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Zeta - IDN Financials
1. How does the weakening rupiah affect this year's retail sales prospects across
MAP Group? Which business segment or aspect of the business will be most
affected by the weakening rupiah?
- As you know, we import many brands and pay in USD, Pound sterling, and Euros,
so the depreciation of the rupiah definitely affects our cost of goods sold.
- When we get a kind of new shipment, we have to apply the new exchange rate. To
safeguard our bottom line, we are also hedging almost 30% of our Forex exposure,
which we cover ourselves by hedging. So, it is definitely increasing the retail sales
price for selected products, but we have no choice but to pass on the higher costs
to the customers.
2. We can see that sales are returning and improving, but do the weak rupiah and
purchasing power drive your prudent expansion plan, or do they hinder your
expansion plan for this year? Regarding the expansion plan, does this prudent
expansion strategy also apply to domestic operations and other ASEAN
countries?
- The prudent expansion, as I explained, before opening any store, whether for our
existing brands or new brands, we have a kind of rigorous format in the process
before we allow any capex to be invested for opening any new store or any new
brand. Our growth in 1Q26 is a combination of new stores and like-for-like growth.
In 1Q26, our like-for-like growth was extraordinary, at 13%. This growth is a
combination that includes Digimap, because as we launched the new iPhones, the
sales were extraordinarily high. But again, when we talk about Active and Fashion,
the growth was only in the high single digits
- So, we are paying a lot of attention to our like-for-like growth before opening a kind
of new store. That's why you have seen the 32% growth in terms of the top line.
3. Can you tell us more about the acquisition of MAP by Pacific Universal
Investments? Will this bring any changes to your strategy or long-term vision?
- What SMGG has done is transfer its shareholding to a Singapore investment
company. This Singapore investment company has partnered with private equity,
CVC, which was our partner in MAP Active from 2015 to 2017. CVC knows our
company well and has worked with us successfully in the past.
- The new investment company in Singapore, PUI, has collaborated with CVC and
launched an MTO. The MTO is being offered at Rp1,550 per share, representing a
premium of approximately 22%–23%. The MTO has already started and is
expected to close on 17 July, with payment scheduled for 29 July. The process is
currently underway.
- We would like to assure everyone that, from a management perspective, there will
be absolutely no change. There has been no change to our strategy, and there are
no plans for any change going forward.
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Rama – Bisnis Indonesia
1. At the end of last year, Ibu Ratih mentioned that MAP was considering bringing
Ace Hardware back to Indonesia after exiting from its previous partner. Could
you provide an update on the progress of this plan? When do you expect the
project to become effective? If Ace Hardware eventually comes under MAP,
would it create a new growth engine for the Group, particularly in the home
improvement and household products segment? What are MAP's expectations
regarding the contribution of the hardware business? Over the longer term, how
significant do you expect this business to become in supporting MAP's revenue
growth and profitability?
- Regarding Ace Hardware, when we heard that Kawan Lama Group had decided
not to continue its partnership with Ace Hardware, and the principal was looking for
a new franchise partner, they approached us. When they did, we spoke with Kawan
Lama Group, and they confirmed that they had decided to discontinue the brand
as part of their own strategic direction.
- After the principal approached us, we explored the opportunity and conducted a
feasibility study together. Ultimately, we concluded that this would be a
diversification opportunity for MAP, as we have always been looking for new
segments that complement our existing business. You may recall that in 2019, we
entered into a partnership with Apple, and today the Apple business has become
a very successful part of our portfolio. As always, we are careful before expanding
into any new category.
- Following our evaluation, we decided to form a partnership with Ace Hardware.
However, we recognize that this is a new segment for us, and there is still a learning
curve. Therefore, we do not intend to be overly aggressive in the expansion. We
plan to open our first store at Sunter Mall at the end of July or early August, followed
by a second store in Serpong.
- Our objective is to present Ace Hardware in Indonesia as it is intended to be in the
US, a true representation of the Ace Hardware concept. Once we gain a better
understanding of the business and confirm that it is financially attractive and
profitable, we will consider accelerating our expansion plans.
- As for our expectations, our immediate focus is to open the first 5-7 stores and
assess their financial performance and profitability. Based on those results, we will
be in a better position to provide more detailed guidance on our long-term plans.
2. Whether there is any more M&A in the near future, and when exactly it will be?
- Whatever M&A we do, we will announce it as a public company. There may be a
lot of discussions and exploratory discussions, but unless we are able to firm them
up, it is not appropriate to make any kind of announcement because there are a lot
of rumors and a lot of guesswork in the market.
- As a growing company, we are always talking to new brands and exploring new
partnerships. As and when these are confirmed, we will definitely make an
announcement.
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Sunny – Kontan
1. What is your 2026 CapEx target, and how much has been realized so far? Will
expansion in the second half be as aggressive as in the first half?
- For Capex, our plan for this year is about Rp2 trillion, but we are always monitoring
the global situation so that we can increase or decrease it. We can adjust it
according to the situation.
- In the second half, we normally open more stores, particularly in the last quarter,
and we will definitely open more stores. In the 1Q, we opened more than 200
stores. We may end up opening 550-600 new stores this year.
2. What tangible benefits has MAP gained from its sustainability and ESG initiative
so far?
- For us, sustainability has 3 pillars. It's ESG: Environment, Social, and Governance.
It's very much related to our growth because, within sustainability, we have the
human factor, the social aspect. As Mr. Sharma just mentioned, about the awards
that we've received, including being recognized as one of the best places to work.
- Governance is very important to ensure compliance with regulations, and on the
environmental side, we think we have almost 100% eliminated single-use plastics.
We also have many initiatives related to the environment and other social
programs.
Nadia – Majalah SWA
1. What is the dividend for FY2025?
- The dividend for MAPI is Rp10 per share, similar as last year. And for MAP Active,
it is Rp4 per share.
Names mentioned 4 people and organisations named in the text · linked when the evidence is strong
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Ratih
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Sharma
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