In Riset

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.


Key Highlights:

  • FY20 Net Profit significantly below estimate
  • Subdued outlook in FY21
  • Reiterate SELL rating on LPPF, new TP at Rp950/share.


Analyst: William Siregar (