Further Outperformance
In the 2Q18, MAPI was successful in maintaining its outperformance because it posted the double-digit growth in revenue and net profit. The 2Q18 revenue and net profit grew by 16.9% y-y to IDR4.8 trillion and 20.0% y-y to IDR140 billion, respectively. The retail sale and the café and restaurants segments snapped all-time high underscored by the growth of 19.9% y-y and 22.8% y-y, respectively. In addition, the 1H18’s SSSG was buoyant by 8% y-y in which the specialty stores segment posted the growth of 10% in SSSG.

4Q18’s Further Buoyant Performance
Overseeing the few-year-consistent trend of the 2H’s bigger revenue portion than the 1H’s revenue and the 2018’s organic expansion of 60,000 sqm, we project that MAPI is likely successful in achieving the target of 15% in the FY18’s revenue. It is a pronounced fact that MAPI inevitably reaps the benefit from the momentum of Asian Games, Festival Jakarta Great Sale and Hari Belanja Diskon Indonesia to boost the 3Q18’s performance.

The loom of further rupiah depreciation has no significant impacts on its revenue yet, for it has been passed on the new products. Of note MAPI passes the upward prices only on new products. However, it eyes on the government’s policy of imports reduction, particularly imported apparels.

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