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“Disclaimer statement in the last page<br />
is an integral part of this report”<br />
www.pefindo.com<br />
<strong>Multi</strong> <strong>Indocitra</strong>, <strong>Tbk</strong><br />
Remarkable Performance of HORI<br />
Besides selling baby care products, MICE also provide CFL under the brand of<br />
HORI. The existence of HORI is considered a new player in national lamp<br />
industry. However, surprisingly, in the first year of its performance in 2010, HORI<br />
successfully generated Rp 33 billion of revenue. Later in 2011, HORI’s revenue<br />
soared by 31% YoY to reach Rp 43 billion, or in term of sales volume reached 2.5<br />
million units. Such condition reflects MICE’s ability to diversify its business line.<br />
For 2012, we estimate HORI’s sales volume could grow by 44% YoY to reach 3.6<br />
million units or around Rp 65 billion, citing strong demand of CFL as a result of<br />
growing property in Indonesia.<br />
Figure 6: HORI’s Revenue and CFL Consumption<br />
HORI’s Revenue<br />
Source: <strong>PT</strong> <strong>Multi</strong> <strong>Indocitra</strong> <strong>Tbk</strong> and Various Source Processed by Pefindo Equity Research Division<br />
CFL Consumption<br />
October 18 th , 2012 Page 8 of 11<br />
in million units<br />
350<br />
300<br />
250<br />
200<br />
150<br />
100<br />
50<br />
0<br />
200<br />
260<br />
320<br />
2010 2011 2012P<br />
MICE Business Prospect<br />
We are positive to view MICE’s business prospect in the years ahead based on<br />
these consideration: Indonesian economy managed to grow by 6.4% YoY in 1H12<br />
and estimated to reach 6.2% YoY by the end of 2012, stable growth of birthdate,<br />
huge number of young family generation, major portion of domestic sales as well<br />
as strong Pigeon brand as market leader in baby care products. Meanwhile, we<br />
view that the other MICE’s product line, CFL (HORI), also looks prospective<br />
underpinned by CFL market which is predicted to climb by 23% YoY or reach 320<br />
million units in 2012. By considering above factors and augmented with MICE’s<br />
vigorous promotion, we believe MICE will be able to record Rp 532 billion of<br />
revenue in 2012, or reflecting 14% YoY growth and 12% CAGR in 2011 – 2015<br />
periods.<br />
800<br />
700<br />
600<br />
500<br />
400<br />
300<br />
200<br />
100<br />
0<br />
Figure 7: MICE’s Revenue Estimation<br />
465<br />
532<br />
600<br />
665<br />
(in Rp billion)<br />
737<br />
2011 2012P 2013P 2014P 2015P<br />
MICE's Revenue<br />
Source: <strong>PT</strong> <strong>Multi</strong> <strong>Indocitra</strong> <strong>Tbk</strong>., Pefindo Equity & Index Valuation Division Estimates
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