BNIS Daily Report of February 23, 2021
LPPF: 2021 Remains A Challenging Year
What is new?
We reiterated our SELL rating for Matahari Department Store (LPPF IJ) following the weak 4Q20 results. Management expects challenging milieu to continue in 2021F. Our new TP at Rp950, pegged the stock at FY21F P/E of 17.64x.
- FY20 Net Profit significantly below estimate
- Subdued outlook in FY21
- Reiterate SELL rating on LPPF, new TP at Rp950/share.
Analyst: William Siregar (firstname.lastname@example.org)