(RALS IJ / RALS.JK, OUTPERFORM - Maintained, Rp485 - Tgt. Rp560, Consumer)
Ramayana's April sales hit Rp331.5bn, 8% below the company's target with cumulative sales of Rp1,306bn down 5.7% yoy on -8% SSG. Not great numbers but much improved mom on all fronts. On a monthly basis, SSG improved to -5.7% from -12% in March, with a strong showing in all areas, particularly rest-of-Java (good harvests) and ex-Java (rebounding CPO prices). On a 6-month and 12-month moving-average basis, sales also appeared to have bottomed. The worst could be over. Maintain Outperform with an unchanged Rp560 target price, DCF-based (WACC 15.8%, LTG 8.1%).
Tidak ada komentar:
Posting Komentar