AMRT - Projected retail industry to grow 15%

Sumber Alfaria Trijaya Tbk. (AMRT) estimated the retail industry growth could reach 15% yoy in 2023 as the upcoming election could trigger stronger demand. AMRT Corporate Communications General Manager said that consumption tends to increase ahead of the political year or general elections (elections) because the money in circulation has increased. (Source : Bisnis Indonesia). Comment: Mid double digit growth projection sounds reachable, in our view. Zero policy on movement restrictions should also become another industry catalyst, aside from the upcoming election which could trigger more consumption. This should bring benefit to retailers with wide spread outlets across the archipela such as AMRT which operates more than 17,000 outlets throughout Indonesia.