JAKARTA: PT Multipolar Tbk, parent of Matahari Group, is eyeing IDR12 trillion revenue this year, a 7.2% higher than last year achievement of IDR11.2 trillion.Recurring income is targeted to increase 23.9% to IDR12 trillion from IDR9.7 trillion last year amid to the nonrecurring income from the sales of PT Matahari Department Tbk shares worth IDR1.5 trillion.Multipolar Managing Director Harijono Suwarno said for this year they will double Hypermart asset through PT Matahari Putra Prima Tbk and overseas investment.We continue to develop our retail business and to increase our hypermart assets, as he said on an official statement, last week.The company is targeting to open 17 new Hypermart stores or thrice than 5 stores opened in 2010. Every business division is encouraged to run strategy for sustainable growth.Due to the expansion, earnings before interest, tax, depreciation and amortization (EBITDA) is estimated to reach IDR651 billion, up 40% than last year level of IDR467 billion.The MLPL-coded share last week was closed at IDR295 per share, or increased 1.72% than the previous day.Price to earning ratio booked at 0.32x with market capitalization of IDR2.28 trillion.Suwarno also declared that the company will announce their 2010 final dividend at annual general meeting today along with the commitment to maximize shareholder value.Multipolar is the owner of matahari Putra Pratama, who manages 51 hypermarts, 26 supermarkets, 54 drug stores, more than 90 family entertainment centers, 19 bookstores and strategic alliance to operate 93 department stores in more than 50 cities in Indonesia.Uneasy However, analyst from PT Millennium Danatama Sekuritas Abidin doubts the target is achievable without the nonrecurring income as now core business relies on Hypermart that must booked the remaining IDR2 trillion from sales.The target is quite difficult as Hypermart margin is not as good as MDS. It is good enough if Hypermart could develop 10%-15% this year.In 2010, they booked remarkable revenue of IDR2.83 trillion or rose 2.55% than IDR11 billion in 2009 due to Matahari Departmment Store shares disposal.Started from April 1, 2010, MDS sales are no longer consolidated. Hence, the additional sales of IDR2 trillion should come from recurring sales particularly from Matahari Food Business (MFB), managed by PT Matahari Putra Prima Tbk.Multipolar is estimating an IDR12 trillion on revenue, increase 24% on recurring. Last year revenue booked at IDR11.2 trillion including MDS sales in the amount of IDR1.5 trillion on the first quarter in 2010, said Suwarno. (T05/wiw)

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