Research & Stock Picks

Emiten Report

01 March 2023

By

The Rising Sun

LPPF mencatatkan performa yang solid di FY22, dengan angka pendapatan sebesar IDR 6.5 triliun (+15.5% yoy) dan laba bersih sebesar IDR 1.4 triliun (+51.5% yoy), sekaligus melampaui level prapandemi (FY19) (+1.2% lebih tinggi dari FY19). Kami meyakini LPPF akan kembali membukukan pertumbuhan positif di FY23F, didukung oleh sejumlah strategi perseroan (salah satunya pembukaan sejumlah gerai baru jelang Lebaran). Kami mempertahankan rekomendasi BUY untuk LPPF dengan TP IDR 5,800 (-0.5 SD rata-rata PE tiga tahun terakhir di luar masa pandemi (2020-2021)).  

 

Performa solid di FY22. Pada FY22, LPPF mencatatkan pertumbuhan pendapatan +15.5% yoy (SSSG: +20.8% yoy) menjadi IDR 6.5 triliun, sedikit di bawah ekspektasi (95.0% SSIF dan 93.4% konsensus). Namun, laba bersihnya (yang naik +51.5% menjadi IDR 1.4 triliun) berhasil melampaui ekspektasi kami (109.4% SSIF & 107.9% konsensus),  sekaligus melampaui level prepandemi (+1.2% lebih tinggi dari FY19). Di 4Q22 saja, LPPF berhasil membukukan pertumbuhan pendapatan (+23.9% qoq) dan laba bersih (+142.5% qoq) yang cukup memuaskan, didukung momentum Natal dan Tahun Baru.

 

Strategi dan proyeksi 2023. Di tahun ini (FY23F), LPPF berencana membuka 12 – 15 gerai baru, terutama di wilayah Jawa (Jawa menyumbang ~58.0% pendapatan LPPF di FY22), Angka ini lebih banyak dari jumlah gerai baru yang dibuka pada FY22 (10 gerai). Untuk memanfaatkan momen Lebaran (berdasarkan data kami, dalam 5 tahun terakhir, momen Lebaran menjadi salah satu pendorong utama kinerja LPPF), LPPF akan membuka 7 gerai baru sebelum Lebaran; 2 di Jawa Barat (Revo Town Bekasi dan Pollux Mall Chadstone Cikarang), 3 di Jawa Tengah (Uptown BSB City Semarang, The Park Semarang dan Sleman City Hall Yogjakarta), dan 2 di luar Jawa (Discovery Mall Bali dan Plaza Balikpapan). Di samping itu, LPPF juga akan terus membuka gerai premium di wilayah tier 1 (target pembukaan 3 gerai di 2023) serta meluncurkan SUKO (gerai pakaian dengan target kelas menengah atas, dengan rata-rata harga produk IDR 149K – 599K) pada bulan Mei 2023. Didukung strategi tersebut, kami meyakini LPPF akan kembali mencatatkan kinerja positif di FY23F, dengan proyeksi pertumbuhan pendapatan +13.4% yoy dan laba bersih +3.6% yoy .

 

BUY, TP IDR 5,800. Mempertimbangkan sejumlah faktor yang dijabarkan di atas, serta sejumlah aksi korporasi yang direncanakan perseroan (akan dibahas di halaman berikutnya), kami mempertahankan rekomendasi BUY untuk LPPF dengan TP IDR 5,800, yang merefleksikan 9.2x PE’23F dan -0.5 SD rata-rata PE tiga tahun terakhir di luar masa pandemi (2020-2021).

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