Daya Intiguna Yasa (MDIY.JK) — Initiate at Buy — Winning on Value, Compounding on Scale

Citi initiates coverage of Daya Intiguna Yasa (MDIY.JK), Indonesia's largest home-improvement and household variety retailer, at Buy with a DCF-based target price of Rp1,300. MDIY sells 18,000+ low-ticket SKUs at one price nationwide through ~1,400 stores across 37 of 38 provinces. Of the three listed MR D.I.Y. entities, MDIY operates in the region's least penetrated market and is the fastest growing. We forecast a 22% NPAT CAGR in 2025-28E, vs. 20% for MRDIYT (Thailand) and 4% for MRDI (Malaysia), with NPAT growing more than 2x to Rp2.8tn by 2030E. Yet MDIY trades at 12.5x 2027E P/E and 0.6x PEG, the lowest in the group. The stock is 52% below its Rp1,650 IPO price;