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PTMSY - Matahari Department Store: Quality At A Reasonable Price
Matahari Department Store Tbk PT ADR
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Matahari Department Store (PTMSY), Indonesia’s leading department store retailer, has seen better days. Its market capitalization now stands at just over $600 million, down from peak levels of ~$4 billion in 2016. Earnings declined only 25% during the same period, implying a massive de-rating of the stock. Stiff competition from online retailers and corporate governance concerns relating to its parent Lippo Group were the most cited culprits. The sell-down looks to be overdone. Despite all the