Ramayana booked a solid performance in May 09 which was showed by better in SSG (-5.8% in May vs -8.0% in April) and May sales hike (21.1% MoM and 5.2% YoY). We view that harvests season and better CPO price have lifted purchasing power. We expect that peak performance for retail industry will come in 3Q09 when welcoming fasting period in August 2009, mid year sale season and back to school program. We have raised our TP to Rp 610,- (previously TP at Rp 550,- per share) which is derived with lower discount rate, i.e., 10.5% Risk free rate and 5.5% Equity risk premium in DCF model. Maintain BUY.
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