dari CIMB: Maintain Outperform with higher target price of Rp3,400 (from Rp800), following our earnings upgrade.
Our target is still DCF-based (WACC 12.7%) and implies 21x and 17x CY11-12 P/Es. MAP’s share price has risen threefold in the last nine months. We had noted its budding turnaround in a report in Jun 10, and subsequent discussions with management suggest the sustainability of this turnaround, supported by a burgeoning middle class which is its primary target market. We are raising our FY10-12 earnings estimates by 53-118%, factoring in a growing market, better margins and balance-sheet de-leveraging. We predict a 20% earnings CAGR for the next three years against 11% in the past six years. Sticking to its game plan, consistent delivery and potentially higher dividends are stock catalysts, in our view. • 2010 a turnaround year. 2010 sales grew 13% yoy, helped by 10% new retail space and 6% SSG. EBIT margins improved to 9% from 7.5%, in part made possible by the closing of high-profile but money-losing franchises such as Harvey Nichol and Armani. Taking into account Rp40bn of write-offs, reported profit should be Rp200bn with core profit at Rp220bn, up 3-fold yoy. • Finding its comfort zone. Its revamped strategy includes: 1) targeting the middle class (with more than Rp1.5m of disposable income, growing by 7m persons p.a.); 2) managing a manageable number of brands (less than 100); 3) maximising yields by opening proven stores while closing stores that lose money; 4) seeking growth opportunities in second- and third-tier cities, leveraging its size in sourcing and securing favourable rentals; and 5) de-leveraging its balance sheet. On Fri, Apr 8, 2011 at 9:07 AM, Tien S <[email protected]> wrote: > > > pak jesse, saya sdh temukan info rencana private equity lvmh ini ke > indonesia. beritanya ada di ft.com 31 maret lalu. kl fokusnya luxury > retail chain, sptnya cuma 1 pilihan yg sdh matang dan tersedia. ya mapi. kl > mppa ga mungkin, apalagi rals. berikut kutipan berita dan link-nya. > > the WSJ reports. L Capital, present in New York, Madrid, Milan, Shanghai > and > Singapore, will invest in India from its fourth fund, which is dedicated to > Asia and > has a corpus of $650 million. It also will focus on economies such as > China, > Malaysia, Indonesia and Thailand. > > judulnya lvmh fund > http://blogs.ft.com/beyond-brics/2011/03/30/new-york-headlines-229/ > > > On Fri, Apr 8, 2011 at 8:31 AM, Jesse Livermore < > [email protected]> wrote: > >> >> >> Saya juga sempat baca info LVMH ini belum lama. Tapi bukan tentang >> akuisisnya terhadap retailer Charles & Keith yg asal Singapura itu. Lebih >> spesifik tentang rencana ke Indonesia. Cuma sayangnya tdk sempat mengarsip >> beritanya. Kalau tidak salah dimuat di Wall Street Journal atau NYT atau >> sebangsanya online, yg jelas bukan di Bloomberg. >> >> Nanti kl ketemu, saya share. >> >> --- Pada *Jum, 8/4/11, Fatmawati S <[email protected]>* menulis: >> >> >> Dari: Fatmawati S <[email protected]> >> Judul: Re: [saham] Fwd: LVMH fund to aim at Indonesian luxury retail chain >> Kepada: [email protected] >> Tanggal: Jumat, 8 April, 2011, 1:17 AM >> >> >> >> Saya belum lama baca tentang Lousi Vuitton / LVMH ini. Dimuat di >> JakartaGlobe 2 minggu lalu kalau tidak salah. Private equity-nya L Capital >> Asia sudah mencaplok ritel Charles & Keith asal Singapura, sekaligus saya >> baru tahu ternyata toko sepatu ini dari Singapura rupanya. >> >> Mungkin sekali sih, dari Singapura ke Indonesia, tidak jauh. Beritanya di >> sini, coba ditelaah. >> http://www.thejakartaglobe.com/bisworld/charles-keith-goes-global-with-lvmh-tie-up/430349 >> >> On Thu, Apr 7, 2011 at 5:13 PM, >> <[email protected]<http://id.mc777.mail.yahoo.com/mc/[email protected]> >> > wrote: >> >> >> Cek2 dulu di WSJ kali ya bro.. :) >> Sent from my AXIS Worry Free BlackBerry® smartphone >> ------------------------------ >> *From: *Tien S >> <[email protected]<http://id.mc777.mail.yahoo.com/mc/[email protected]>> >> >> *Sender: >> *[email protected]<http://id.mc777.mail.yahoo.com/mc/[email protected]> >> *Date: *Thu, 7 Apr 2011 16:55:17 +0700 >> *ReplyTo: >> *[email protected]<http://id.mc777.mail.yahoo.com/mc/[email protected]> >> *Subject: *[saham] Fwd: LVMH fund to aim at Indonesian luxury retail >> chain >> >> >> baru sempat buka email seharian di jalan. ada yang dapat info tentang >> update info di bawah, saya lampirkan. ada masukan? trims. >> >> Tiens >> >> ---------- Forwarded message ---------- >> From: >> Date: Thu, Apr 7, 2011 at 11:50 PM >> Subject: Fwd: LVMH fund to aim at Indonesian luxury retail chain >> >> Following the WSJ reports on the expansion plan of the world's largest >> luxury goods conglomerate, LVMH (Louis Vuittion Moet Hennessy) Group in >> Asia, chats among certain Asian emerging markets fund managers got heated >> recently. As the LVMH plan in tapping the burgeoning disposable income and >> rising aspirations of Asians got their way, L Capital Asia, the private >> equity arm of LVMH for more than $650 million, is fielded in the hunting >> ground for the best deal in Southeast Asia. >> >> One of the recent best deals strucked in November is the purchase of 20 >> per cent stake in once Singaporean local shoe retailer, Charles & Keith, for >> more than $ 30 million. Being left still with significant ammo for some >> other acquisition target, L Capital Asia move has become an intense scrutiny >> of Asian equities players willing to take the ride. One of the most talked >> next move including the stake at PT Mitra Adiperkasa Tbk in the darling of >> emerging market, Indonesia. Owning more than 854 retails stores in 25 major >> cities of the fourth most populous country and being positioned to become >> the country upper class lifestyle retailer, Mitra Adiperkasa seems to be >> more than a perfect target for LVMH. The fact that LVMH is actively pursuing >> market for its high street brands will just be served by securing some of >> the prospective Mitra Adiperkasa marketplace. Forty six per cent surge in >> operating profit for full year 2010 alone of Mitra Adiperkasa must have also >> added some flavor into LVMH taste. >> >> Source close to the potential deal and Mitra Adiperkasa described the >> prospective encounter between LVMH and Mitra would bring an excellent >> synergy on mutual business of both interest. While, LVMH will gain more >> massive presence in the awakening giant of emerging market Indonesia through >> Mitra Adiperkasa marketplace, Mitra on the other hand will also benefit from >> the possible involvement of LVMH influence in the board in expanding some >> key high brands and luxury outlets selling throughout the country. No >> further specific mentioning on the Size of ownership at offer nor fund range >> to be deployed. >> >> source: Retail M&A Chatter >> >> >> > >
