Category

Indonesia

Daily Brief Indonesia: Agile Property Holdings and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Morning Views Asia: Medco Energi


Morning Views Asia: Medco Energi

By Leonard Law, CFA

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.


💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief Indonesia: Pakuwon Jati and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Morning Views Asia: Indofood CBP Sukses, Pakuwon Jati, Rakuten


Morning Views Asia: Indofood CBP Sukses, Pakuwon Jati, Rakuten

By Leonard Law, CFA

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.


💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief Indonesia: GoTo Gojek Tokopedia Tbk PT and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • GoTo Gojek Tokopedia (GOTO IJ) – Metamorphosis


GoTo Gojek Tokopedia (GOTO IJ) – Metamorphosis

By Angus Mackintosh

  • GoTo Gojek Tokopedia (GOTO IJ) booked an encouraging set of 1Q2024 results which provided a first look at the new structure, whereby suddenly e-commerce became cashflow positive for the company. 
  • The company booked strong headline growth with core GMV increasing by +32% YoY, despite incentive & product spending decreasing by -31% YoY, whilst adjusted EBITDA losses fell -89% YoY. 
  • GoTo will drive growth less through incentives and more through innovative products, increasing the user base, and focusing on retention through its subscription products, with fintech becoming increasingly important. 

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief Indonesia: Sido Muncul, Lippo Karawaci and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Sido Muncul (SIDO): Take Your Win First
  • Morning Views Asia: China Oil And Gas, Lippo Karawaci, SJM Holdings, Softbank Group


Sido Muncul (SIDO): Take Your Win First

By Henry Soediarko

  • Sido Muncul (SIDO IJ) had a poor Q2-Q3 numbers, and investors sold off. 
  • The recent uptick is driven by revenue growth and cost cutting exercises (mainly in wages) that improve margins.  
  • Productivity may not stay at the same level thus Q2 24 numbers are key. Take your win first. 

Morning Views Asia: China Oil And Gas, Lippo Karawaci, SJM Holdings, Softbank Group

By Leonard Law, CFA

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.


💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief Indonesia: Greentown China and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Morning Views Asia: Adaro Energy, Greentown China, Vedanta Resources


Morning Views Asia: Adaro Energy, Greentown China, Vedanta Resources

By Leonard Law, CFA

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.


💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief Indonesia: Medco Energi, China Vanke and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Morning Views Asia: Adani Green Energy, Japfa Comfeed Indonesia, Medco Energi, Pakuwon Jati
  • Morning Views Asia: China Vanke


Morning Views Asia: Adani Green Energy, Japfa Comfeed Indonesia, Medco Energi, Pakuwon Jati

By Leonard Law, CFA

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.


Morning Views Asia: China Vanke

By Leonard Law, CFA

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.


💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief Indonesia: Multi Bintang Indonesia and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Multibintang Q1 FY24: Soft Start, Down to 13x PE and a >7% Dividend Yield


Multibintang Q1 FY24: Soft Start, Down to 13x PE and a >7% Dividend Yield

By Sameer Taneja

  • Multi Bintang Indonesia (MLBI IJ) showed a weak print, with sales down 10% YoY and profitability flat for Q1 FY24. Consumption was weak locally despite strong Bali tourism. 
  • On the positive side, the company improved its net cash position to substantially to 900 bn Rph ( or 6% of Mkt Cap) and expanded margins by 400 bps YoY. 
  • Trading at 13x FY23 PE (with a 7% dividend yield assuming a 100% payout), there is great value in this market leader (60% Mkt share) of beer consumption in Indonesia.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief Indonesia: Bukalapak.com PT Tbk, Bank Negara Indonesia Persero and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Bukalapak (BUKA IJ) – Eureka Moment with Better Visibility Ahead
  • Indonesian Banks Screener; Negara Stands Out on Value, Growth Potential and Improving Return Trends


Bukalapak (BUKA IJ) – Eureka Moment with Better Visibility Ahead

By Angus Mackintosh

  • Bukalapak released its 1Q2024 results this week with some palpable relief as it booked its first adjusted EBITDA but underlying revenue growth remains strong, especially for its O2O business. 
  • The company saw take rates improve for both its Mitra O2O business and its marketplace businesses, helping to drive revenue growth. Costs were also reduced allowing for positive contribution margins. 
  • Bukalapak is expected to see sustainable profitability accompanied by revenue growth, with the marketplace recovering with improving product mix. BUKA’S “orphan” cash pile remains an issue but valuations are attractive.

Indonesian Banks Screener; Negara Stands Out on Value, Growth Potential and Improving Return Trends

By Victor Galliano

  • Bank Negara stands out versus its peers for its value attributes, its attractive PEG ratio, and its improving pre- and post-provision returns with top NPL coverage relative to its peers
  • Bank Mandiri remains a buy for its quality attributes, its premium returns, and its well-controlled CoR; Mandiri has a far better valuations-to-returns mix than mega-cap BCA 
  • Bank Rakyat comes off the sell list; it registered improved pre-provision returns in 1Q24, and although cost of risk worsened, post-provision returns were maintained along with its NPL coverage ratio

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief Indonesia: Criterium Energy, Melco Resorts & Entertainment and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Criterium Energy Ltd (TSX-V: CEQ): On track
  • Morning Views Asia: Indika Energy, Melco Resorts and Entertainment (Philippines)


Criterium Energy Ltd (TSX-V: CEQ): On track

By Auctus Advisors

  • • The work-over programme has started with the first two work-overs having added a total of ~40 bbl/d.
  • The third work-over was not completed as damaged equipment was encountered downhole.
  • • The second tranche of work-overs will start in May.

Morning Views Asia: Indika Energy, Melco Resorts and Entertainment (Philippines)

By Leonard Law, CFA

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.


💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief Indonesia: Astra International, Bank Negara Indonesia Persero and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Astra International (ASII IJ) – Striking a Balance with Finance
  • Bank Negara Indonesia (BBNI IJ) – The Bank Has Levers to Pull On


Astra International (ASII IJ) – Striking a Balance with Finance

By Angus Mackintosh

  • Astra International (ASII IJ) just released 1Q2024 results, which reflected the softer auto and heavy equipment markets, although buoyed by better earnings for its finance arm, 
  • The company’s headline net profit was down -14% YoY but stripping out value adjustments was only down -5% YoY, with management optimistic over the longer term. 
  • Astra continues to mirror the Indonesian economy, with its latest investment in geothermal but its nickel businesses also growing. Valuations attractive on 6.6x FY2024E PER and a 7.2% dividend yield. 

Bank Negara Indonesia (BBNI IJ) – The Bank Has Levers to Pull On

By Angus Mackintosh

  • Bank Negara Indonesia (BBNI IJ) booked a solid set of 1Q2024 results driven by +9.6% YoY growth in loans, despite being hampered by higher cost of funds amid tighter liquidity.
  • Loan growth was driven by corporate lending, with corporate SOE lending showing the strongest growth and consumer loans. Funding was driven by CASA growth which limited the squeeze on NIMs. 
  • Bank Negara Indonesia booked strong growth in fee income and a reduction in provisions which helped to offset the margin squeeze. Valuations remain attractive on 1.2x FY2024E PBV.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars