ID : Mitra Adi Perkasa - MAPI as key recovery beneficiary affirmed

1Q21 sales declined 11% yoy, in line with expectation, with NP at Rp26bn (-50% qoq, +223% yoy), also broadly in line with estimates. This reaffirms our view that MAPI should recover the fastest vs. peers as mobility picks up; indeed, retail traffic has improved since Apr. Reiterate Add, with key upside and downside risks hinging on margin; we conservatively assume GPM will not recover to pre-Covid-19 levels in FY21F.

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