DOCSLIB.ORG

Matahari Putra Prima (MPPA IJ)

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Matahari Putra Prima (MPPA IJ) Indonesia Initiating Coverage 6 July 2021 Consumer Non-cyclical | Retail - Staples Matahari Putra Prima (MPPA IJ) Buy The Rising Phoenix; Initiate BUY Target Price (Return): IDR1,750 (+50%) Price: IDR1,170 Market Cap: USD606m Avg Daily Turnover (IDR/USD) 81,591m/5.66m Initiate coverage with a BUY and IDR1,750 TP, 50% upside. Matahari Putra Analysts Prima’s recent revamping of initiatives should help to transform its business and keep it ahead of competitors. A strong focus on digital initiatives – particularly Indonesia Research Team the collaboration with Indonesia’s largest technology group GoTo – will likely +6221 5093 9888 lead to greater monetisation from the e-groceries trend. Our SOP-based TP is [email protected] derived from 1.7x 2023F P/S (fresh products) and 11.0x 2023F EV/BITDA (non- fresh products). Possible additional investment from GoTo is a likely catalyst to its share price. Michael Setjoadi Internal business transformation on the cards. The company aims to strongly +6221 5093 9844 [email protected] focus on expanding sales of its fresh products. We are positive on this strategy given less intense competition in the segment and this strategy may work well, supported by its strong merchandising programme (ie partnership with Disney), Marco Antonius Indonesian Ulama Council’s (MUI) halal assurance system (HAS) and strong +6221 5093 9849 logistics facilities. The company will also continue its expansion with a new, [email protected] smaller efficient yet modern hypermarket format, yielding better productivity and efficiency. This should help MPPA penetrate into residential areas, as well as Tier II and III cities. Further, the integration of data analytics across all operations Share Performance (%) will allow for more business insight to enhance its value. YTD 1m 3m 6m 12m Tapping into the enormous potential of e-groceries. E-groceries have gained Absolute 1014.3 3.5 223.2 983.3 917.4 popularity since the pandemic, with the online to offline (O2O) strategy Relative 1013.9 4.5 222.6 985.5 896.7 performing better – particularly retail businesses – resulting in greater 52-wk Price low/high (IDR) 86.0 – 1,235 collaboration between offline and online players. In recognition of this, MPPA has launched its own platform to tap in digital opportunity. Furthermore, the Matahari Putra Prima (MPPA IJ) company currently has a presence in several online marketplace and e- Price Close Relative to Jakarta Composite Index (RHS) groceries apps – giving it the widest online footprint among offline retailers. We 1,400 1,200 expect online channel contribution to be stronger given MPPA’s aim of 1,200 1,029 increasing its digital stores on top of the GoTo collaboration. 1,000 857 Financial outlook: We forecast sales to grow by 9%, 16% and 19% in 2021- 800 686 2023 on the expectations of a full economic recovery kicking in and MPPA’s 600 514 initiatives bearing fruit. This also helped EBITDA margins to gradually improve from around 4-5% in 2020 to about 9-10% in 2023F. Also, this is in line with the 400 343 improvement of its bottomline, although we expect the company only to start 200 171 booking profit in 2023. With a strong balance profile, owing to better working 0 0 Jul-20 Jul-20 Oct-20 Apr-21 capital management, the company is expected to be in net cash position in Oct-20 Jan-21 Jan-21 Jun-21 Jun-21 Feb-21 Feb-21 Mar-21 Mar-21 Nov-20 Dec-20 Dec-20 Aug-20 Aug-20 Sep-20 Sep-20 May-21 FY21F. Risks to our call include rising new COVID-19 cases, slower-than- May-21 expected vaccine rollout leading to slower economic recovery, slower-than- Source: Bloomberg expected expansion, and increasing competition. Forecasts and Valuation Dec-19 Dec-20 Dec-21F Dec-22F Dec-23F Total turnover (IDRb) 8,655 6,748 7,351 8,494 10,085 Recurring net profit (IDRb) (580) (476) (338) (100) 186 Recurring net profit growth (%) (7.9) (17.9) (29.0) (70.3) - Recurring P/E (x) na na na na 52.00 P/B (x) 18.3 52.5 15.4 15.9 10.9 P/CF (x) na 9.30 127.11 21.17 11.96 Dividend Yield (%) na na na na na EV/EBITDA (x) 266.88 31.00 22.96 14.62 8.79 Note: Return on average equity (%) (65.8) (113.0) (63.9) (3.6) 37.3 Small cap stocks are defined as companies with a market InterestNet debt cover to equity (x) (%) 112.2 (1.64) 357.4 (0.77) net (0.49) cash net cash0.32 net cash2.21 capitalisation of less than USD1bn. Source: Company data, RHB See important disclosures at the end of this report 1 Matahari Putra Prima Indonesia Initiating Coverage 6 July 2021 Consumer Non-cyclical | Retail - Staples Financial Exhibits Asia Financial summary (IDR) Dec-19 Dec-20 Dec-21F Dec-22F Dec-23F Indonesia Recurring EPS (70.05) (57.48) (40.83) (12.13) 22.50 Consumer Non-cyclical BVPS 64.07 22.30 76.14 73.43 107.12 Matahari Putra Prima Return on average equity (%) (65.8) (113.0) (63.9) (3.6) 37.3 MPPA IJ Buy Valuation metrics Dec-19 Dec-20 Dec-21F Dec-22F Dec-23F Recurring P/E (x) na na na na 52.00 P/B (x) 18.3 52.5 15.4 15.9 10.9 Valuation basis FCF Yield (%) (3.1) 10.6 (0.0) 2.9 6.2 SOP EV/EBITDA (x) 266.88 31.00 22.96 14.62 8.79 EV/EBIT (x) na na na 129.59 21.37 Key drivers i. Collaboration with GoTo; Income statement (IDRb) Dec-19 Dec-20 Dec-21F Dec-22F Dec-23F ii. Improved performance from better online Total turnover 8,655 6,748 7,351 8,494 10,085 channels; Gross profit 1,580 1,308 1,440 1,760 2,222 iii. Growing e-groceries trend. EBITDA 39 334 412 624 966 Depreciation and amortisation (250) (545) (538) (554) (569) Key risks Operating profit (212) (211) (125) 70 397 i. Slower result from collaboration with GoTo; Net interest (118) (267) (250) (199) (158) ii. Increasing competition. Pre-tax profit (315) (407) (289) (29) 358 Taxation (238) 2 29 6 (79) Company Profile Reported net profit (553) (404) (260) (22) 279 Matahari Putra Prima operates retail stores focusing on Recurring net profit (580) (476) (338) (100) 186 merchandising operation which includes general merchandising and food discount stores, including Cash flow (IDRb) Dec-19 Dec-20 Dec-21F Dec-22F Dec-23F hypermarkets throughout Indonesia Change in working capital 292 208 36 127 167 Cash flow from operations (260) 1,042 76 458 810 Capex (37) (19) (77) (179) (212) Cash flow from investing activities 421 (1,137) 62 (169) (250) Cash flow from financing activities (206) 90 641 (345) (383) Cash at beginning of period 349 304 300 1,079 1,023 Net change in cash (45) (5) 779 (56) 177 Ending balance cash 304 300 1,079 1,023 1,200 Balance sheet (IDRb) Dec-19 Dec-20 Dec-21F Dec-22F Dec-23F Total cash and equivalents 304 300 1,079 1,023 1,200 Total assets 3,821 4,511 5,130 5,235 5,729 Short-term debt 650 960 860 460 0 Total long-term debt 250 0 0 0 0 Total liabilities 3,290 4,326 4,499 4,626 4,841 Total equity 531 185 631 609 888 Total liabilities & equity 3,821 4,511 5,130 5,235 5,729 Key metrics Dec-19 Dec-20 Dec-21F Dec-22F Dec-23F Revenue growth (%) (19.1) (22.0) 8.9 15.6 18.7 Recurrent EPS growth (%) (7.9) (17.9) (29.0) (70.3) 0.0 Gross margin (%) 18.3 19.4 19.6 20.7 22.0 Operating EBITDA margin (%) 0.4 4.9 5.6 7.3 9.6 Net profit margin (%) (6.4) (6.0) (3.5) (0.3) 2.8 Capex/sales (%) 0.4 0.3 1.1 2.1 2.1 Interest cover (x) (1.64) (0.77) (0.49) 0.32 2.21 Source: Company data, RHB See important disclosures at the end of this report 2 Matahari Putra Prima Indonesia Initiating Coverage 6 July 2021 Consumer Non-cyclical | Retail - Staples Internal Business Transformation On The Cards Fresh products as its primary strategy MPPA, recognised as one of Indonesia’s leading retailers, operates seven types of retail formats. Each store format is also differentiated by its brand name, target market and product offering. Figure 1: MPPA’s store format Compact Hypermarket/ Supermarket Wholesale Convenience Store Store Format Number 100 Hypermart, 26 Foodmart & 10 1 SmartClub 64 Boston & 14 FMX The company operates seven types of of Stores HyFresh ♦ stores with different formats and Hypermart: 3,000-6,000 sqm; Average brands Foodmart: 1,500-2,000 sqm; 3,000 sqm 80-150 sqm Store Size HyFresh: 500- 1,000 sqm ♦ This allows MPPA to cater to different Fresh food, types and needs of customers across Grocery, Fresh food, Grocery, General Health, Vitamins & Beauty Product General all segments Merchandising, Electronics (for (Boston) and Ready-To- Selection Merchandising Hypermart only) Eat, Food & Drinks (FMX) & Horeca equipment Horeca, Mom & Pops Retailers, Midde to High Income Middle to High Income Segment Target traders, Offices Segment Customers & Institutions Source: Company MPPA faced challenging times in 2015-2016 amidst the fall of supermarkets and high business-to-business (B2B) contribution of around 30%. This resulted in SSSG remaining either in a low single digit or negative territory during that period.
Load more

Recommended publications
  • Pipanniversarybrochure.Pdf
    www.jardines.com “ Pride in Performance has enabled us to share and celebrate successes across the Group. Anthony Nightingale ” CONTENTS 2 A Decade of Pride in Performance 3 How it Works 5 5 elements to Success 6 Striving 12 Innovating 20 Collaborating 26 Solving 34 Connecting 45 The Entries A DECADE OF PRIDE IN PERFORMANCE HOW IT WORKs A myriad of achievements have contributed to Jardine Matheson’s success since its From inception, the chief executive officers of each business gave their support and founding in 1832. The content of this booklet, however, considers the Group’s more recent encouragement to the new award programme, getting PIP off to an excellent start. history, and a formalized approach that was launched in 2002 to identify and reward outstanding performances across the Group. In the first three years of PIP, entrants sought recognition as the Grand Prize Winner or one of two runners up. From 2005, five categories were introduced so as to recognize specific Through the Pride in Performance (‘PIP’) annual award programme, Jardines recognizes areas of achievement, from which the Grand Prize Winner is then chosen. individual business units within the Group that embody its core values and translate them into sustained commercial success. In addition to recognition, PIP is designed to share Of the categories, some remained consistent, such as Customer Focus, Marketing those operating company success stories with the larger Group. Excellence and Successful New Venture, while others evolved. Business Turnaround became Business Outperformance as the Group’s operations progressed, and Productivity Using the Group’s core values as criteria for submission – The Right People, Energy, Enhancement evolved into Innovation and Creativity.
    [Show full text]
  • Annual Report 2019 Our Goal: “ to Give Our Customers Across Asia a Store They TRUST, Delivering QUALITY, SERVICE and VALUE.”
    Annual Report 2019 Our Goal: “ To give our customers across Asia a store they TRUST, delivering QUALITY, SERVICE and VALUE.” Dairy Farm International Holdings Limited is incorporated in Bermuda and has a standard listing on the London Stock Exchange, with secondary listings in Bermuda and Singapore. The Group’s businesses are managed from Hong Kong by Dairy Farm Management Services Limited through its regional offices. Dairy Farm is a member of the Jardine Matheson Group. A member of the Jardine Matheson Group Annual Report 2019 1 Contents 2 Corporate Information 36 Financial Review 3 Dairy Farm At-a-Glance 39 Directors’ Profiles 4 Highlights 41 Our Leadership 6 Chairman’s Statement 44 Financial Statements 10 Group Chief Executive’s Review 116 Independent Auditors’ Report 14 Sustainable Transformation at Dairy Farm 124 Five Year Summary 18 Business Review 125 Responsibility Statement 18 Food 126 Corporate Governance 22 Health and Beauty 133 Principal Risks and Uncertainties 26 Home Furnishings 135 Shareholder Information 30 Restaurants 136 Retail Outlets Summary 34 Other Associates 137 Management and Offices 2 Dairy Farm International Holdings Limited Corporate Information Directors Dairy Farm Management Services Limited Ben Keswick Chairman and Managing Director Ian McLeod Directors Group Chief Executive Ben Keswick Clem Constantine Chairman (joined the Board on 11th November 2019) Ian McLeod Neil Galloway Group Chief Executive (stepped down on 31st March 2019) Clem Constantine Mark Greenberg Chief Financial Officer (joined the board on 19th November 2019) George J. Ho Neil Galloway Adam Keswick Group Finance & IKEA Director (stepped down on 31st March 2019) Simon Keswick (stepped down on 1st January 2020) Choo Peng Chee Chief Executive Officer – North Asia Michael Kok & Group Convenience (stepped down on 8th May 2019) Sam Kim Dr Delman Lee Chief Executive Officer – Health & Beauty and Chief Marketing & Business Development Officer Anthony Nightingale Martin Lindström Y.K.
    [Show full text]
  • Dairy Farm International Holdings Limited
    Annual ReportAnnual 2017 Dairy Farm International Holdings Limited Annual Report 2017 Our Goal : “To give our customers across Asia a store they TRUST, delivering QUALITY, SERVICE and VALUE” Dairy Farm International Holdings Limited is incorporated in Bermuda and has a standard listing on the London Stock Exchange, with secondary listings in Bermuda and Singapore. The Group’s businesses are managed from Hong Kong by Dairy Farm Management Services Limited through its regional offices. Dairy Farm is a member of the Jardine Matheson Group. A member of the Jardine Matheson Group Contents 2 Corporate Information 3 Dairy Farm At-a-Glance 4 Highlights 6 Chairman’s Statement 8 Group Chief Executive’s Review 12 Feature Stories 16 Business Review 16 Food 22 Health and Beauty 26 Home Furnishings 30 Restaurants 34 Financial Review 37 Directors’ Profiles 39 Our Leadership 42 Financial Statements 100 Independent Auditors’ Report 108 Five Year Summary 109 Responsibility Statement 110 Corporate Governance 117 Principal Risks and Uncertainties 119 Shareholder Information 120 Retail Outlets Summary 121 Management and Offices Annual Report 2017 1 Corporate Information Directors Dairy Farm Management Services Limited Ben Keswick Chairman and Managing Director Ian McLeod Directors Group Chief Executive Ben Keswick Neil Galloway Chairman Mark Greenberg Ian McLeod Group Chief Executive George J. Ho Neil Galloway Adam Keswick Group Finance Director Sir Henry Keswick Choo Peng Chee Regional Director, North Asia (Food) Simon Keswick Gordon Farquhar Michael Kok Group Director, Health and Beauty Dr George C.G. Koo Martin Lindström Group Director, IKEA Anthony Nightingale Michael Wu Y.K. Pang Chairman and Managing Director, Maxim’s Jeremy Parr Mark Greenberg Lord Sassoon, Kt Y.K.
    [Show full text]
  • Press Release Ahold to Divest Its Indonesian Operation to Hero
    Press Release Royal Ahold Public Relations Date: April 29, 2003 For more information: +31 75 659 57 20 Ahold to divest its Indonesian operation to Hero Zaandam, The Netherlands, April 29, 2003 – Ahold hereby announces that it has reached agreement for the sale of its Indonesian operation to PT Hero Supermarket Tbk for approximately Euro 12 million, excluding proceeds from the sale of store inventory. This asset purchase agreement is subject to the approval of Hero’s shareholders and is expected to be finalized in the third quarter of 2003. Hero is a prominent food retail group listed on the Jakarta stock exchange with 200 outlets throughout Indonesia. The transaction involves 22 stores plus one under construction, and two distribution centers. The actual transfer of the stores and both distribution centers will take place following the approval of Hero shareholders. Staff at Ahold’s Indonesian headquarters are not included in the transaction, although Ahold is committed to meeting its obligations to these associates. The divestment of Ahold’s activities in Indonesia is part of the company’s strategic plan to restructure its portfolio to focus on high-performing businesses, to concentrate on its mature and most stable markets and to reduce its debt. Ahold first entered the Indonesian market through a technical service agreement with the PSP group in 1996. That agreement ended in 2002 and Ahold Tops Indonesia became a wholly-owned subsidiary. Unaudited net sales in 2002 amounted to approximately Euro 37 million. Ahold employs approximately 1,600 people in Indonesia. Ahold Corporate Communications: +31.75.659.5720 ------------------------------------------------------------------------------------------------------------------------------------------------------------ Certain statements in this press release are “forward-looking statements” within the meaning of U.S.
    [Show full text]
  • Overseas Packaging Study Tour VAMP.006 1996
    Overseas packaging study tour VAMP.006 1996 Prepared by: B. Lee ISBN: 1 74036 973 4 Published: June 1996 © 1998 This publication is published by Meat & Livestock Australia Limited ABN 39 081 678 364 (MLA). Where possible, care is taken to ensure the accuracy of information in the publication. Reproduction in whole or in part of this publication is prohibited without the prior written consent of MLA. MEAT & LIVESTOCK AUSTRALIA CONTENTS 1.0 EXECUTIVE SUMMARY ............................................ 1 2.0 BACKGROUND .................................................... 4 3.0 THE INTERNATIONAL STUDY TOUR .............. .................. 6 3.1 Objectives of the International Study Tour ................................. 6 3.2 Study Tour Itinerary and Dates .......................................... 6 3.3 The Study Team ...................................................... 6 4.0 SUMMARY OF SITE VISITS ......................................... 7 4.1 Taiwan ............................................................. 7 4.2 Hong Kong .......................................................... 8 4.3 France .............................................................. 9 4.4 Holland ............................................................ l 0 4.5 United Kingdom ..................................................... 13 4.6 Canada ............................................................ 15 4.7 Summary Comments of Site Visits by Study Group ......................... 17 5.0 KEY FINDINGS FROM THE STUDY TOUR ....... .................... 18 5.1
    [Show full text]
  • Submitted Vendor Response to an Advertised Solicitation from the West Virginia Purchasing Bulletin Within the Vendor Self‐Service Portal at Wvoasis.Gov
    The following documentation is an electronically‐ submitted vendor response to an advertised solicitation from the West Virginia Purchasing Bulletin within the Vendor Self‐Service portal at wvOASIS.gov. As part of the State of West Virginia’s procurement process, and to maintain the transparency of the bid‐opening process, this documentation submitted online is publicly posted by the West Virginia Purchasing Division at WVPurchasing.gov with any other vendor responses to this solicitation submitted to the Purchasing Division in hard copy format. Purchasing Division State of West Virginia 2019 Washington Street East Solicitation Response Post Office Box 50130 Charleston, WV 25305-0130 Proc Folder : 338837 Solicitation Description : Addendum 1 - Vehicle Maintenance and Repair Management Serv. Proc Type : Central Master Agreement Date issued Solicitation Closes Solicitation Response Version 2017-06-13 SR 0215 ESR06121700000006243 1 13:30:00 VENDOR 000000115021 AUTOMOTIVE RENTALS INC Solicitation Number: CRFQ 0215 FLT1700000006 Total Bid : $0.00 Response Date: 2017-06-12 Response Time: 12:03:16 Comments: FOR INFORMATION CONTACT THE BUYER Linda B Harper (304) 558-0468 [email protected] Signature on File FEIN # DATE All offers subject to all terms and conditions contained in this solicitation Page : 1 FORM ID : WV-PRC-SR-001 Line Comm Ln Desc Qty Unit Issue Unit Price Ln Total Or Contract Amount 1 See Section 4.2.2 1.00000 EA Comm Code Manufacturer Specification Model # 78181507 Extended Description : VENDOR MUST FILL OUT EXHIBIT A PRICING PAGE AND SUBMIT IT WITH THIS BID Comments: ARI has included our bid quotes in Exhibit A of the attachments.
    [Show full text]
  • County of Osceola Board of Commissioners' Committee of the Whole Agenda
    COUNTY OF OSCEOLA BOARD OF COMMISSIONERS' COMMITTEE OF THE WHOLE AGENDA Tuesday, October 1, 2019 301 West Upton Ave., Reed City, Michigan 2 Floor, Board of Commissioners' Room, 9:30 a.m. NOTE: Claims will be available for review from 9:00 - 9:30 a.m. 1. Meeting Called to Order by Chairperson. 2. Additions or Deletions to the Agenda - Approval of the Agenda. 3. Brief Public Comments (Three Minute Limit). 4. Employee/Board Comments. 5. Consider Approval of the Minutes of September 17,2019. 6. Consider Payment of Claims. 7. Consider Other Budget Amendments, Cash Transfers, and Journal Register Report from Treasurer. 8. Old Business - Discuss: a. Health, Safety & Grounds Committee Meeting Update - Mark Gregory. b. Road Commission Meeting Update - James Custer and Tim Michell. c. Various Items - Tracey Cochran: 1. Policies Discussion. 2. MERS Retirement Plan Options. d. Various Items - Susan Vander Pol: 1. Appointment to 91 1 Authority Board. 2. County 2020 Budget: • Consider setting the Public Hearing for October 16 or November 5, 2019. 9. New Business - Discuss: a. MSU Extension Osceola 4-H Update - Jacob Stieg. b. Probate/Family Court Child Care Fund Additional Funding Request - Kaye Frederick. c. Prosecutor Crime Victim Rights Grant Approval - Dani Taylor. d. Sheriff Cell Phone Plans - Ed Williams. e. GELC Letter of Agreement - Jason Owen. f. C.O.A. Items - Justin Halladay: 1. AAAWM Older Americans Act Contract FY2020-2022. 2. Facebook Page. 3. Purchases: Vehicles, Storage Shed, Blood Pressure Cuffs, AEDs, Walk-ln Cooler and Double Oven. g. Various Items - Susan Vander Pol: 1. LCM Surveying & Engineering, Inc.
    [Show full text]
  • 200 Leading Retailers in Asia
    200 Leading Retailers in Asia . Showcasing the very best in retail innovation across Asia from hypermarkets to convenience retail made with Introduction Thank you for downloading this eBook featuring 200 of the most exciting & innovative retailers in Asia. We've spent weeks speaking with our community and researching across the web to bring you this list, and we hope that you nd it useful & interesting. This is by no means a denitive resource, but more an opportunity to spark a discussion. Which retailers would make your top 200? Which countries do you see as the biggest opportunity for retail? Which categories excite you the most? How will this list change as e-commerce continues to grow? We'd love to hear your thoughts. Seamless Asia We were inspired to put this list together ahead of our Seamless Asia conference and exhibition, running on 2nd-4th May 2018 at Suntec Convention Centre here in Singapore. Over the years we've seen so many phenomenal retailers take the stage to present their challenges and their visions for the future of retail. Through this eBook we wanted to honour many of those businesses, as well as showcase some of those who we hope will join us in the future to share their stories. We would love to see you and your team at the show in May, as we come together to celebrate the very best in Asian retail, and look ahead to the seamless future of commerce throughout the region. Best wishes Oliver Arscott & Team Seamless Key Statistics Category Statistics First let's take a look at categories.
    [Show full text]
  • Profil Perusahaan Company Profile
    04 Profil Perusahaan Company Profile PT Hero Supermarket Tbk 32 33 Laporan Tahunan 2019 | Annual Report 2019 Ikhtisar Kinerja 2019 Informasi Saham Laporan Manajemen Profil Perusahaan 2019 Performance Overview Stock Information Management Reports Company Profile Identitas Perusahaan Company Identity Nama Perusahaan Company Name Situs Resmi Perusahaan Company Official Sites PT Hero Supermarket Tbk www.hero.co.id www.herosupermarket.co.id www.guardianindonesia.co.id Perubahan Nama Perusahaan Change of Company www.giant.co.id Sebelumnya Perseroan bernama PT Hero Mini www.IKEA.co.id Supermarket, kemudian berganti nama menjadi PT Hero Supermarket per Rapat Umum Facebook Pemegang Saham tanggal 7 Juni 1991. Hero Infoodtainment, Previously named PT Hero Mini Supermarket, Guardian Indonesia, the Company changed its name to PT Hero Giant Indonesia Supermarket as of the General Meeting of IKEA Indonesia Shareholders dated 7 June 1991 Hero Peduli Twitter Alamat Kantor Pusat Head Office Address Herosupermarket Graha Hero, CBD Bintaro Sektor 7 Blok B7/ GuardianID A7 Pondok Jaya, Pondok Aren, Tangerang GiantIndo Selatan, 15224, Indonesia. IKEA_Ind Graha Hero, CBD Bintaro Sektor 7 Blok B7/A7 Pondok Jaya, Pondok Aren, Tangerang Selatan, Instagram 15224, Indonesia Herosupermarket giant_indonesia Alamat Kontak Contact Address guardianindonesia Sekretaris Perusahaan, Graha HERO Lantai 4, IKEA_id CBD Bintaro Sektor 7 Blok B7 / A7, Pondok hero.peduli Aren, Tangerang Selatan, 15224, Indonesia Corporate Secretary, Graha HERO 4th Floor, Tanggal Pendirian Date of
    [Show full text]
  • SOCIAL CAPITAL At
    Social Partnership in the Making: TRUST, RECIPROCITY &SOCIAL CAPITAL at SERIKAT PEKERJA PT. HERO SUPERMARKET Tbk. A Social Partnership in the Making – Trust, Reciprocity and Social Capital at Hero ADDRESS OF MINISTER OF MANPOWER AND TRANSMIGRATION REPUBLIC OF INDONESIA Industrial relations is very much related to inter-action amongst people in different work places. If it was not managed well and harmoniously, it could create problems for workers and employers in work places. Should the case be so, the economic impact arising out of it, in terms of foreign capital and investment would be negative. Indonesia,as a member of the ILO that concerns with the importance of harmonious industrial relations, has ratified the ILO Convention number 87 on the Freedom Association and the Protection of the Right to Organize and made the implementing regulations for the establishment of the worker/labor organizations and provide freedom for their activities according to the current legislations. This means that all activities undertaken should look into standard ethics policies, transparent and flexible, as to maintain the nation credibility are the responsibilities of all citizens including labor unions/trade unions. The basic principles of trust, partnership, and interaction between workers and employers are very much needed in creating harmonious industrial relations in a company. Those principles will only be achieved if both parties have mutual good will. It should be felt that only by doing so, workers and employers could increase their productivity and company progress which eventually would lead to a better social welfare for workers and their families. A Social Partnership in the Making – Trust, Reciprocity and Social Capital at Hero i The business world plays an even more important and strategic role in the national economy, now and in the future.
    [Show full text]
  • Chapter 4. a Cold Chain Study of Indonesia
    Chapter 4 A Cold Chain Study of Indonesia PT Capricorn Indonesia Consult September 2019 This chapter should be cited as PT Capricorn Indonesia Consult (2019), ‘A Cold Chain Study of Indonesia’, in Kusano, E. (ed.), The Cold Chain for Agri-food Products in ASEAN. ERIA Research Project Report FY2018 no.11, Jakarta: ERIA, pp.101-147. Chapter 4 A Cold Chain Study of Indonesia PT Capricorn Indonesia Consult 4.1. Introduction Background The cold chain system is a type of supply chain wherein the process aims to maintain temperature so that the product is maintained during the distribution process. An important factor in maintaining cold chain products is the correct treatment in each of the main distribution points in the cold chain so that the right distribution channels will provide good quality of cold chain products. The application of cold chains requires the provision of several facilities, both in the storage and distribution process. In the storage process, it is needed to have, among others, cold storage and freezing machines, while in the distribution process, it is necessary to have refrigerated transportation fleets (carriers, aircraft and vehicles). Cold chain business is a major supporter of various industrial sectors such as the food processing industry, fishing industry, retail network, pharmaceutical industry and so on. Indonesia is considered to have a potential market for cold chain business. This is supported by the user industrial sector, which shows fairly good development. The user industrial sectors such as livestock, fisheries, processed food and chemical, pharmaceutical and drug industries are still an important key for national development, and this can be seen from its contribution to Indonesia’s gross domestic product (GDP) during 2018.
    [Show full text]
  • RELEASE 20 February 2012
    PRESS RELEASE 22 February 2013 PT HERO SUPERMARKET TBK 2012 RESULTS • Trading performance continued to improve in challenging market • Opened 97 new stores including 7 new Giant hypermarkets PT Hero Supermarket Tbk (“the Company”) today announced its audited annual results for the year ended 31 December 2012. Sales grew by 17.4% to Rp 10,510 billion, whilst net income grew by 10.7% to Rp 303 billion. Excluding the pre-opening costs of IKEA, net income has increased by 15.2% over last year as a result of better trading performance. However, aggressive expansion has increased the level of borrowings and thus interest expense in 2012. President Director of the Company, Philippe Broianigo, said “I am pleased to note that we performed reasonably well in 2012 despite a challenging operating environment. We had and will continue to focus in driving productivity improvement both in sales and costs. New stores roll out was at record level last year and we can expect the trend to continue. I am also very pleased that we are currently supporting and working with 66 schools across Indonesia under our One Store One School program and we will continue to expand this program as we open more stores in the future”. PT Hero Supermarket Tbk has more than 15,000 employees serving its customers in 605 stores. As at 31 December 2012, the Company operated 46 Giant hypermarkets, 142 Hero and Giant supermarkets, 266 Guardian health and beauty stores and 151 Starmart convenience stores. End. For further information contact: Philippe Broianigo, President Director Lai Saye Chuan, Director PT Hero Supermarket Tbk Tel: 8378 8388 Fax: 831 7764 PT.
    [Show full text]