Reuters Code: MRAT.JK
If you are a type of investor who dare to take a position in an unfavorite stock but has strong potential to grow, I bet you will like Mustika Ratu (Bloomberg Code MRAT:IJ, Reuters Code: MRAT.JK). As a company, Mustika Ratu has been priced so low by the market. Its initial IPO was in 1995 with intial price of Rp 2600,00. Today MRAT is trading at Rp 250,00. I do not have data in 1995 to 2005 but I assumed the reason why the market very bearish of this stock is because of its "traditional value". Market thought that MRAT, which is producing traditional cosmetics would not be able to fight against many imported cosmetics with their strong brands names and modern technology. When I noticed that this stock has strong growth history in 2006 to 2008, I started to think that this stock is a potential buy. I would show you the data.
| Mustika Ratu (MRAT) | 2008 | 2007 | 2006 |
| Total Asset (Mio IDR) | 354781 | 315998 | 291769 |
| Book Value (Mio IDR) | 303623 | 279559 | 264313 |
| Net Cash Flow (Mio IDR) | 10305.8 | 8349.8 | -3121.2 |
| CAPEX (Mio IDR) | -11429 | -7426 | -5553 |
| | | | |
| Sales (Mio IDR) | 307804 | 252123 | 226387 |
| Operating Income | 25297.8 | 18435.7 | 18066.6 |
| Net Income | 22290.1 | 11130 | 9096.2 |
| Dividend | 2225.6 | 1369.6 | 0 |
| Total Share | 428 | 428 | 428 |
| | | | |
| Profitability | | | |
| ROE | 7.34% | 3.98% | 3.44% |
| ROA | 6.28% | 3.52% | 3.12% |
| Operating Profit Margin | 8.22% | 7.31% | 7.98% |
| Net Profit Margin | 7.24% | 4.41% | 4.02% |
| | | | |
| Financial Risk | | | |
| Debt / Equity | 16.85% | 13.03% | 10.39% |
| | | | |
| Valuation | | | |
| BV per share | 709.40 | 653.18 | 617.55 |
| EPS | 52.08 | 26.00 | 21.25 |
| Sales per share | 719.17 | 589.07 | 528.94 |
| Cash Flow per share | 24.08 | 19.51 | -7.29 |
| DPS | 5.2 | 3.2 | 0 |
You could check the BV per share. With today (25 May 09) closed at 250, it is very attractive. Its forward PE ratio less than 3 (In my calculation its full year 2009 EPS would be around 90).
This stock has a very strong growth. Its net income has increased more than 140% since 2006. Its EPS has grown to 52 in 2008 from 26 a year earlier (100% growth).
If the company able to improve its image from "traditional" to "modern" I believe MRAT would be able to continue its sustainable growth in the future. The potential risk that you have to be aware is this stock is not so liquid. You might not be able to sell this stock when you need your money
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3 comments:
MRAT nya mantap bang, mau lagi dong :D thx banget ya
@KC..
Sama-sama bro.. Kayaknya nanti setelah 2Q 2009 financial report keluar baru sy lihat2 lagi perush yg bagus.. soalnya skrg uda agak sulit cari perush yg bagus.. rata-rata uda fully valued...
mr delon, tolong analisanya tentang saham Titan Kimia (FPNI). kayaknya laporan Q2 2009 sangat bagus karena didukung oleh kurs rupiah yang membalikkan rugi kurs di Q1 2009 menjadi laba kurs. dan harga rata2 Crude Oil yang melonjak tajam membuat adanya keuntungan dari persediaan bahan baku yang dimiliki. selain penjualannya yang semakin meningkat tiap triwulan.
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