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Tuesday, Jan-21 2020 09:56 WIB
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Menghitung Kekuatan Bisnis Ramayana (Tamat)
Published: 28 Nov 2019 08:08 WIB


IMQ, Jakarta —  Sejak 2016, RALS mulai menjual pakaian melalui website resminya, membuka official store di Tokopedia, Lazada, dan Shopee, pasang iklan jor-joran di Youtube, hingga berkolaborasi dengan partner e-wallet (Gopay, Ovo, Dana).

Pengamat Pasar Modal Teguh Hidayat mengatakan, kombinasi antara modernisasi toko fisik yang sudah ada dan ekspansi ke toko online yang lebih efisien/biayanya lebih murah, sukses mendorong laba bersih RALS untuk tumbuh signifikan terutama sejak 2016.

“Hal tersebut justru terjadi ketika daya beli masyarakat sejatinya cenderung turun dimana perusahaan dept. store lain boleh dibilang megap-megap,” kata Teguh melalui risetnya edisi November 2019.

Manajemen RALS berani berekspansi dengan membuka ‘Ramayana Prime’, yang merupakan lifestyle mall dengan target pasar menengah keatas, dimana perusahaan mentargetkan akan memiliki setidaknya 19 gerai Ramayana Prime pada akhir tahun 2020 (saat ini perusahaan baru punya 5 gerai).

“Meski langkah ini tergolong berani, tapi boleh dibilang bahwa RALS tidak mengambil risiko berarti karena pembukaan gerai baru itu seluruhnya dibiayai oleh kas internal perusahaan, alias tanpa utang, sedangkan disisi lain posisi kas RALS juga sangat besar,” urainya.

Per Kuartal III 2019, dari total aset perusahaan senilai RpRp3,3 triliun, Rp2,8 triliun diantaranya merupakan kas. Menariknya, dalam lima tahun terakhir perusahaan rutin membayar dividen dalam jumlah besar berkisar 55 - 66% labanya setiap tahun.

“Kesimpulannya, kita bisa katakan bahwa RALS ini punya kinerja bagus, manajemennya bagus, bisnisnya gampang, perusahaan punya competitive advantage sebagai market leader di bidangnya, dan prospeknya juga cerah karena perusahaan sudah 100% siap untuk go online,” tambahnya.

Jika ada beberapa hal yang menjadi perhatian adalah pendapatan RALS dari unit usaha online-nya masih sangat kecil atau sekitar 0,5% dari total pendapatan perusahaan. Artinya, perusahaan baru sekedar siap untuk go online saja, tapi realisasinya masih perlu waktu. Kedua, kinerja RALS terbilang musiman, dimana pendapatan serta labanya naik banyak ketika menjelang lebaran atau tidak stabil sehingga dapat mengganggu pertumbuhan kinerja kuartal per kuartal.

Ketiga, selama ini RALS dikenal sebagai dept. store untuk menengah kebawah, maka belum ada jaminan bahwa ‘Ramayana Prime’, yang mengincar segmen pasar yang menengah keatas, bakal langsung sukses.

Selain itu, seiring dengan masih lesunya pasar/IHSG, sahamnya juga ikut turun hingga ke level dimana valuasinya menjadi lebih masuk akal. RALS pernah juga turun sampai PBV-nya persis 1 kali pada 2015 karena IHSG sendiri memang drop di tahun tersebut.

“Meski RALS ini dari semua sisi terbilang layak investasi, tapi kelemahannya terletak di pergerakan sahamnya, yang terbilang gampang naik dan turun tergantung pergerakan IHSG. Termasuk di tahun ini, dimana IHSG mulai turun sejak bulan April lalu, maka saham RALS mulai drop dari bulan April tersebut dan belum naik lagi sampai sekarang. Kisaran harganya sekarang Rp900 – 1.000, RALS sudah tergolong murah,” ungkapnya.
Author: Susan Silaban
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POPULAR NEWS