Steady Top Line
MAPI after the 2Q19 Eid Mubarak succeeded to post the 3Q19 revenues of IDR 5.3 trillion (+14.2% y-y, +1.1% q-q), backed by the specialty store segment (Active and Fashion) to contribute 70% to MAPI’s total revenues. The segment posted revenues of IDR3.8 trillion (+12% y-y, -1% q-q). Meanwhile, the F&B segment posted revenues of IDR794 billion (+17.7% y-y, +7.31%); this segment’s excellent performance inextricably also supported the 3Q19’s rising revenues. We view that Starbucks is still undefeatable by newly mushrooming coffee stores due to differently targeted buyers. The beverages segment, on a cumulative basis, posted sales to IDR1.4 trillion or an 18.8% y-y increase; meanwhile, the food segment cumulatively recorded sales to IDR616 billion (+15.4% y-y). Furthermore, the department store segment posted sales of IDR630 billion (-1.1% y-y, -6.35% q-q), the contraction of which is least likely to impact our optimistic view on MAPI. We infer that 2Q19 growth was attributable to Eid Mubarak momentum to allure more shoppers.
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