Matahari Department Store (Initiation)- High Quality Retailer at a Reasonable Price

Quality-Value Investing

Marc Melendez, CFA

Emerging Market Small and Mid Cap Equities

Reperio Capital

Reperio Capital Research was founded in 2013 with the goal of better serving the investment community with in-depth, high quality, value oriented research.

Reperio means to discover in latin. Using value investing principles, we aim to discover a minimum of 12 investment opportunities per year within the Emerging Markets Small and Mid Cap universe.

We take a business owners perspective with a long term investment horizon. We conduct bottom up, fundamental research. We focus on downside risks and require a significant margin of safety in any investment to prevent the permanent loss of capital. All factors differentiating our research from the short term, trading focus of traditional research providers.

Equity Bottom-Up

Matahari Department Store / Equity Bottom-Up

<h2>EXECUTIVE SUMMARY</h2><p><a href="https://www.smartkarma.com/entities/5230" target="_blank" data-smartkarma-citation="entities:5230:1">PT Matahari Department Store (LPPF IJ)</a> recently reported Q1 2018 results. The company’s Q1 2018 results positives were an increase in SSSG, an increase in consignment sales gross margin, a slowing of growth of the company’s largest operating expenses (rent and salaries), and improved capital efficiency. The negatives were a decline in the store pipeline, the contraction of direct sales gross margin, and the compression of operating margin.</p><p>The company is one of the most…</p>

EXECUTIVE SUMMARYPT Matahari Department Store (LPPF IJ) recently reported Q1 2018 results. The company’s Q1 2018 results positives were an increase in SSSG, an increase in consignment sales gross margin, a slowing of growth of the company’s largest operating expenses (rent and salaries), and improved capital efficiency. The negatives were a decline in the store pipeline, the contraction of direct sales gross margin, and the compression of operating margin.The company is one of the most…

Matahari Department Store Q1 2018 Results Review