Reported Earnings • May 05
First quarter 2026 earnings released First quarter 2026 results: Revenue: Rp2.49t (up 3.8% from 1Q 2025). Net income: Rp692.1b (up 7.6% from 1Q 2025). Profit margin: 28% (up from 27% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Multiline Retail industry in Indonesia. Board Change • May 03
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Commissioner Hasan Soedjono was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to Rp1,650, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 18x in the Multiline Retail industry in Indonesia. Total loss to shareholders of 38% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Rp1,591 per share. Declared Dividend • Apr 18
Dividend reduced to Rp250 Dividend of Rp250 is 17% lower than last year. Ex-date: 24th April 2026 Payment date: 4th May 2026 Dividend yield will be 13%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by both earnings (83% earnings payout ratio) and cash flows (44% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 21% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Apr 17
PT Matahari Department Store Tbk announces Annual dividend, payable on May 04, 2026 PT Matahari Department Store Tbk announced Annual dividend of IDR 250.0000 per share payable on May 04, 2026, ex-date on April 24, 2026 and record date on April 27, 2026. Buy Or Sell Opportunity • Apr 13
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 8.3% to Rp1,950. The fair value is estimated to be Rp1,590, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.2% over the last 3 years. Earnings per share has declined by 16%. For the next 3 years, revenue is forecast to grow by 3.9% per annum. Earnings are also forecast to grow by 7.2% per annum over the same time period. Duyuru • Mar 10
PT Matahari Department Store Tbk, Annual General Meeting, Apr 15, 2026 PT Matahari Department Store Tbk, Annual General Meeting, Apr 15, 2026. Buy Or Sell Opportunity • Mar 05
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to Rp1,920. The fair value is estimated to be Rp1,591, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.2% over the last 3 years. Earnings per share has declined by 16%. For the next 3 years, revenue is forecast to grow by 3.9% per annum. Earnings are also forecast to grow by 7.2% per annum over the same time period. Price Target Changed • Mar 02
Price target increased by 9.9% to Rp1,663 Up from Rp1,513, the current price target is an average from 4 analysts. New target price is 12% below last closing price of Rp1,895. Stock is up 17% over the past year. Reported Earnings • Mar 02
Full year 2025 earnings: Revenues miss analyst expectations Full year 2025 results: Revenue: Rp5.78t (down 9.6% from FY 2024). Net income: Rp725.4b (down 12% from FY 2024). Profit margin: 13% (in line with FY 2024). Revenue missed analyst estimates by 3.3%. Revenue is forecast to grow 3.5% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Multiline Retail industry in Indonesia. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has fallen by 28% per year, which means it is performing significantly worse than earnings. New Risk • Oct 31
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 98% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (98% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Oct 31
Third quarter 2025 earnings released: Rp1.29 loss per share (vs Rp1.70 loss in 3Q 2024) Third quarter 2025 results: Rp1.29 loss per share (improved from Rp1.70 loss in 3Q 2024). Revenue: Rp1.02t (down 12% from 3Q 2024). Net loss: Rp2.89b (loss narrowed 25% from 3Q 2024). Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Multiline Retail industry in Indonesia. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has fallen by 29% per year, which means it is performing significantly worse than earnings. Duyuru • Apr 11
PT Matahari Department Store Tbk announces Annual dividend, payable on April 29, 2025 PT Matahari Department Store Tbk announced Annual dividend of IDR 300.0000 per share payable on April 29, 2025, ex-date on April 22, 2025 and record date on April 23, 2025. Duyuru • Mar 05
PT Matahari Department Store Tbk, Annual General Meeting, Apr 10, 2025 PT Matahari Department Store Tbk, Annual General Meeting, Apr 10, 2025. Location: jakarta Indonesia Duyuru • Feb 26
PT Matahari Department Store Tbk to Report Fiscal Year 2024 Results on Mar 07, 2025 PT Matahari Department Store Tbk announced that they will report fiscal year 2024 results on Mar 07, 2025 Reported Earnings • Nov 01
Third quarter 2024 earnings released: Rp1.69 loss per share (vs Rp23.61 loss in 3Q 2023) Third quarter 2024 results: Rp1.69 loss per share (improved from Rp23.61 loss in 3Q 2023). Revenue: Rp1.16t (up 3.2% from 3Q 2023). Net loss: Rp3.83b (loss narrowed 93% from 3Q 2023). Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Multiline Retail industry in Indonesia. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 24% per year, which means it is performing significantly worse than earnings. Price Target Changed • Jul 28
Price target decreased by 8.0% to Rp1,650 Down from Rp1,793, the current price target is an average from 7 analysts. New target price is 13% above last closing price of Rp1,455. Stock is down 56% over the past year. The company is forecast to post earnings per share of Rp320 for next year compared to Rp298 last year. Reported Earnings • Jul 26
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: Rp1.78t (down 26% from 2Q 2023). Net income: Rp300.1b (down 49% from 2Q 2023). Profit margin: 17% (down from 24% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Multiline Retail industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Jul 12
Now 21% overvalued Over the last 90 days, the stock has fallen 20% to Rp1,505. The fair value is estimated to be Rp1,247, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.5% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 0.2% in 2 years. Earnings are forecast to decline by 1.2% in the next 2 years. Duyuru • Jul 11
PT Matahari Department Store Tbk to Report First Half, 2024 Results on Jul 25, 2024 PT Matahari Department Store Tbk announced that they will report first half, 2024 results on Jul 25, 2024 Reported Earnings • May 05
First quarter 2024 earnings released: EPS: Rp144 (vs Rp44.32 in 1Q 2023) First quarter 2024 results: EPS: Rp144 (up from Rp44.32 in 1Q 2023). Revenue: Rp1.97t (up 37% from 1Q 2023). Net income: Rp326.0b (up 222% from 1Q 2023). Profit margin: 17% (up from 7.0% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Multiline Retail industry in Asia. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to Rp1,505, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 17x in the Multiline Retail industry in Asia. Total returns to shareholders of 11% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Rp1,532 per share. Board Change • Apr 07
High number of new directors Independent Commissioner Hasan Soedjono was the last director to join the board, commencing their role in the last week. Duyuru • Apr 06
PT Matahari Department Store Tbk to Report Q1, 2024 Results on Apr 30, 2024 PT Matahari Department Store Tbk announced that they will report Q1, 2024 results on Apr 30, 2024 Declared Dividend • Apr 05
Dividend reduced to Rp200 Dividend of Rp200 is 62% lower than last year. Ex-date: 22nd April 2024 Payment date: 29th April 2024 Dividend yield will be 11%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is not covered by earnings (125% earnings payout ratio). However, it is covered by cash flows (68% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 39% to bring the payout ratio under control. EPS is expected to grow by 49% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Price Target Changed • Feb 29
Price target decreased by 14% to Rp2,080 Down from Rp2,413, the current price target is an average from 8 analysts. New target price is 16% above last closing price of Rp1,800. Stock is down 64% over the past year. The company is forecast to post earnings per share of Rp329 for next year compared to Rp298 last year. Duyuru • Feb 27
PT Matahari Department Store Tbk, Annual General Meeting, Apr 03, 2024 PT Matahari Department Store Tbk, Annual General Meeting, Apr 03, 2024. Reported Earnings • Feb 27
Full year 2023 earnings released: EPS: Rp298 (vs Rp582 in FY 2022) Full year 2023 results: EPS: Rp298 (down from Rp582 in FY 2022). Revenue: Rp6.54t (up 1.3% from FY 2022). Net income: Rp675.4b (down 51% from FY 2022). Profit margin: 10% (down from 21% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Multiline Retail industry in Asia. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Feb 13
Now 20% undervalued Over the last 90 days, the stock has risen 15% to Rp1,950. The fair value is estimated to be Rp2,438, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.0% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 15% in 2 years. Earnings are forecast to grow by 13% in the next 2 years. Price Target Changed • Feb 07
Price target decreased by 7.7% to Rp2,333 Down from Rp2,529, the current price target is an average from 6 analysts. New target price is 13% above last closing price of Rp2,060. Stock is down 58% over the past year. The company is forecast to post earnings per share of Rp353 for next year compared to Rp582 last year. Duyuru • Feb 01
PT Matahari Department Store Tbk to Report Fiscal Year 2023 Results on Feb 26, 2024 PT Matahari Department Store Tbk announced that they will report fiscal year 2023 results on Feb 26, 2024 Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to Rp2,010, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 15x in the Multiline Retail industry in Asia. Total returns to shareholders of 88% over the past three years. Valuation Update With 7 Day Price Move • Nov 02
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to Rp1,905, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 15x in the Multiline Retail industry in Asia. Total returns to shareholders of 161% over the past three years. Reported Earnings • Oct 28
Third quarter 2023 earnings released: Rp23.62 loss per share (vs Rp57.71 profit in 3Q 2022) Third quarter 2023 results: Rp23.62 loss per share (down from Rp57.71 profit in 3Q 2022). Revenue: Rp1.13t (down 6.2% from 3Q 2022). Net loss: Rp53.4b (down 139% from profit in 3Q 2022). Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Multiline Retail industry in Asia. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Oct 26
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from Rp6.98b to Rp6.89b. EPS estimate also fell from Rp526 per share to Rp470 per share. Net income forecast to shrink 0.09% next year vs 19% growth forecast for Multiline Retail industry in Indonesia . Consensus price target down from Rp3,804 to Rp3,104. Share price was steady at Rp2,400 over the past week. Price Target Changed • Oct 24
Price target decreased by 17% to Rp3,429 Down from Rp4,114, the current price target is an average from 8 analysts. New target price is 41% above last closing price of Rp2,440. Stock is down 46% over the past year. The company is forecast to post earnings per share of Rp500 for next year compared to Rp582 last year. Price Target Changed • Oct 09
Price target decreased by 7.5% to Rp4,283 Down from Rp4,628, the current price target is an average from 10 analysts. New target price is 78% above last closing price of Rp2,410. Stock is down 45% over the past year. The company is forecast to post earnings per share of Rp552 for next year compared to Rp582 last year. New Risk • Aug 02
New minor risk - Financial position The company has negative equity. Total equity: -Rp160b This is considered a minor risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. It should be noted that some of the negative equity could be due to large buybacks of stock, which is not as much of a risk as a company with overwhelming debt, but likewise is not sustainable in the long-term. Currently, the following risks have been identified for the company: Minor Risks Negative equity (-Rp160b). Dividend is not well covered by earnings (105% payout ratio). Price Target Changed • Aug 01
Price target decreased by 13% to Rp4,753 Down from Rp5,439, the current price target is an average from 9 analysts. New target price is 60% above last closing price of Rp2,970. Stock is down 33% over the past year. The company is forecast to post earnings per share of Rp567 for next year compared to Rp582 last year. New Risk • Jul 30
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 108% Cash payout ratio: 92% Dividend yield: 16% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 108% Cash payout ratio: 92% Minor Risks Negative equity (-Rp160b). Reported Earnings • Jul 29
Second quarter 2023 earnings released: EPS: Rp246 (vs Rp326 in 2Q 2022) Second quarter 2023 results: EPS: Rp246 (down from Rp326 in 2Q 2022). Revenue: Rp2.41t (down 2.7% from 2Q 2022). Net income: Rp582.6b (down 25% from 2Q 2022). Profit margin: 24% (down from 31% in 2Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Multiline Retail industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to Rp4,190, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 17x in the Multiline Retail industry in Asia. Total returns to shareholders of 269% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Rp3,489 per share. Upcoming Dividend • Apr 03
Upcoming dividend of Rp525 per share at 10% yield Eligible shareholders must have bought the stock before 10 April 2023. Payment date: 17 April 2023. Payout ratio is on the higher end at 90%, however this is supported by cash flows. Trailing yield: 10%. Within top quartile of Indonesian dividend payers (5.1%). Higher than average of industry peers (2.2%). Reported Earnings • Mar 08
Full year 2022 earnings: Revenues miss analyst expectations Full year 2022 results: Revenue: Rp6.45t (up 16% from FY 2021). Net income: Rp1.38t (up 52% from FY 2021). Profit margin: 21% (up from 16% in FY 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 8.9%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Multiline Retail industry in Asia. Duyuru • Feb 13
PT Matahari Department Store Tbk to Report Q4, 2022 Results on Feb 24, 2023 PT Matahari Department Store Tbk announced that they will report Q4, 2022 results on Feb 24, 2023 Board Change • Nov 16
High number of new and inexperienced directors There are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. 2 experienced directors. 1 highly experienced director. President Director Bunjamin Mailool is the most experienced director on the board, commencing their role in 2009. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Major Estimate Revision • Oct 27
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from Rp7.13b to Rp7.03b. EPS estimate rose from Rp475 to Rp541. Net income forecast to shrink 8.6% next year vs 8.5% growth forecast for Multiline Retail industry in Indonesia . Consensus price target down from Rp5,707 to Rp5,465. Share price rose 2.6% to Rp4,720 over the past week. Reported Earnings • Oct 21
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: Rp1.20t (up 134% from 3Q 2021). Net income: Rp135.7b (up Rp229.5b from 3Q 2021). Profit margin: 11% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Multiline Retail industry in Asia. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 10
Investor sentiment improved over the past week After last week's 17% share price gain to Rp4,400, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 15x in the Multiline Retail industry in Asia. Total returns to shareholders of 17% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Rp4,292 per share. Duyuru • Oct 06
PT Matahari Department Store Tbk to Report Nine Months, 2022 Results on Oct 20, 2022 PT Matahari Department Store Tbk announced that they will report nine months, 2022 results on Oct 20, 2022 Reported Earnings • Jul 25
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: Rp2.47t (up 2.8% from 2Q 2021). Net income: Rp773.3b (up 23% from 2Q 2021). Profit margin: 31% (up from 26% in 2Q 2021). The increase in margin was primarily driven by lower expenses. Over the next year, revenue is forecast to grow 37%, compared to a 11% growth forecast for the industry in Indonesia. Buying Opportunity • Jun 03
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 5.5%. The fair value is estimated to be Rp6,566, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 28% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 54% in 2 years. Earnings is forecast to grow by 27% in the next 2 years. Price Target Changed • May 03
Price target increased to Rp5,598 Up from Rp4,983, the current price target is an average from 10 analysts. New target price is approximately in line with last closing price of Rp5,800. Stock is up 249% over the past year. The company is forecast to post earnings per share of Rp452 for next year compared to Rp351 last year. Reported Earnings • Apr 30
First quarter 2022 earnings: Revenues miss analyst expectations First quarter 2022 results: Revenue: Rp1.29t (up 11% from 1Q 2021). Net income: Rp145.0b (up Rp240.4b from 1Q 2021). Profit margin: 11% (up from net loss in 1Q 2021). Revenue missed analyst estimates by 10%. Over the next year, revenue is forecast to grow 33%, compared to a 10% growth forecast for the industry in Indonesia. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Board Change • Apr 27
High number of new and inexperienced directors There are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. 2 experienced directors. 1 highly experienced director. President Director Bunjamin Mailool is the most experienced director on the board, commencing their role in 2009. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Major Estimate Revision • Mar 09
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from Rp7.54b to Rp7.34b. EPS estimate rose from Rp333 to Rp467. Net income forecast to grow 31% next year vs 28% growth forecast for Multiline Retail industry in Indonesia. Consensus price target up from Rp3,849 to Rp4,407. Share price rose 19% to Rp5,600 over the past week. Reported Earnings • Mar 08
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Revenue: Rp5.59t (up 15% from FY 2020). Net income: Rp912.9b (up Rp1.79t from FY 2020). Profit margin: 16% (up from net loss in FY 2020). The move to profitability was primarily driven by lower expenses. Revenue missed analyst estimates by 10%. Over the next year, revenue is forecast to grow 35%, compared to a 12% growth forecast for the retail industry in Indonesia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 104 percentage points per year, which is a significant difference in performance. Price Target Changed • Mar 08
Price target increased to Rp4,407 Up from Rp3,849, the current price target is an average from 11 analysts. New target price is 21% below last closing price of Rp5,600. Stock is up 323% over the past year. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improved over the past week After last week's 19% share price gain to Rp5,450, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 17x in the Multiline Retail industry in Asia. Total returns to shareholders of 57% over the past three years. Duyuru • Mar 04
Pt Matahari Department Store Tbk Recommends Dividend Payment for Full Year 2022 PT Matahari Department Store Tbk is recommending a dividend payment of IDR 500 per share for full year 2022. Duyuru • Mar 03
Pt Matahari Department Store Tbk Ordinary Shares to Be Deleted from Other OTC PT Matahari Department Store Tbk's Ordinary Shares will be deleted from other OTC effective from March 2, 2022 due to Inactive Security. Price Target Changed • Mar 02
Price target increased to Rp4,129 Up from Rp3,783, the current price target is an average from 11 analysts. New target price is 12% below last closing price of Rp4,700. Stock is up 246% over the past year. The company is forecast to post earnings per share of Rp207 next year compared to a net loss per share of Rp332 last year. Duyuru • Feb 26
PT Matahari Department Store Tbk, Annual General Meeting, Apr 05, 2022 PT Matahari Department Store Tbk, Annual General Meeting, Apr 05, 2022, at 03:00 Coordinated Universal Time. Price Target Changed • Dec 28
Price target increased to Rp3,639 Up from Rp3,329, the current price target is an average from 13 analysts. New target price is 7.6% below last closing price of Rp3,940. Stock is up 197% over the past year. The company is forecast to post earnings per share of Rp222 next year compared to a net loss per share of Rp332 last year. Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment improved over the past week After last week's 15% share price gain to Rp4,660, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 16x in the Multiline Retail industry in Asia. Total returns to shareholders of 15% over the past three years. Reported Earnings • Nov 06
Third quarter 2021 earnings released The company reported a decent third quarter result with reduced losses and improved control over expenses, although revenues were weaker. Third quarter 2021 results: Revenue: Rp514.9b (down 52% from 3Q 2020). Net loss: Rp93.8b (loss narrowed 64% from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Price Target Changed • Nov 02
Price target increased to Rp2,521 Up from Rp2,326, the current price target is an average from 13 analysts. New target price is 18% below last closing price of Rp3,070. Stock is up 223% over the past year. The company is forecast to post earnings per share of Rp222 next year compared to a net loss per share of Rp332 last year. Price Target Changed • Sep 18
Price target increased to Rp2,388 Up from Rp2,189, the current price target is an average from 12 analysts. New target price is 20% below last closing price of Rp2,990. Stock is up 171% over the past year. Board Change • Sep 15
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 3 experienced directors. 1 highly experienced director. President Director Bunjamin Mailool is the most experienced director on the board, commencing their role in 2009. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Aug 31
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: Rp2.41t (up 242% from 2Q 2020). Net income: Rp627.8b (up Rp891.7b from 2Q 2020). Profit margin: 26% (up from net loss in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Price Target Changed • Jul 03
Price target increased to Rp1,297 Up from Rp1,193, the current price target is an average from 14 analysts. New target price is 35% below last closing price of Rp1,980. Stock is up 34% over the past year. Price Target Changed • May 30
Price target increased to Rp1,164 Up from Rp1,080, the current price target is an average from 14 analysts. New target price is 33% below last closing price of Rp1,735. Stock is up 20% over the past year. Price Target Changed • May 08
Price target increased to Rp1,080 Up from Rp990, the current price target is an average from 14 analysts. New target price is 37% below last closing price of Rp1,705. Stock is up 36% over the past year. Price Target Changed • Apr 17
Price target increased to Rp990 Up from Rp905, the current price target is an average from 12 analysts. New target price is 34% below last closing price of Rp1,510. Stock is up 2.0% over the past year. Is New 90 Day High Low • Mar 16
New 90-day high: Rp1,465 The company is up 7.0% from a price of Rp1,370 on 16 December 2020. Outperformed the Indonesian market which is up 4.0% over the last 90 days. Exceeded the Multiline Retail industry, which is up 4.0% over the same period. Simply Wall St's valuation model estimates the intrinsic value at Rp1,259 per share. Reported Earnings • Feb 19
Full year 2020 earnings released: Rp332 loss per share (vs Rp492 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: Rp4.84t (down 53% from FY 2019). Net loss: Rp873.2b (down 164% from profit in FY 2019). Like-for-like sales growth: Down 52.4% vs FY 2019 Over the last 3 years on average, earnings per share has fallen by 71% per year but the company’s share price has only fallen by 50% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Feb 19
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates by 47%. Over the next year, revenue is forecast to grow 52%, compared to a 8.5% growth forecast for the Multiline Retail industry in Indonesia. Price Target Changed • Feb 04
Price target lowered to Rp940 Down from Rp1,627, the current price target is an average from 13 analysts. The new target price is 18% below the current share price of Rp1,150. As of last close, the stock is down 65% over the past year. Price Target Changed • Nov 08
Price target lowered to Rp1,687 Down from Rp1,826, the current price target is an average from 13 analysts. The new target price is 108% above the current share price of Rp810. As of last close, the stock is down 78% over the past year. Price Target Changed • Nov 06
Price target lowered to Rp1,686 Down from Rp1,826, the current price target is an average from 14 analysts. The new target price is 94% above the current share price of Rp870. As of last close, the stock is down 76% over the past year. Is New 90 Day High Low • Nov 06
New 90-day low: Rp870 The company is down 29% from its price of Rp1,230 on 07 August 2020. The Indonesian market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Multiline Retail industry, which is down 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is Rp1,139 per share. Reported Earnings • Oct 25
Third quarter earnings released Over the last 12 months the company has reported total losses of Rp436.2b, with earnings decreasing by Rp1.23t from the prior year. Total revenue was Rp5.78t over the last 12 months, down 44% from the prior year. Is New 90 Day High Low • Sep 29
New 90-day low: Rp1,025 The company is down 36% from its price of Rp1,595 on 01 July 2020. The Indonesian market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Multiline Retail industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is Rp2,688 per share. Duyuru • Sep 21
PT Matahari Department Store Tbk(IDX:LPPF) dropped from FTSE All-World Index (USD) PT Matahari Department Store Tbk(IDX:LPPF) dropped from FTSE All-World Index (USD) Duyuru • Jun 29
PT Matahari Department Store Tbk to Report Q1, 2020 Results on Jun 30, 2020 PT Matahari Department Store Tbk announced that they will report Q1, 2020 results on Jun 30, 2020 
