MAPI: Stronger Than Ever, Maintain BUY with Higher TP of Rp1,300
04 Apr 2019
MAPI: Stronger Than Ever, Maintain BUY with Higher TP of Rp1,300
We made a slight uptick in our projection to reflect stellar FY18 result and favorable outlook and come up with new higher TP of Rp1,300/ share (from Rp1,100/share). This implies a valuation target of PER and EV/EBITDA 16.8x and 8.0x FY19F, respectively. Based on yesterday’s closing price of Rp 995, the stock is trading at 13.5x and 5.7x PER and EV/EBITDA 2019F, respectively. Hence we believe this is the right time to BUY the stock.
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