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Mitra Adiperkasa

Mitra Adiperkasa is an Indonesian retail company with a diversified portfolio that includes department stores, fashion, sports equipment, food & beverages, supermarkets as well as lifestyle products. Mitra Adiperkasa has more than 2,200 retail outlets, that contain over 150 brands, in 65 cities across Indonesia. The company is franchise holder of various and numerous well-known global brands such as Starbucks, Burger King, Domino's Pizza, Zara and Nine West.

Industry Sector	Trade, Services & Investment
Industry Sub Sector	Retail Trade
Established	23 January 1995
Listed	10 November 2004
Listed Company Code	MAPI
Listed Shares	1,660,000,000
Dividend	Yes
Major Shareholders (>5%)	Satya Mulia Gema Gemilang (56.00%)
Key Subsidiaries	Premier Capital InvestmentPanen Lestari InternusaSari Food Lestari Panen Cosmetics Indonesia

Stock Quote Mitra Adiperkasa - MAPI:

Business Summary

At 62 percent, sales from specialty stores delivers the largest contribution to Mitra Adiperkasa's net sales, followed by sales from department stores (23 percent), and food & beverages (13 percent).

Mitra Adiperkasa's financial performance is highly dependent on the development of Indonesia's middle class as this constitutes an important consumer force. According to the Boston Consulting Group, the country's middle class will grow from 74 million in 2012 to 141 million by 2020.

Mitra Adiperkasa's Financial Highlights:

	2014	2015	2016	2017	2018
Net Revenues	11,822	12,833	14,150	16,306
Gross Profit	5,470	6,002	6,873	7,856
Net Income (loss)	79	37	208	350
Operating Income
EBITDA
Total Assets	8,700	9,483	10,683	11,425
Total Liabilities	6,168	6,508	7,479	7,183
Earnings per Share¹	48	23	126	202
Dividend per Share¹	20

	2009	2010	2011	2012	2013
Net Revenues	4,112	4,713	5,890	7,585	9,734
Gross Profit	2,057	2,376	3,043	3,859	4,849
Net Income (loss)	164	201	360	433	328
Operating Income	308	449	622	761	751
EBITDA	558	711	910	1,114	1,215
Total Assets	3,379	3,670	4,415	5,991	7,808
Total Liabilities					5,424
Earnings per Share¹	99	121	217	261	197
Dividend per Share¹			20	35	43

^{in billion IDR rupiah unless stated otherwise}^{¹ in IDR rupiah}^{Source: Mitra Adiperkasa, Annual Report 2017}

Projection Future Corporate Earnings of Mitra Adiperkasa:

	2018	2019F	2020F	2021F
Net Revenues	18,921.0	20,077.0	21,798.0	23,304.0
EBITDA	1,888.0	2,349.0	2,617.0	2,943.0
Net Profit	735.0	982.0	1,172.0	1,331.0
P/E Ratio (x)	25.2	18.8	15.8	13.9
P/BV (%)	3.4	2.9	2.4	2.1