External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

<ul><li>MAP Aktif Adiperkasa (MAPA IJ)Domestic Momentum Strengthens; Margins Remain Resilient.</li><li>Domestic operations remained MAPA’s key growth driver, supported by store expansion and improving cons spending; overseas growth was led by the Philippines &amp; Thailand.</li><li>Strong 1H26 growth may trigger a revenue guidance upgrade, while margins remain resilient and store expansion are on track. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MAP Aktif Adiperkasa (MAPA IJ)Domestic Momentum Strengthens; Margins Remain Resilient.Domestic operations remained MAPA’s key growth driver, supported by store expansion and improving cons spending; overseas growth was led by the Philippines &amp; Thailand.Strong 1H26 growth may trigger a revenue guidance upgrade, while margins remain resilient and store expansion are on track. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MAP Aktif Adiperkasa (MAPAI.IJ) Domestic Momentum Strengthens; Margins Remain Resilient

<ul><li>MAP Aktif Adiperkasa (MAPA IJ)Conservative Guidance, Sustained Growth Ahead2Q26 SSSG to normalize qoq on post-Eid seasonality, with recovery expected in Jul26 driven by back-to-school event.</li><li>Mgmt maintains a conservative FY26 outlook, supported by continued store expansion while margins remain stable yoy.</li><li>Reiterate Buy with a lower TP of Rp750. Currently, MAPA trades at 9.0x PE FY26F.2Q26 SSSG to normalize sequentially on seasonality. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MAP Aktif Adiperkasa (MAPA IJ)Conservative Guidance, Sustained Growth Ahead2Q26 SSSG to normalize qoq on post-Eid seasonality, with recovery expected in Jul26 driven by back-to-school event.Mgmt maintains a conservative FY26 outlook, supported by continued store expansion while margins remain stable yoy.Reiterate Buy with a lower TP of Rp750. Currently, MAPA trades at 9.0x PE FY26F.2Q26 SSSG to normalize sequentially on seasonality. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MAP Aktif Adiperkasa (MAPA.IJ) Conservative Guidance, Sustained Growth Ahead

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa</a> stands out as Indonesia’s leading retailers, with an impressive portfolio of brands across segments, a dominant presence in major malls across Indonesia, and a strong online presence. </li>
<li>MAPI booked a solid set of results in 3Q2025, with momentum continuing into October, as consumer sentiment has started to improve, with active outperforming. Digital, F&amp;B, and fashion are improving  </li>
<li>The company's international business is seeing better performance, especially in Thailand and the Philippines, with expansion remaining on track, and management expressing a more optimistic view for 4Q2025 and beyond.</li>
</ul>



Mitra Adiperkasa stands out as Indonesia’s leading retailers, with an impressive portfolio of brands across segments, a dominant presence in major malls across Indonesia, and a strong online presence. 
MAPI booked a solid set of results in 3Q2025, with momentum continuing into October, as consumer sentiment has started to improve, with active outperforming. Digital, F&amp;B, and fashion are improving  
The company's international business is seeing better performance, especially in Thailand and the Philippines, with expansion remaining on track, and management expressing a more optimistic view for 4Q2025 and beyond.


Mitra Adiperkasa (MAPI IJ) - Recovery in Motion

Thematic (Sector/Industry)

<ul><li>We estimate 4Q25/FY25 sector revenue growth of +6.5/+6.5% yoy, relatively in line with our and consensus estimates.</li><li>Given the manageable opex, we expect sector op profit to increase by +6.6% yoy in 4Q25 with estimated core profit growth of +4.1% yoy.</li><li>Maintain Overweight on the sector; top picks are MIDI (Buy, TP Rp550) and MAPA (Buy, TP Rp800).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We estimate 4Q25/FY25 sector revenue growth of +6.5/+6.5% yoy, relatively in line with our and consensus estimates.Given the manageable opex, we expect sector op profit to increase by +6.6% yoy in 4Q25 with estimated core profit growth of +4.1% yoy.Maintain Overweight on the sector; top picks are MIDI (Buy, TP Rp550) and MAPA (Buy, TP Rp800).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Retail: 4Q25 Preview: Expansion-Led Growth, SSSG Gradually Recovering (OVERWEIGHT)

<ul><li>We expect govt fiscal expansion to boost gradual demand recovery, while store expansion remains the key growth driver for retailers in FY26F.</li><li>We project sector’s rev. growth of +8.7% yoy in FY26F driven by store expansion and gradual SSSG recovery, with modest margin improvement.</li><li>Maintain Overweight on the sector; preferred picks are MIDI (Buy, TP Rp550) and MAPA (Buy, TP Rp800). Govt fiscal expansion to support gradual</li></ul>Content is an external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect govt fiscal expansion to boost gradual demand recovery, while store expansion remains the key growth driver for retailers in FY26F.We project sector’s rev. growth of +8.7% yoy in FY26F driven by store expansion and gradual SSSG recovery, with modest margin improvement.Maintain Overweight on the sector; preferred picks are MIDI (Buy, TP Rp550) and MAPA (Buy, TP Rp800). Govt fiscal expansion to support gradualContent is an external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Retail: FY26 Outlook: Fiscal Boost and Store Expansion Drive Steady Growth in FY26F (OVERWEIGHT)

Indonesia

PT MAP Aktif Adiperkasa Tbk is an Indonesia-based lifestyle retailer specializing in sports, golf, kids, and lifestyle products. The company operates over 1,000 stores across Indonesia and Southeast Asia, offering products under various international and proprietary brands. It was founded in 2015 and is headquartered in Jakarta Pusat, Indonesia.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

MAP Aktif Adiperkasa (MAPA IJ)

MAP Aktif Adiperkasa (MAPAI.IJ) Domestic Momentum Strengthens; Margins Remain Resilient

Domestic operations remained MAPA’s key growth driver, supported by store expansion and improving cons spending; overseas growth was led by the...

BRI Danareksa Research