ASEAN (Indo) & China-focused. Ex-Deputy HoR UBS.

Johannes Salim, CFA

Equity Bottom-Up

Matahari Putra Prima Tbk PT / Equity Bottom-Up

<ul><li>Conference call with <a href="https://www.smartkarma.com/entities/18045" target="_blank" data-smartkarma-citation="entities:18045:1">PT Matahari Putra Prima (MPPA IJ)</a> reveals negative SSSG in 1H17 and Lebaran holiday for the company.</li><li>Management though does not see a shift-to-online as a big factor (yet) impacting its SSSG.</li><li>Turnaround timeline remains uncertain given negative SSSG for three consecutive years.</li><li>Thus, we think it is too early to bet on MPPA's turnaround story as the stock trades at 20.6x 2018 PE.</li></ul>

Conference call with PT Matahari Putra Prima (MPPA IJ) reveals negative SSSG in 1H17 and Lebaran holiday for the company.Management though does not see a shift-to-online as a big factor (yet) impacting its SSSG.Turnaround timeline remains uncertain given negative SSSG for three consecutive years.Thus, we think it is too early to bet on MPPA's turnaround story as the stock trades at 20.6x 2018 PE.

Matahari Putra Prima: Turnaround Timeline Uncertain