The IH19 Favorable Performance
MAPI posted two-digit growth in IH19, with a 10.2% y-y gain to IDR10 trillion in revenues on the back of Idulfitri momentum and a 3% moderate SSSG (vs, a 7% FY19 targeted SSSG). We estimate a 7% targeted SSSG is likely to be posted in IIH19 on the back of the total store expansion of 30,000sqm and series of about-to-come momentum—academic term, Christmas, and New Year. EBIT and earnings respectively increased by 34.3% y-y to IDR969 billion and 50.6% y-y to IDR605 billion. The specialty stores segment was still the biggest contributor to EBIT as it contributed an 84% revenues, while the second biggest contributor was the department stores with an 11% revenues contribution to EBIT. Based on its IH19 favorable performance, MAPI is likely capable of attaining its FY19 targeted revenues and earning of respectively 15%.

Segmental Highlights
Specialty stores and food& beverages segments posted respectively a 4% SSSG, while the department stores segment only posted a 1% growth in SSSG. MAPI amid the less-optimistic backdrop of department stores business focuses and optimizes more on the specialty stores segment. Based on the geographical breakdown, Indonesia-based market share is the first revenues contributor, with the contribution of 11% y-y, then Vietnam and Thailand with respective contributions of –2% y-y and 18% y-y. MAPI through its subsidiary MAPA plans to strengthen Vietnam-based market share by launching sports centers.


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