Equity Analysis /
Indonesia

ID : Mitra Adi Perkasa - Strong rebound when mobility resumes

    CGS-CIMB
    12 April 2022
    Published byCGS-CIMB

    MAPI posted 4Q21 NP of Rp522bn, a turnaround from a Rp355bn net loss in 3Q21 (4Q20: Rp52bn NP) on the back of much improved traffic and margins. Its gross revenue recovered the fastest among peers amid a recovery economy, fully benefitting from improved mall traffic, in line with our thesis. Further easing of mobility restrictions in 2022F should thus be a boon to MAPI. Reiterate Add with an unchanged TP.