October 3, 2013
9
Figure 17: Different variety of product offerings in hopes to lure more customers in
Figure 18: Outdoor and indoor scene from a local outlet
SOURCES: CIMB, COMPANY REPORTS SOURCES: CIMB, COMPANY REPORTS
Figure 19: Sector Comparisons
Current Target local
curr local
curr CY13
CY14 CY13
CY14 CY13
CY14 CY13
CY14
Ace Hardware Indonesia ACES IJ Underperform
690.0 640.0 1,026
27.2 22.7
8.2 6.01
4.88 26.0
23.7 0.6
0.6 Matahari Department Store
LPPF IJ Outperform
11,500 14,300 2,910
29.1 20.2
36.3 na
79.16 -86.9 -933.3
0.0 1.4
Mitra Adi perkasa MAPI IJ
Outperform 6,250
5,850 900 20.8
16.5 15.8
3.99 3.30
22.2 21.9
0.6 0.7
Modern Internasional MDRN IJ
Outperform 810.0
900.0 292 62.2
45.0 24.2
3.30 3.12
5.8 7.1
0.5 0.7
Ramayana Lestari RALS IJ
Outperform 1,190
1,300 732 17.6
15.4 9.1
2.59 2.39
16.2 16.1
3.0 3.4
Indonesia Average 31.4
23.9 18.7
4.0 3.4
17.5 17.2
0.9 1.3
Dairy Farm Intl DFI SP
Neutral 10.11
12.23 13,669 27.2
23.5 14.1
9.87 8.57
38.9 39.0
2.5 3.0
Parkson Retail Asia PRA SP Underperform
1.13 1.38 613
18.8 16.1
8.7 2.89
2.65 16.2
17.2 2.7
3.1 Sheng Siong Group
SSG SP Outperform
0.65 0.77 721
22.6 19.6
14.3 5.77
5.60 26.3
28.9 4.0
4.6
Singapore Average 26.5
22.9 13.8
8.73 7.69
35.1 35.8
2.6 3.0
Big C Supercentre BIGC TB Underperform
207.0 217.0 5,460
26.7 22.3
14.4 4.69
4.05 19.2
19.5 1.0
1.2 CP All PCL
CPALL TB Outperform
37.00 54.00 10,626
28.3 20.9
22.6 11.75
10.01 43.3
51.7 2.4
3.6 Home Product Center
HMPRO TB Neutral
13.00 15.00 3,416
37.3 26.9
31.6 8.49
6.51 25.8
27.4 0.1
0.2 Robinson Department Store
ROBINS TB Neutral
53.75 67.00 1,909
25.9 19.3
24.0 5.25
4.45 21.7
24.9 1.5
1.6 Siam Global House
GLOBAL TB Outperform
18.30 32.50 1,529
36.5 22.9
72.3 4.62
3.97 13.1
18.7 0.7
1.2
Thailand Average 29.1
21.9 23.7
7.27 6.13
26.8 30.3
1.6 2.2
H-share listed department stores Sa Sa International Holdings
178 HK Outperform
9.04 9.20 3,302
27.5 23.3
16.9 11.98
10.45 46.3
47.9 2.6
3.0 Samsonite Intl S.A.
1910 HK Outperform
21.95 26.00 3,983
20.0 17.1
27.4 3.70
3.26 18.7
20.3 1.2
1.5 Golden Eagle Retail Group
3308 HK Outperform
12.42 13.00 2,976
14.5 13.1
12.9 3.62
3.53 24.4
27.4 1.7
1.9 Intime Retail
1833 HK Outperform
8.62 11.50 2,229
14.9 12.6
18.1 1.87
1.69 12.4
14.0 3.0
3.2 Parkson Retail Group
3368 HK Underperform 3.15
2.20 1,140 11.2
11.2 -7.0
1.23 1.21
11.0 10.9
2.0 2.0
Springland Intl 1700 HK
Neutral 4.31
4.40 1,390 11.7
10.5 12.0
1.81 1.57
16.4 16.9
5.1 5.7
Hongkong Average 13.5
12.1 9.9
