RALS IJ / RALS.JK | OUTPERFORM - Maintained | Share Price Rp990 - Tgt. Rp1200
Retail | - by Erwan TEGUH / Cindy EFFENDI
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Consignment sales continue to be the star and management seems fully committed. New stores now have some 55% of space dedicated to consignment sales. Business is not as usual and that’s good for Ramayana. We raise EPS by 1-8% and target price (still at 15x CY13 P/E, 25% discount to the sector mean) to reflect a more aggressive consignment rollout. We maintain our discount pending further delivery to sustain the re-rating. RALS remains our sector top pick.
Chart by kedaitrader :
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