(Bloomberg) -- Shares of PT Matahari Department Store have more than halved from their July 2016 peak amid contracting same-store sales, even as Indonesia's benchmark gauge is hovering near its record high. The retailer with the largest number of stores “is too cheap for us to be bearish” and the company could be a “star” next year if sales recover, UOB Kay Hian's analyst Stevanus Juanda wrote in a Tuesday note. The consensus 12-month target price for the stock -- among 30 analysts who track the company -- is 46 percent above its last close and is the seventh-highest return potential among the LQ-45 Index members.
To contact the reporter on this story: Abhishek Vishnoi in Singapore at avishnoi4@bloomberg.net.
To contact the editors responsible for this story: Divya Balji at dbalji1@bloomberg.net, Ravil Shirodkar
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