Alfamart Surges With 1,000 New Stores Target as Analysts Eye 2026 Profit Growth

JAKARTA, Investortrust.id — PT Sumber Alfaria Trijaya Tbk (AMRT), Indonesia’s premier minimarket operator popularly known as Alfamart, is hitting the gas on its 2026 expansion strategy. The retail powerhouse has set a bold target to open 1,000 new brick-and-mortar locations this year while simultaneously supercharging its digital ecosystem through the Alfagift platform.

This aggressive physical and digital "omnichannel" push is expected to drive significant bottom-line growth. KB Valbury Sekuritas projects the company’s net profit will surge to Rp 3.76 trillion ($236 million) in 2026, up from Rp 3.41 trillion ($214 million) in the previous year, while total revenue is forecasted to soar to Rp 138.26 trillion ($8.7 billion).

Alfamart’s massive expansion is a bellwether for Indonesian consumer sentiment and the shifting retail landscape in Southeast Asia’s largest economy. As the company weaponizes its vast physical network to support a 10% online sales target, it is setting a new standard for high-frequency retail. For global investors, the current 20% valuation dip—triggered by foreign fund outflows rather than fundamental weakness—presents a high-conviction entry point into a defensive stock with high-growth digital upside.

Driving Growth Through Digital and Scale

The retailer is banking on more than just new storefronts to win in 2026. KB Valbury Sekuritas analyst Andre Suntono noted that the company is maintaining a steady growth trend, with revenue expected to rise 9.1% and net profit by 10.4% year-on-year.

Suntono explained that this growth will be fueled by "increased sales, an improved product mix, cost efficiencies, and a rise in other income streams." The company is also targeting a healthy Same Store Sales Growth (SSSG) of 4% to 5%, a critical metric for retail health.

Navigating New Competition

The expansion plan comes as the Indonesian government introduces the "Koperasi Merah Putih" or Village Cooperatives (Kopdes) program, aimed at opening shops in remote rural areas. While these state-backed cooperatives could pose a challenge in far-flung districts, analysts believe Alfamart still has massive room to maneuver.

"AMRT is considered to still have expansion space in other regions through coordination with the government," Suntono noted, suggesting that the retailer’s established supply chain gives it an edge that smaller cooperatives may struggle to match.

A Prime Window for Investors

After a sharp correction in September 2025, Alfamart's shares were trading at Rp 1,530 as of mid-April 2026. Analysts argue the sell-off has decoupled the stock price from its strong operational performance, particularly after a blockbuster fourth quarter in 2025 where net profit skyrocketed 154% on a quarterly basis.

With a target price of Rp 2,100, the stock offers significant upside for those looking to capitalize on the festive season momentum and the company’s disciplined 2.7% net profit margin. As the company continues to execute its high-speed rollout, the market is watching to see if Alfagift can turn the traditional minimarket model into a digital juggernaut.

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