Retailer Mitra Adiperkasa (MAPI)—controlled by Nursalim-Gozali family and Matahari Putra Prima (MPPA)—controlled by Riady Family both have equity of Rp2.49 trillion as at June 30, 2014. MPPA, however, has market ‘value’ of Rp15.1 trillion, while MAPI at Rp8.47 trillion. Their return on equity (ROE) were about the same in the first half of 2013, but separated by a substantial margin the first half of 2014. How come?

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