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Investing.com - CLSA initiated coverage on Midi Utama Indonesia Tbk PT (MIDI:IJ) with an Outperform rating and a price target of IDR540.00, according to a research note released Friday.
The firm cited Midi Utama Indonesia’s rapid expansion of its store portfolio beyond Java Island as a key factor in the positive outlook. CLSA believes the company is well-positioned to capture growing purchasing power in coming years.
The research note highlighted the company’s advantage from dominant brand equity derived from its parent company Alfamart, along with favorable consumer trends shifting toward smaller-format grocery stores.
CLSA noted that Alfamidi continues to attract investor interest, particularly due to its improved liquidity and demonstrated ability to deliver superior growth compared to competitors.
The IDR540 price target represents potential upside for the Indonesian convenience store operator, which operates under the Alfamidi brand name throughout the country.
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