Recently, Indonesia has become more active and health-focused.

Running events are everywhere, and padel, a new racquet sport, is booming, with over 165 courts already open (and more on the way!)

Most are fully booked from morning to night, and on weekends you need to reserve 2–3 weeks in advance.

This trend is driving strong demand for sportswear and equipment.

MAP Aktif Adiperkasa (MAPA) is benefiting from this boom.

With more than 2,000 stores, exclusive partnerships with global brands, and a solid online platform, MAPA is well positioned to serve this growing market, and there’s still plenty of room to grow.

Rising middle-class income, low modern retail penetration outside Jakarta, and the rapid growth of online shopping give MAPA significant opportunities to expand into smaller cities and even abroad.

The company has kept costs steady for five years, plans to grow its store network at a measured pace, and is on track to generate stronger cash flow, moving toward a net cash position by 2027.

Net profit is expected to rise 13% in 2025 to Rp1.5 trillion and maintain around 12% annual growth over the next three years.

MAPA trades at 12.4x forward PE — below its 5-year average of 16.0x and under the sector average, with a target price of Rp1,000.