Scribd Logo
Upload

Welcome to Scribd!

  • Equity Research RALS

    Uploaded by

    Gupita Candra
    7 views16 pages
    PT Ramayana Lestari Sentosa TBK is a company engaged in trading clothing, accessories, bags, shoes, cosmetics and daily necessities with most customers from economic segments C and D. Since its establishment in 1983, the company has never changed its name. It conducted an IPO in 1996 and was one of the companies that survived the 1998 crisis. In recent years, it has transformed some stores into lifestyle malls and ended partnerships with supermarket chains to focus on more profitable clothing divisions. While the number of stores declined during the pandemic, the company generates strong free cash flow which it uses for share buybacks and dividends at an attractive valuation, representing a potential investment opportunity.

    Original Description:

    Berisi analisis saham RALS per oktober 2022

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    PT Ramayana Lestari Sentosa TBK is a company engaged in trading clothing, accessories, bags, shoes, cosmetics and daily necessities with most customers from economic segments C and D. Since its establishment in 1983, the company has never changed its name. It conducted an IPO in 1996 and was one of the companies that survived the 1998 crisis. In recent years, it has transformed some stores into lifestyle malls and ended partnerships with supermarket chains to focus on more profitable clothing divisions. While the number of stores declined during the pandemic, the company generates strong free cash flow which it uses for share buybacks and dividends at an attractive valuation, representing a potential investment opportunity.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    7 views16 pages

    Equity Research RALS

    Uploaded by

    Gupita Candra
    PT Ramayana Lestari Sentosa TBK is a company engaged in trading clothing, accessories, bags, shoes, cosmetics and daily necessities with most customers from economic segments C and D. Since its establishment in 1983, the company has never changed its name. It conducted an IPO in 1996 and was one of the companies that survived the 1998 crisis. In recent years, it has transformed some stores into lifestyle malls and ended partnerships with supermarket chains to focus on more profitable clothing divisions. While the number of stores declined during the pandemic, the company generates strong free cash flow which it uses for share buybacks and dividends at an attractive valuation, representing a potential investment opportunity.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 16

    RALS Super Murah

    Menawarkan
    Peluang Investasi?
    PT Ramayana Lestari Sentosa TBK
    Adalah perusahaan yang bergerak di bidang perdagangan pakaian,
    aksesoris, tas, sepatu, kosmetik, perusahaan sehari-hari yang
    memiliki mayoritas pelanggan dari segmen ekonomi C dan D
    Milestone Ramayana
    Sejak berdiri pada tahun 1983, perusahaan tidak pernah
    melakukan perubahan nama. Melakukan IPO pada tahun
    1996, perusahaan ini salah satu perusahaan yang
    mampu bertahan ditengah krisis 1998. Pada tahun 1996
    perusahaan memiliki 45 toko hingga saat ini memiliki 104
    gerai department store dan 82 supermarket (AR 2021)
    2014
    Ramayana menggandeng SPAR International dari
    Belanda untuk membantu mengoperasikan bisnis
    supermarket.

    2017
    Ramayana bertransformasi dengan konsep life-style Mall
    (Ramayana Prime) dengan tampilan baru berkolaborasi
    dengan Sports Station, Starbucks, Ace Hardware, KFC,
    Cinema XXI pertama di City Plaza Jatinegara
    2018
    Mengakhiri kontrak kerja dengan mitra supermarket
    internasional SPAR dan evaluasi menyeluruh terhadap
    bisnis supermarket dengan melakukan penutupan dan
    pengecilan bisnis supermarket. Langkah ini sesuai
    dengan program transformasi yang sedang dijalankan

    2019
    Melanjutkan Program life style concept launching 5 City
    Plaza, pembukaan XXI di 8 gerai Ramayana prime.
    Bukan Perusahaan yang Ekspansif

    2010 105 gerai 2017 116 gerai 2020 106 gerai


    2013 118 gerai 2019 117 gerai 2021 104 gerai
    Proses Bisnis Ramayana
    Konsinyasi Beli putus
    Terdapat pergeseran model bisnis yang semulai lebih
    banyak beli putus beralih ke konsinyasi. Konsinyasi
    memang mendapatkan margin relatif lebih kecil 25% vs
    beli putus sekitar 38%. Tetapi beli putus membutuhkan
    biaya operasional yang besar pula dan resiko persediaan
    yang lebih tinggi. Ini juga langkah RALS untuk mengikuti
    berkembangan tren pakaian yang cepat berubah
    Langkah perseroan untuk melakukan penutupan dan pengecilan
    supermarket merupakan langkah yang sangat logis karena memang
    divisi ini justru membebani keuangan perseroan. Langkah tersebut
    dimulai dari tahun 2017 sampai saat ini menutup gerai >22
    supermarket dan mengurangi luasan ruang dari 180rb m2 menjadi
    90rb m2 untuk digunakan divisi yang lebih menguntungkan
    Ramayana Prime akan membidik
    generasi Z dan milenial untuk
    memperluas segmen pelanggan
    Ramayana ke kelas ekonomi B dan saat
    ini telah terkonversi 9 gerai Ramayana
    Prime. Tempat ini memiliki luas area
    menjualan rata-rata 4500-6000 m2
    dengan space tersedia digunakan brand
    terkenal seperti Ace, Sports Station,
    Starbucks, Cinema XXI, dll. Konsep ini
    menggabungkan tempat hiburan dan
    tempat belanja.
    Recovery Lambat Tapi Pasti?
    Proses Bisnis Sederhana dan Profitable
    Free Cash Flow digunakan
    untuk: Shares Buyback, Ekspansi
    (Dikit), Dividen

    Shares Buyback kurang lebih


    330M lebih dengan average 700
    Kesempatan Kedua untuk serok mesin
    penghasil arus kas dengan valuasi yang sangat murah?
    Market Cap 3,974M
    Aset Lancar 2,620M
    Net Income 320M*
    Free Cash Flow 450M*
    Enterprise Value 1400M
    Akankah ada tambahan angin dari recovery dan membuat kembali
    ke jalur growth segmen pakaian pada tahun 2019 silam?

    You might also like