In today’s briefing:
- Ramayana Lestari Sentosa (RALS IJ) -A Challenging Transformation Process
- Morning Views Asia: Anton Oilfield, China Jinmao Holdings, Pan Brothers, Tata Motors ADR
Ramayana Lestari Sentosa (RALS IJ) -A Challenging Transformation Process
- Iconic Indonesian mass-market department store retailer Ramayana Lestari Sentosa (RALS IJ) has struggled with sluggish growth this year, especially over Lebaran but management remains confident in some recovery in 2H2023.
- The company embarked on transformation pre-pandemic but COVID put a brake on this change and forced a number of stores to close and resurrection has begun again but slowly.
- Ramayana is taking a conservative approach this year, opting not to expand its store network as anticipates weakened purchasing power but pre-election spending could provide a boost. Valuations are attractive.
Morning Views Asia: Anton Oilfield, China Jinmao Holdings, Pan Brothers, Tata Motors ADR
Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.
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