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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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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Retail: 3Q24 Preview: Solid Growth, Normalized Margins; Expect Strong Results from ACES and MIDI
We expect solid 3Q24 rev. growth (12.5% yoy) with normalized margins driving retailers to fetch 9M24 core profit growth of 3.9% yoy (in line).
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Retail: Jul-Sep24 Retail Channel Checks: Sports Brands Drive Promotions, Fashion Discount End
Our retail channel checks from July to early Sept24 indicate ongoing promotions for Sports Brands, while Fashion disc. ended in mid-Aug24.
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Retail: 2Q24 Preview: ACES and MIDI Shine, MAPA/MAPI May Face Challenges (OVERWEIGHT)
ACES and MIDI reported solid 2Q24 SSSG, which leads us to expect robust core profit growth of +23% and +21% yoy, respectively.
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