Dec 3, 2010

Multi Indocitra FY10 revenue rises 20.3%

PT Multi Indocitra Tbk (MICE) is estimated to book 20.3% year on year (YoY) revenue growth to reach Rp409.5 billion at the end of 2010.
In a company research report published by PT Pefindo on December 2 2010, Hori is estimated to contribute about 8.5% of that figure with around Rp35 billion.
In baby products, supported by strong Pigeon brand and better economic condition, the company is estimated to booked CAGR 12.1% sales growth from 2010-2014.
While in CFL business with Hori as a new brand, Indocitra is estimated to booked CAGR 57.7% sales growth from 2010-2014 which supported by MICE’s intensive marketing effort and keep increasing CFL demand.
Indocitra was established on 11 January 1990 with the objectives to distribute health care products and accessories for the needs of baby, pregnant and breast feeding mother and skin care products which well known with Pigeon brand.
Indocitra has one branch in Surabaya, while the products are manufactured in a modern factory located in Cikande, Banten.
The company target customers for the direct selling activities are hypermarket, supermarket, mini market and small retailers (home retailer).
Currently Indocitra has developed business line of compact fluorescent lamp (CFL) with Hori brand that has been started to market in most areas of Indonesia.
At third quarter of 2010, MICE already have 98 distributors, which 64 for Pigeon and the rest 34 for Hori.
Market Leader
In 2005 to 2009, Indocitra’s main product which are feeding bottle and baby nipple of Pigeon continually dominate the market with above 50% market share based on sales value.
Since 2005-2009, the company's sales have well increased with about CAGR 15%. Last year, MICE booked 10.6% YoY sales growth with Rp340.5 billion figure in FY09. In 3Q10, MICE sales already reach IDR306.4 billion or around 90% of FY09 figure, its about 21.8% YoY increase.
These positive figures manifest MICE’s position in the baby products market with their well known brand Pigeon.
Breakthrough Diversification with Hori Since 2Q10, the company has developed a new business line of compact fluorescent lamp (CFL) with Hori brand that has been started to market in most areas of Indonesia.
Its kind a breakthrough since MICE already well known with its single brand of Pigeon. Plus Hori, MICE’s performances will definitely getting stronger.
Based on recently performance, MICE is estimated to sell around 2 million Hori lamp by the end of 2010 with total value at least reaching Rp35 billion figure.

Disclosure: No position at the stock mentioned above.
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