RALS IJ / RALS.JK | OUTPERFORM - Maintained | Rp1,390.00 - Tgt. Rp1,600.00
Retail | by Cindy EFFENDI,
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Consignment sales bolstered FY12 SSSG to 8.8% and helped drive Ramayana's 13% topline growth, which was the highest in five years. It also improved the company's operating cost efficiency. Core earnings, which exclude one-off gains on forex and asset sales, were largely in line, at 96% of our forecast and 92% of consensus estimates. The shift to consignment sales was somewhat slow though it has yielded positive results. We reiterate our Outperform rating and target price basis of 20x CY14 P/E, a 20% discount to Ace's valuation.
Source : Listri Adistri
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