS at 22x FY13F PE, still at a 12% discount to MAPI’s target PE and 30% discount to current valuation of domestic peers.
We fine-tuned our financial model to incorporate FY12 results, which were broadly in line with our and the street forecasts. With the re-rating in the retail space, we also raised target multiple for RALS to 22x, arriving at a new TP of Rp1,600. Margin surprise should catalyze the stock, particularly when sales recover. We reiterate our Buy call.
Thanks to early heads-up on unaudited figures, the audited FY12 sales and NPAT formed 100% of our estimate. NPAT also formed 97% of consensus forecast. If not for the approximate Rp15bn net loss at the supermarket division (versus Rp40-50bn profit target), NPAT would have been ahead of estimates.
2012 sales/sqm reached Rp8.0mn (+4.4%yoy), a historic high. The decision to replace some supermarket space with the fashion consignment products enhanced productivity. SSSG recovered to 8.8% from 5.0%in 2011, albeit slightly lower than our expectation.
Margin upside as the catalyst. Wage hike has been consistently high in the past two years, thus disposable income of the low-income earners have increased. We learned from Thailand’s experience, strong minimum wage hike only took a notable impact 6 months after the increase implemented. In 2M13, we observed that RALS’ gross profit grew 10%yoy despite 1.5% decline in sales, thanks to lower discounts on fashion outright and supermarket. When the volume is back in August during the Eid-ul-Fitr month to be prepared.
We fine-tuned FY13F and FY14F EPS by -0.4% and -3.0%, respectively after incorporating FY12 results into our model. We also raised our TP to Rp1,600, as we now assigned a higher multiple for RALS at 22x FY13F PE, still at a 12% discount to MAPI’s target PE and 30% discount to current valuation of domestic peers.
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