FR CIMB (YU) : Ace Hardware Indonesia | PDF
Sales growth and margin dilemma
ACES IJ / ACES.JK | HOLD - Downgrade | Rp930.00 tp:Rp975.00▼
Mkt.Cap:US$1,191.00m | Avg.Daily Vol:US$0.40m | Free Float:40.00%
Any feedback/questions, please click on the author's name to email or call them at the number displayed. Author(s):Kevie ADITYA +62 (21) 3006 1738,
■ After a series of very weak SSSG over the past two years, SSSG should stabilise to c.6.5% in FY17F and probably expand further to c.7.0% in FY18F.
■ Sales recovery could be choppy; hence it risks declining gross margin though inventory days could improve sooner rather than later.
■ Our base case scenario now assumes c.80bp gross margin compression while opex remains under duress, hence FY17F core earnings could be flat.
■ Our FY17-18F earnings adjusted by 13-14% to factor in new assumptions and transfer of analyst coverage. Our TP is still pegged to 5-year mean P/E.
■ Given its 21% premium to the retail sector, we downgrade ACES from Add to Hold.
Mohon tertib ya, supaya tidak ditertibkan
Acara di hutan maksudnya..?