Brights keeps Hold on MAPI stock at IDR 1,520 target

MAPI stock was trading at EUR 0.08 at Lang & Schwarz on October 7, 2026 at 9:32 a.m. CEST, unchanged from the EUR 0.08 prior close. The latest analyst view came from Brights on September 16, 2026, which maintained a Hold rating and set an IDR 1,520 target for PT Mitra Adiperkasa Tbk.

Brights sees a measured second half

According to Brights on September 16, 2026, same-store sales growth moderated to 3.3 percent in the second quarter of 2026, bringing first-half growth to 8.2 percent. The research house said healthier inventory levels could limit discounting pressure in the second half.

Brights also cited management guidance for high-single-digit revenue growth in fiscal 2026, a gross margin target of 39-40 percent and an EBIT margin target of 9 percent. The report identified weaker purchasing power and further Indonesian rupiah depreciation as risks to the outlook.

First-half revenue rises 23.4 percent

IDX Channel reported that MAPI generated IDR 24.2 trillion of net revenue in the first half of 2026, up 23.4 percent from IDR 19.6 trillion in the same period of 2025. Net profit reached IDR 1.5 trillion, 27.0 percent above the IDR 960.92 billion recorded a year earlier.

The same report put first-half 2026 gross profit at IDR 9.8 trillion, operating profit at IDR 2.0 trillion and EBITDA at IDR 3.8 trillion. These figures show that the growth story extends beyond sales, although the Brights report places inventory discipline and margin protection at the center of the second-half assessment.

MAP closes fiscal 2025 strongly

In its March 30, 2026 release, MAP Indonesia said full-year 2025 net revenue rose 13.9 percent to IDR 43.1 trillion. Operating profit increased 15.6 percent to IDR 4.0 trillion, while net profit rose 26.6 percent to IDR 2.7 trillion.

The company operates more than 4,000 stores in over 80 Indonesian cities and manages more than 150 brands across department stores, fashion, sports, food and beverage, and lifestyle retail. That breadth supports the revenue base, while currency weakness and consumer purchasing power remain the quantified risks highlighted by Brights.

Stock holds at EUR 0.08

The Lang & Schwarz quote was EUR 0.08 on October 7, 2026 at 9:32 a.m. CEST, with a daily change of 0.00 percent versus the EUR 0.08 prior close of October 6, 2026. The primary listing is on the Indonesia Stock Exchange, where MAPI is identified as the ticker for Mitra Adiperkasa by Eulerpool.

The further course of trading is shown by the continuously updated real-time quote of MAPI stock.

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