ASEAN (Indo) & China-focused. Ex-Deputy HoR UBS.

Johannes Salim, CFA

Equity Bottom-Up

<ul><li>Conference call with the IR of <a href="https://www.smartkarma.com/entities/18869" target="_blank" data-smartkarma-citation="entities:18869:1">Erajaya Swasembada Tbk Pt (ERAA IJ)</a> reveals that general consumption in 1H17 was weaker-than-anticipated.</li><li>Erajaya's smartphone business appears vulnerable to offline-to-online consumption shift although the shift remains in early innings.</li><li>Declining, razor-thin margins also imply a cut-throat industry competition.</li><li>Erajaya stock (at 7x 2017 PE and 0.6x 2017 PB) seems to be in a classic value trap situation.</li></ul>

Conference call with the IR of Erajaya Swasembada Tbk Pt (ERAA IJ) reveals that general consumption in 1H17 was weaker-than-anticipated.Erajaya's smartphone business appears vulnerable to offline-to-online consumption shift although the shift remains in early innings.Declining, razor-thin margins also imply a cut-throat industry competition.Erajaya stock (at 7x 2017 PE and 0.6x 2017 PB) seems to be in a classic value trap situation.

Erajaya Swasembada: Early Round Loser in Offline-To-Online Consumption Shift?

Indonesia

PT Erajaya Swasembada Tbk distributes and retails cellular telephones.  The Company is licensed to distribute international brands of cell phones, and operates a chain of retail shops in Indonesia.

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Erajaya Swasembada (ERAA IJ)

Erajaya Swasembada: Early Round Loser in Offline-To-Online Consumption Shift?

Conference call with the IR of Erajaya Swasembada Tbk Pt (ERAA IJ) reveals that general consumption in 1H17 was weaker-than-anticipated. Erajaya's...

Johannes Salim, CFA

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52-week Range

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