Retail: FY26 Outlook: Fiscal Boost and Store Expansion Drive Steady Growth in FY26F (OVERWEIGHT)
We expect govt fiscal expansion to boost gradual demand recovery, while store expansion remains the key growth driver for retailers in FY26F.
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MAP Aktif Adiperkasa (MAPA.IJ) - Decent Growth Outlook Amid a Consolidation Year
We see the company’s consolidation and efficiency initiatives this year as positive, as they could lay the foundation for stronger growth esp in...
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Retail: 3Q25 Preview: Steady Revenue, But Earnings May Come Under Pressure (OVERWEIGHT)
As we expect margins to normalize, core profit growth is estimated to be flat yoy in 9M25, likely falling short of our estimates. Maintain...
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Retailers Boost Promotions as FMCG Prices Rise Ahead of Eid Festive (OVERWEIGHT)
Retailers have offered healthy promotions Ytd, while we observed some FMCG price increases ahead of the Eid Festive season.
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MAP Aktif - Store Expansions and Cost Efficiency Drive FY24-26F Est. And TP Upgrade
New store openings and cost management initiatives drove solid 9M24 net profit growth of 8.4% yoy. We increased our FY24/25F net profit estimates...
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