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Analyst Research Report Snapshot


Multipolar - Multi benefits




Bahana Securities


16 May 2014





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In 1975, Multipolar was established by the Lippo group as an electronic retailer, before being listed on the IDX in 1989 as the first IT company. Today, MLPL has been transformed into Lippo’s holding company for its retail, multimedia, telecommunication, technology and banking businesses (exhibit 6). The main contributor to the top line is Matahari Putra Prima (80% of MLPL’s revenue). Despite the 22% increase in minimum wages and fuel price hike in 2013, MPPA cut its operating expenses by 16%. This resulted in the EBIT rising by 224% y-y, and the EBIT margin increasing from 1.1% in 2012 to 3.3% in 2013. MPPA has allocated IDR1.4tn to open 20 Hypermart stores, 20 Boston branches and 4 foodmart branches in 2014. MPPA is also testing the market for 27 foodmart express stores in Kalimantan. In 2013, MPPA had a total number of 204 stores (exhibit 9), comprising 100 Hypermart outlets (35% market share, exhibit 10), 30 Foodmart chains and 74 Boston branches. In a testimony to MPPA’s strong performance, the company distributed dividends of IDR186/share and will pay out another IDR186/share in special dividends, paving the way for MLPL (due to its 50.23% stake in MPPA) to be eligible for total dividends of IDR792bn.

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