Multi Indocitra, Tbk - PT. PEFINDO

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“Disclaimer statement in the last page is an integral part of this report” www.pefindo.com Figure 2: MICE’s Distribution Coverage Modern market: 15.500 outlet General trade: 21.000 outlet Source: PT Multi Indocitra Tbk., Pefindo Equity & Index Valuation Division Multi Indocitra, Tbk Jabodetabek Remains Fascinating Market In the last three years period, MICE’s revenue successfully soared by 17% CAGR. It continued in 1H12, in which MICE recorded 18% YoY revenue growth or equivalent to Rp 265 billion. From that figure, Jabodetabek takes a major contribution with 39% to MICE’s total revenue. It is the followed by Sumatera of 14%, East Java of 13%, Central Java of 10%, West Java of 9%, Sulawesi of 7%, Kalimantan and Bali of 5% and 3%. As the business that relies on people purchasing power, we eye that MICE’s market positioning in Jabodetabek is appropriate since the economic growth in Jabodetabek continues to rise. As of 1H12, the economic growth in that region was cumulatively 6.6% YoY. Figure 3: MICE’s Sales by Area Source: PT Multi Indocitra Tbk., Pefindo Equity & Index Valuation Division October 18 th , 2012 Page 6 of 11
FINANCE “Disclaimer statement in the last page is an integral part of this report” www.pefindo.com Multi Indocitra, Tbk Operating and Net Profit are above Expectation During 2011, MICE’s revenue growth soared by 10% YoY to reach Rp 465 billion compared to the same period last year, slightly lower than our previous projection which was Rp 502 billion. It was mainly due to the decreasing sales in youth skin care products and export. However, from the profitability side such as operating and net profit, MICE’s achievement was above our projection at the period. MICE’s actual operating and net profit were Rp 53 billion and Rp 36 billion, while ours were Rp 52 billion and Rp 31 billion. Figure 4: MICE’s Projection vs Actual Performance 600 502 400 200 0 (in Rp billion) October 18 th , 2012 Page 7 of 11 465 53 53 31 36 Source: PT Multi Indocitra Tbk, Pefindo Equity & Index Valuation Division Positive Result in 1H12 MICE succeeded to book great performance in 1H12 in term of revenue and profitability such as gross, operating and net profit growth compared to 1H11 periods. It grew by 18% YoY, 12% YoY, 2% YoY and 6% YoY, respectively. We view that baby care product is still the main contributor to MICE’s total revenue at the period. It is followed by export, CFL (HORI) and youth skin care. To boost higher revenue growth, MICE has allocated around of Rp 70 billion for promotion, add new machines as well distribution channel. Considering robust demand of baby care products due to stable growth of birthrate and augmented with increasing people purchasing power in domestic, we believe MICE will be able to generate as much as Rp 532 billion in 2012, or reflecting 14% YoY of growth. Faster Inventory Turnover Leads Better Cash Conversion Cycle MICE managed to book better inventory turnover, in which indicate its success in converting inventory to sales. In 1H12, MICE’s inventory turnover reached 127 days, better than the same period last year which was 143 days. After considering the turnover of trade receivable and trade payable, MICE’s cash conversion cycle was getting better with 165 days, compared to 1H11 period which as long as 193 days. 200 150 100 Figure 5: MICE’s Inventory Turnover and Cash Conversion Cycle 50 0 143 193 127 1H11 1H12 Inventory Turnover Cash Conversion Cycle Source: PT Multi Indocitra Tbk., Pefindo Equity & Index Valuation Division 165 2011 (in days)
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Multi Indocitra, Tbk - PT. PEFINDO

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