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Tuesday, Aug-4 2020 09:52 WIB
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  • © 2010 IMQ - LKBN ANTARA
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  • AMAN 195 0 (0.00%)
  • AMAR 370 20 (5.71%)
  • AMRT 720 0 (0.00%)
  • ANDI 50 0 (0.00%)
  • ANTM 710 10 (1.43%)
  • APEX 160 0 (0.00%) © 2010 IMQ - LKBN ANTARA
  • APLN 104 -5 (-4.59%)
  • ARNA 422 0 (0.00%)
  • ARTO 2,740 0 (0.00%)
  • ASGR 650 0 (0.00%)
  • ASII 4,920 40 (0.82%)
  • ASJT 115 0 (0.00%)
  • ASMI 1,160 0 (0.00%)
  • ASPI 210 -14 (-6.25%)
  • ASPI-W 25 -1 (-3.85%)
  • ASRI 114 -1 (-0.87%)
  • ASRM 1,990 -10 (-0.50%)
  • ASSA 505 -10 (-1.94%)
  • ATIC 575 -35 (-5.74%)
  • AUTO 850 15 (1.80%)
  • AYLS-W 4 0 (0.00%)
  • BACA 406 -4 (-0.98%)
  • BAJA 59 0 (0.00%)
  • BAPI 50 0 (0.00%)
  • BAPI-W 3 1 (50.00%)
  • BATA 610 0 (0.00%)
  • BAYU 1,165 130 (12.56%)
  • BBCA 30,825 175 (0.57%)
  • BBHI 117 -8 (-6.40%)
  • BBKP 175 4 (2.34%)
  • BBNI 4,500 60 (1.35%) © 2010 IMQ - LKBN ANTARA
  • BBRI 3,030 40 (1.34%)
  • BBSS 112 -8 (-6.67%)
  • BBSS-W 5 0 (0.00%)
  • BBTN 1,230 20 (1.65%)
  • BBYB 280 -20 (-6.67%)
  • BCAP 148 6 (4.23%)
  • BDMN 2,650 30 (1.15%)
  • BEEF 189 -1 (-0.53%)
  • BEEF-W 14 1 (7.69%)
  • BEKS 50 0 (0.00%)
  • BELL 151 2 (1.34%)
  • BESS 262 0 (0.00%)
  • BESS-W 42 2 (5.00%)
  • BEST 116 1 (0.87%)
  • BFIN 274 -8 (-2.84%)
  • BGTG 50 0 (0.00%)
  • BHAT 438 -2 (-0.45%)
  • BINA 845 0 (0.00%)
  • BIPI-W 8 1 (14.29%)
  • BIPP 69 2 (2.99%)
  • BIRD 1,020 -20 (-1.92%)
  • BISI 895 25 (2.87%)
  • BJBR 915 30 (3.39%)
  • BJTM 525 5 (0.96%)
  • BKSL 50 0 (0.00%) © 2010 IMQ - LKBN ANTARA
  • BKSW 72 -3 (-4.00%)
  • BLUE 510 5 (0.99%)
  • BMAS 280 20 (7.69%)
  • BMRI 5,450 -50 (-0.91%)
  • BMSR 52 -1 (-1.89%)
  • BMTR 194 -6 (-3.00%)
  • BNBA 302 0 (0.00%)
  • BNGA 745 5 (0.68%)
  • BNII 199 14 (7.57%)
  • BNLI 1,260 0 (0.00%)
  • BOGA 1,395 25 (1.82%)
  • BOLA 165 0 (0.00%)
  • BOSS 77 -1 (-1.28%)
  • BRIS 535 20 (3.88%)
  • BRMS 50 0 (0.00%)
  • BRPT 905 10 (1.12%)
  • BSDE 675 20 (3.05%)
  • BSIM 505 -10 (-1.94%)
  • BTON 174 -3 (-1.69%)
  • BTPN 2,190 10 (0.46%)
  • BTPS 3,360 -50 (-1.47%)
  • BUDI 90 3 (3.45%)
  • BUKK 700 15 (2.19%)
  • BULL 318 4 (1.27%)
  • BULL-W2 100 -1 (-0.99%) © 2010 IMQ - LKBN ANTARA
  • BUMI 50 0 (0.00%)
  • BUVA 58 4 (7.41%)
  • BVIC 59 0 (0.00%)
  • BWPT 107 -4 (-3.60%)
  • CAKK-W 5 1 (25.00%)
  • CAMP 196 -1 (-0.51%)
  • CARE 338 6 (1.81%)
  • CARS 50 0 (0.00%)
  • CASH 565 5 (0.89%)
  • CASH-W 19 -1 (-5.00%)
  • CASS 199 -9 (-4.33%)
  • CBMF 216 -10 (-4.42%)
  • CCSI 242 0 (0.00%)
  • CEKA 1,780 70 (4.09%)
  • CENT 100 -3 (-2.91%)
  • CFIN 188 1 (0.53%)
  • CLEO 535 39 (7.86%)
  • CMNP 1,060 50 (4.95%)
  • CPIN 6,025 100 (1.69%)
  • CPRI 50 0 (0.00%)
  • CPRI-W 13 0 (0.00%)
  • CSAP 328 20 (6.49%)
  • CSIS 50 -1 (-1.96%)
  • CSMI 200 -8 (-3.85%)
  • CSRA 298 2 (0.68%) © 2010 IMQ - LKBN ANTARA
  • CTRA 605 -5 (-0.82%)
  • DADA 75 1 (1.35%)
  • DADA-W 5 0 (0.00%)
  • DEAL 82 -1 (-1.20%)
  • DEFI 1,775 0 (0.00%)
  • DILD 174 -2 (-1.14%)
  • DIVA 1,840 -40 (-2.13%)
  • DKFT 117 -5 (-4.10%)
  • DLTA 4,480 -20 (-0.44%)
  • DMAS 212 0 (0.00%)
  • DMMX 234 2 (0.86%)
  • DMND 920 -10 (-1.08%)
  • DOID 246 0 (0.00%)
  • DPUM 62 -4 (-6.06%)
  • DSFI 66 0 (0.00%)
  • DSNG 384 2 (0.52%)
  • DUCK 320 -22 (-6.43%)
  • DUTI 3,650 0 (0.00%)
  • DVLA 2,290 20 (0.88%)
  • DWGL 224 12 (5.66%)
  • DWGL-W 53 -1 (-1.85%)
  • EAST 53 -2 (-3.64%)
  • EAST-W 6 0 (0.00%)
  • EKAD 1,200 -20 (-1.64%)
  • ELSA 224 4 (1.82%) © 2010 IMQ - LKBN ANTARA
  • ELTY 50 0 (0.00%)
  • ENRG 50 0 (0.00%)
  • ENVY 100 4 (4.17%)
  • EPAC 228 -6 (-2.56%)
  • ERAA 1,495 5 (0.34%)
  • ESIP 238 8 (3.48%)
  • ESIP-W 17 2 (13.33%)
  • ESSA 152 0 (0.00%)
  • ESTA 97 -3 (-3.00%)
  • EXCL 2,370 -10 (-0.42%)
  • FAST 885 -15 (-1.67%)
  • FILM 153 1 (0.66%)
  • FIRE 136 -3 (-2.16%)
  • FITT 63 0 (0.00%)
  • FITT-W 26 0 (0.00%)
  • FOOD 114 -2 (-1.72%)
  • FPNI 92 3 (3.37%)
  • FREN 134 1 (0.75%)
  • FREN-W 55 9 (19.57%)
  • GDST 56 -1 (-1.75%)
  • GGRM 48,750 425 (0.88%)
  • GIAA 234 2 (0.86%)
  • GJTL 515 10 (1.98%)
  • GLOB 126 -1 (-0.79%)
  • GMFI 80 0 (0.00%) © 2010 IMQ - LKBN ANTARA
  • GOOD 1,330 -10 (-0.75%)
  • GPRA 50 0 (0.00%)
  • GZCO 50 0 (0.00%)
  • HEAL 3,050 50 (1.67%)
  • HELI-W 9 0 (0.00%)
  • HERO 875 30 (3.55%)
  • HEXA 3,300 80 (2.48%)
  • HKMU 77 1 (1.32%)
  • HMSP 1,625 10 (0.62%)
  • HOKI 635 -10 (-1.55%)
  • HRME 51 -1 (-1.92%)
  • HRTA 232 4 (1.75%)
  • HRUM 1,255 20 (1.62%)
  • ICBP 9,525 225 (2.42%)
  • ICON 54 0 (0.00%)
  • IFII 128 -1 (-0.78%)
  • IFSH 440 -10 (-2.22%)
  • IGAR 278 4 (1.46%)
  • IKAN 705 -5 (-0.70%)
  • IMAS 595 15 (2.59%)
  • IMJS 222 -8 (-3.48%)
  • IMPC 1,260 0 (0.00%)
  • INAF 2,180 0 (0.00%)
  • INAI 332 -4 (-1.19%)
  • INCF 50 0 (0.00%) © 2010 IMQ - LKBN ANTARA
  • INCI 650 15 (2.36%)
  • INCO 3,430 80 (2.39%)
  • INDF 6,550 75 (1.16%)
  • INDO 149 4 (2.76%)
  • INDO-W 41 0 (0.00%)
  • INDS 2,100 0 (0.00%)
  • INDY 915 0 (0.00%)
  • INKP 7,600 175 (2.36%)
  • INOV 232 -10 (-4.13%)
  • INPC 50 0 (0.00%)
  • INPC-W 4 1 (33.33%)
  • INPS 1,655 -75 (-4.34%)
  • INTP 11,950 50 (0.42%)
  • IPCC 398 -4 (-1.00%)
  • IPCM 204 2 (0.99%)
  • IPOL 71 1 (1.43%)
  • IPTV 326 -4 (-1.21%)
  • IPTV-W 38 -2 (-5.00%)
  • IRRA 525 20 (3.96%)
  • ISAT 2,240 70 (3.23%)
  • ISSP 123 3 (2.50%)
  • ITIC 735 -55 (-6.96%)
  • ITMG 7,725 75 (0.98%)
  • JAST 68 -4 (-5.56%)
  • JAWA 60 0 (0.00%) © 2010 IMQ - LKBN ANTARA
  • JAYA 79 3 (3.95%)
  • JAYA-W 9 0 (0.00%)
  • JIHD 452 -20 (-4.24%)
  • JMAS 194 -10 (-4.90%)
  • JPFA 1,010 10 (1.00%)
  • JRPT 412 6 (1.48%)
  • JSKY 77 3 (4.05%)
  • JSMR 3,890 30 (0.78%)
  • JTPE 760 0 (0.00%)
  • KAEF 2,110 0 (0.00%)
  • KAYU 50 0 (0.00%)
  • KBAG 326 -22 (-6.32%)
  • KBAG-W 59 5 (9.26%)
  • KBLI 364 6 (1.68%)
  • KBLM 204 -2 (-0.97%)
  • KEEN 410 32 (8.47%)
  • KEJU 1,000 5 (0.50%)
  • KIJA 144 -4 (-2.70%)
  • KINO 3,270 -50 (-1.51%)
  • KLBF 1,565 5 (0.32%)
  • KMTR 300 0 (0.00%)
  • KOBX 85 0 (0.00%)
  • KOPI 484 -10 (-2.02%)
  • KOTA 620 -5 (-0.80%)
  • KPAL 54 -4 (-6.90%) © 2010 IMQ - LKBN ANTARA
  • KPAS 50 0 (0.00%)
  • KPIG 107 0 (0.00%)
  • KRAS 364 10 (2.82%)
  • KREN 98 -3 (-2.97%)
  • LAND 216 12 (5.88%)
  • LINK 1,805 0 (0.00%)
  • LION 298 -22 (-6.88%)
  • LPCK 790 10 (1.28%)
  • LPIN 232 -4 (-1.69%)
  • LPKR 137 5 (3.79%)
  • LPPF 1,205 -10 (-0.82%)
  • LSIP 975 5 (0.52%)
  • LTLS 430 -8 (-1.83%)
  • LUCK 280 -6 (-2.10%)
  • MAIN 560 -10 (-1.75%)
  • MAMI 50 0 (0.00%)
  • MAMI-W 5 0 (0.00%)
  • MAPA 2,090 -20 (-0.95%)
  • MAPI 635 -15 (-2.31%)
  • MARI 50 0 (0.00%)
  • MARK 900 5 (0.56%)
  • MBAP 1,770 45 (2.61%)
  • MBSS 390 0 (0.00%)
  • MCAS 2,100 60 (2.94%)
  • MCOR 131 2 (1.55%) © 2010 IMQ - LKBN ANTARA
  • MDKA 1,785 40 (2.29%)
  • MDKI 149 2 (1.36%)
  • MDLN 51 0 (0.00%)
  • MEDC 446 0 (0.00%)
  • MEDC-W 22 -1 (-4.35%)
  • MERK 3,450 20 (0.58%)
  • META 106 0 (0.00%)
  • MFIN 910 -50 (-5.21%)
  • MFMI 520 0 (0.00%)
  • MGRO 755 -5 (-0.66%)
  • MICE 296 2 (0.68%)
  • MIKA 2,380 -20 (-0.83%)
  • MLBI 9,650 25 (0.26%)
  • MLIA 520 0 (0.00%)
  • MLPT 565 10 (1.80%)
  • MMLP 188 2 (1.08%)
  • MNCN 800 10 (1.27%)
  • MPMX 472 2 (0.43%)
  • MPPA 106 3 (2.91%)
  • MRAT 139 3 (2.21%)
  • MSIN 252 -8 (-3.08%)
  • MTDL 1,460 50 (3.55%)
  • MYOH 1,095 -25 (-2.23%)
  • MYOR 2,280 -10 (-0.44%)
  • NATO 240 -12 (-4.76%) © 2010 IMQ - LKBN ANTARA
  • NFCX 1,910 10 (0.53%)
  • NIKL 815 10 (1.24%)
  • NIRO 149 6 (4.20%)
  • NISP 695 -5 (-0.71%)
  • NZIA 174 -11 (-5.95%)
  • OKAS 81 2 (2.53%)
  • OPMS 127 1 (0.79%)
  • PADI 50 0 (0.00%)
  • PALM 232 -8 (-3.33%)
  • PAMG 72 0 (0.00%)
  • PANI 62 4 (6.90%)
  • PANR 84 2 (2.44%)
  • PANS 780 0 (0.00%)
  • PBID 875 10 (1.16%)
  • PBRX 246 0 (0.00%)
  • PBSA 700 5 (0.72%)
  • PEHA 1,320 -40 (-2.94%)
  • PGAS 1,200 0 (0.00%)
  • PGJO 60 -6 (-9.09%)
  • PGLI 175 -13 (-6.91%)
  • PGUN 362 8 (2.26%)
  • PICO 182 2 (1.11%)
  • PJAA 520 5 (0.97%)
  • PKPK 50 0 (0.00%)
  • PNBN 770 0 (0.00%) © 2010 IMQ - LKBN ANTARA
  • PNIN 725 20 (2.84%)
  • PNLF 176 0 (0.00%)
  • POLL 3,900 -110 (-2.74%)
  • POLU 975 125 (14.71%)
  • POSA-W 2 -1 (-33.33%)
  • POWR 645 5 (0.78%)
  • PPGL 196 4 (2.08%)
  • PPGL-W 11 1 (10.00%)
  • PPRE 164 1 (0.61%)
  • PPRO 50 0 (0.00%)
  • PRIM 268 0 (0.00%)
  • PSAB 254 6 (2.42%)
  • PSGO 102 -7 (-6.42%)
  • PSSI 161 -1 (-0.62%)
  • PTBA 1,990 15 (0.76%)
  • PTPP 895 -15 (-1.65%)
  • PTPW 1,665 105 (6.73%)
  • PTRO 1,810 -25 (-1.36%)
  • PTSN 206 7 (3.52%)
  • PURA 133 -1 (-0.75%)
  • PURA-W 17 0 (0.00%)
  • PURE 108 -2 (-1.82%)
  • PURE-W 10 0 (0.00%)
  • PWON 400 4 (1.01%)
  • PYFA 775 -55 (-6.63%) © 2010 IMQ - LKBN ANTARA
  • PZZA 590 0 (0.00%)
  • RAJA 110 -1 (-0.90%)
  • RALS 510 -20 (-3.77%)
  • RANC 480 6 (1.27%)
  • REAL 50 0 (0.00%)
  • REAL-W 5 0 (0.00%)
  • RELI 342 -8 (-2.29%)
  • RISE 414 8 (1.97%)
  • RONY 136 8 (6.25%)
  • ROTI 1,205 -15 (-1.23%)
  • SAME 75 -5 (-6.25%)
  • SBAT 176 3 (1.73%)
  • SBAT-W 11 0 (0.00%)
  • SCMA 1,235 15 (1.23%)
  • SDPC 110 -3 (-2.65%)
  • SDRA 800 30 (3.90%)
  • SGRO 1,800 30 (1.69%)
  • SHIP 580 -10 (-1.69%)
  • SIDO 1,290 5 (0.39%)
  • SILO 4,660 10 (0.22%)
  • SIMP 300 -6 (-1.96%)
  • SKRN 600 -5 (-0.83%)
  • SLIS 5,175 25 (0.49%)
  • SMBR 466 8 (1.75%)
  • SMCB 1,025 5 (0.49%) © 2010 IMQ - LKBN ANTARA
  • SMDR 242 4 (1.68%)
  • SMGR 9,150 25 (0.27%)
  • SMMT 81 1 (1.25%)
  • SMRA 535 -25 (-4.46%)
  • SMSM 1,310 40 (3.15%)
  • SOCI 114 0 (0.00%)
  • SOFA 70 2 (2.94%)
  • SOFA-W 4 0 (0.00%)
  • SOSS 430 20 (4.88%)
  • SOSS-W 46 -4 (-8.00%)
  • SOTS 202 2 (1.00%)
  • SOTS-W 39 9 (30.00%)
  • SPMA 242 0 (0.00%)
  • SPTO 468 14 (3.08%)
  • SQMI 189 2 (1.07%)
  • SRIL 188 2 (1.08%)
  • SRSN 59 0 (0.00%)
  • SRTG 2,780 60 (2.21%)
  • SSIA 352 2 (0.57%)
  • SSMS 785 0 (0.00%)
  • SWAT 89 -6 (-6.32%)
  • TAMA 153 -11 (-6.71%)
  • TAMA-W 7 0 (0.00%)
  • TAMU 54 0 (0.00%)
  • TARA 67 -4 (-5.63%) © 2010 IMQ - LKBN ANTARA
  • TBIG 1,285 40 (3.21%)
  • TBLA 730 -10 (-1.35%)
  • TBMS 600 0 (0.00%)
  • TCPI 3,850 10 (0.26%)
  • TDPM 88 1 (1.15%)
  • TECH 119 1 (0.85%)
  • TFAS 160 0 (0.00%)
  • TGRA 66 2 (3.12%)
  • TIFA 404 4 (1.00%)
  • TINS 740 5 (0.68%)
  • TKIM 6,325 25 (0.40%)
  • TLKM 2,940 20 (0.68%)
  • TMAS 106 0 (0.00%)
  • TOBA 344 -4 (-1.15%)
  • TOTL 282 -2 (-0.70%)
  • TOTO 202 -14 (-6.48%)
  • TOWR 1,135 5 (0.44%)
  • TPIA 7,400 25 (0.34%)
  • TPMA 364 0 (0.00%)
  • TRIN 232 -16 (-6.45%)
  • TRIN-W 10 1 (11.11%)
  • TRUK 113 0 (0.00%)
  • TSPC 1,350 40 (3.05%)
  • TURI 1,380 20 (1.47%)
  • UANG 412 -30 (-6.79%) © 2010 IMQ - LKBN ANTARA
  • UCID 1,475 -25 (-1.67%)
  • ULTJ 1,600 25 (1.59%)
  • UNSP 61 1 (1.67%)
  • UNTR 20,325 -125 (-0.61%)
  • UNVR 8,200 -50 (-0.61%)
  • URBN 1,350 -5 (-0.37%)
  • VINS 89 -2 (-2.20%)
  • VINS-W 3 1 (50.00%)
  • VOKS 196 -2 (-1.01%)
  • WEGE 175 -6 (-3.31%)
  • WEHA 72 0 (0.00%)
  • WIIM 350 52 (17.45%)
  • WIKA 1,060 -50 (-4.50%)
  • WOMF 216 8 (3.85%)
  • WOOD 390 20 (5.41%)
  • WOWS 70 -5 (-6.67%)
  • WSBP 179 -7 (-3.76%)
  • WSKT 595 10 (1.71%)
  • WTON 260 -2 (-0.76%)
  • XCID 79 -2 (-2.47%)
  • XIIF 443 4 (0.91%)
  • YELO-W 7 1 (16.67%)
  • YPAS 476 56 (13.33%)
  • ZINC 138 1 (0.73%)
  • ZONE 412 -4 (-0.96%) © 2010 IMQ - LKBN ANTARA
Perbaikan Marjin Laba Mempercantik MAPI
Published: 12 Dec 2019 08:33 WIB


IMQ, Jakarta —  Rerata pertumbuhan toko yang sama(SSSG) PT Mitra Adi Perkasa Tbk (MAPI) secara konsolidasi selama sembilan bulan kemarin hanya sekitar 3% atau turun sebesar –500 bps yoy.

Analis Samuel Sekuritas Calista Riva mengatakan, kondisi ini sejalan dengan penurunan SSSG di semua segmen usaha MAPI selama periode tersebut. SSSG dari Department Store turun 300 bps yoy, Speciality Store anjlok 700 bps yoy, Food & Beverage melemah 300 bps yoy, dan Others terkikis 600 bps yoy.

“Namun, penurunan SSSG tersebut bertolak belakang dengan kinerja keuangan perusahaan hingga akhir September kemarin yang memiliki pertumbuhan pendapatan diatas double digit yaitu sebesar 11,44% yoy dan net profit margin sebesar 5,28% (+103 bps yoy),” ucap Calista melalui risetnya edisi Kamis (12/12).

Kondisi tersebut membuat pertumbuhan pendapatan MAPI sedikit melambat walaupun masih di atas dua digit. Capian peningkatannya sebesar 11,44% atau turun 691 bps yoy dibandingkan dengan periode serupa tahun lalu yang mencapai 18,35%.

Namun, net profit MAPI masih tumbuh 38,22% yoy karena MAPI mampu memperbaiki net profit margin sebesar 5,28% atau naik 103 bps yoy, dan lebih tinggi dari kurun waktu serupa tahun lalu yang hanya 4,25%.

Pada periode yang berakhir September 2019, biaya penjualan MAPI naik 10,9% yoy menjadi Rp5,15 triliun, namun lebih lambat dibandingkan pertumbuhan pendapatan. Proporsi biaya penjualan terhadap pendapatan turun 20bps dari 33,6% menjadi 33,4%.

Proporsi biaya penjualan terus menurun sejak 2019 yang mencapai angka 36,17% dan 2018 berada di level 34,02%.

“Kami proyeksikan pada akhir tahun ini dan 2020, porsi biaya penjualan terhadap pendapatan adalah msaing-masing sebesar 33,3% dan 33,0%,” sambungnya.

Selama sembilan bulan pertama tahun ini,  inventory turnover MAPI adalah 122 hari, relatif sama dengan periode serupa tahun lalu, yaitu 121 hari. Inventory turnover MAPI terus membaik selama beberapa tahun terakhir.

Inventory turnover di 2014 mencapai 184 hari dan lalu turun menjadi 116 hari di 2018. Penurunan ini dipicu oleh perusahaan melakukan inventory profiling dan membaiknya proses merchandising.

“Kami proyeksikan pada tahun ini dan 2020, MAPI mampu menjaga angka days in inventory pada level 118 hari dan 120 hari,” ujar dia.

Oleh sebab itu, ia meramal pendapatan MAPI masih akan terus tumbuh sebesar 8,6% yoy tahun depan, dan naik 6,9% di 2021 dengan laba bersih masing-masing menguat sebesar 19,4% dan +13,5%. Ia juga memperkirakan MAPI akan dapat memperbaiki net profit margin pada 2020 dan 2021 masing-masing menjadi 5,4% dan 5,7%.

“Kami merekomendasikan beli saham MAPI dengan menaikan target harga sebesar Rp1.350 di mana PE 2020 sekitar 19,1 kali,” katanya.
Author: Susan Silaban
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