STOCK RECOMMENDATION - JAKARTA. PT Mustika Ratu Tbk (MRAT) is targeting double-digit revenue growth in 2024. This was revealed after the 2024 general election process was completed.
“Perhaps roughly (double digit),” said MRAT President Director Bingar Egidius Situmorang when met at the IDX Building, on Monday (26/2).
Egi said, the 2024 election process that has started to finish is also expected to be a positive sentiment for MRAT's performance this year
“The market will certainly return to normal, demand will also increase,” he said.
MRAT will add some products this year. However, Egi could not yet mention how many products and what types they are.
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”I can't say yet, afraid of being found out by competitors. But, there are additions, rejuvenation, and product reviews. Some products will be discontinued,” he said.
Egi said, MRAT will also expand product sales for export. Currently, MRAT has exported to 40 countries.
Currently, MRAT records the most export demand from 3 countries in Africa, especially for herbal products. “The plan is, there are additional countries, about 10. But, still under consideration. They are from Asia, Europe, and Africa,” he said.
On the other hand, MRAT also recorded sales growth from e-commerce of more than double digits in 2023. E-commerce that is currently the focus of MRAT sales are Tokopedia, Lazada, and Shopee.
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”For TikTok Shop, haven't been there yet. We'll see,” he explained.
Mirae Asset Securities Indonesia analyst Tasrul Tanar sees, sees MRAT's stock movement is still sideways, with support level at Rp 320 per share and resistance at Rp 400 per share.
Tasrul then recommended a buy-on weakness for MRAT shares with a target price at the resistance level, which is Rp 400 per share.
Equity Analyst Kanaka Hita Solvera William Wibowo sees, technically, MRAT shares are still in a downtrend phase and there are no clear signs of an uptrend confirmation.
“MRAT's stock movement is at the support level of Rp 320 per share and resistance of Rp 380 per share,” he told Kontan, on Monday (26/2).
William then recommended a wait-and-see for MRAT with a target price at Rp 380 per share.
