RALS IJ / RALS.JK | OUTPERFORM - Maintained | Share Price Rp800 - Tgt. Rp1070
Retail | - by Erwan TEGUH / Cindy EFFENDI
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Higher consignment sales lifted Ramayana’s FY11 SSSG and also its growth outlook. Ignore the 4Q11 results underperformance as a recovery is underway and could catalyse the stock. Ramayana’s flat core missed our and consensus expectations by 7-8% because of higher rental rates on newly contracted leases. We reduce our EPS forecasts but raise our CY13 P/E target from 11.2x to 15x, given the imminent turnaround. Maintain Outperform.
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