In today’s briefing:
- Matahari Department Store (LPPF IJ) – Recovery in the Offing
Matahari Department Store (LPPF IJ) – Recovery in the Offing
- Matahari Department Store saw a slower performance in 3Q2023 but looks well set for a recovery in 4Q2023 and early 2024 with elections, Chinese New Year and Lebaran ahead.
- The company plans to increase its store count by six in 2024, with four new format Matahari Department Stores outlets and two new concept MU&KU stores.
- Matahari Department Store continues to rollout new private label brands including Suko and Anyday to target different demographics to stimulate additional demand. Valuations are attractive on a 4.9x forward PER.
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