Category

Indonesia

May 07
0

Daily Brief Indonesia: Pakuwon Jati and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: International Container, Pakuwon Jati
  • In the US, the April ISM services index unexpectedly rose to 51.6 (50.2 e / 50.8 p). The new orders component expanded to 52.3 (50.3 e / 50.4 p), while employment increased to 49.0 (47.1 e / 46.2 p).
  • The prices paid component jumped to 65.1 (61.4 e / 60.9 p), the highest level since 2022. Separately, the April (final) S&P services PMI declined to 50.8 (51.2 e / 54.4 p), below the preliminary reading of 51.4. The composite PMI fell to 50.6 (53.5 p).

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May 06
0

Daily Brief Indonesia: Vale Indonesia Tbk and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Vale Indonesia: Still Battling Nickel Price Decline in Q1/25

Vale Indonesia: Still Battling Nickel Price Decline in Q1/25

By Graeme Cunningham

  • Vale Indonesia’s Q1/25 net profit beat estimates only on non-core items, with a reversal to a gain from Q1/24 on the fair value recognition of a derivative asset 
  • Core earnings declined yoy on an unexpected maintenance shutdown-driven decline in volume and nickel price drop which offset a decline in costs
  • Trading at a P/B of 0.5x and with peers also well below 1.0x, much of the industry’s current distress has been priced in, but immediate catalysts are few 

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May 01
0

Daily Brief Indonesia: Adi Sarana Armada and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Adi Sarana Armada (ASSA IJ) – Indonesia’s Leading Logistics and Mobility Ecosystem

Adi Sarana Armada (ASSA IJ) – Indonesia’s Leading Logistics and Mobility Ecosystem

By Angus Mackintosh

  • Adi Sarana Armada has seen its end-to-end logistics ecosystem under Cargoshare take over as its biggest revenue driver, with car rentals, vehicle auction, and used cars also showing solid growth.  
  • All divisions booked revenue growth, with the auction business seeing the strongest performance, but the logistics saw the biggest turnaround, booking a profit in FY2024 versus a loss in FY2023. 
  • Cargoshare is increasingly deploying solutions-based logistics, especially for FMCG companies, which are increasingly outsourcing logistics. ASSA’s mobility ecosystem continues to thrive through synergies, with captive car supply from ASSA Rent. 

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Apr 30
0

Daily Brief Indonesia: Cisarua Mountain Dairy and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Cisarua Mountain Dairy (CMRY IJ) – Assuringly Diverse Protein Provider

Cisarua Mountain Dairy (CMRY IJ) – Assuringly Diverse Protein Provider

By Angus Mackintosh

  • Cisarua Mountain Dairy (CMRY IJ) booked a strong start to the year, with sales growing +12% YoY, but dairy was down while premium foods drove higher revenues.  
  • The company continues to drive growth through general trade and Miss Cimory, with plans to continue increasing its reach through more affordable products in both dairy and premium consumer foods.
  • Cisarua Mountain Dairy‘s strategy to shift the emphasis toward home consumption for consumer foods and an increasing emphasis on affordable products will help to underpin long-term sustainable growth. Valuations attractive. 

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Apr 29
0

Daily Brief Indonesia: PT Metrodata Electronics, AKR Corporindo, Bank Central Asia, Medco Energi and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • PT Metrodata Electronics (MTDL IJ) – Cybersecurity and AI to Be Future Drivers
  • AKR Corporindo (AKRA IJ) – A New Chapter Begins
  • Bank Central Asia (BBCA IJ) – Thriving Through Transactions
  • Lucror Analytics – Morning Views Asia

PT Metrodata Electronics (MTDL IJ) – Cybersecurity and AI to Be Future Drivers

By Angus Mackintosh

  • PT Metrodata Electronics finished FY2024 on a high note, booking a record net profit, driven by growth in its ICT distribution business and increased profitability in Solutions & Consulting.
  • The distribution segment was driven by rapid growth from telco products, especially the Infinix brand, as well as networking and storage hardware for the corporate segment.
  • Solutions&Consulting saw strong performance from financial services, and with 52% of revenues coming from recurrent income from areas like cloud services and software. AI and Cybersecurity are becoming key drivers.

AKR Corporindo (AKRA IJ) – A New Chapter Begins

By Angus Mackintosh

  • AKR Corporindo (AKRA IJ) released a solid set of results driven by its trading & distribution segment, retail gas stations, and very strong utilities earnings from its JIIPE industrial estate. 
  • The company booked a record gross profit despite a lack of land sales in 1Q2025, but it remains positive on the outlook with 20 hectares to be booked in 2Q2025.
  • AKRA is also upbeat on prospects for trading & distribution and utility earnings this year as anchor tenants ramp up production at JIIPE. Valuations remain compelling. 

Bank Central Asia (BBCA IJ) – Thriving Through Transactions

By Angus Mackintosh

  • Bank Central Asia booked a strong set of numbers in 1Q2025, driven by strong loan growth and healthy growth in CASA and despite an increase in provisions. 
  • The bank booked loan growth across its key segments, with corporate, SME, and consumer lending driving growth, with its transactional banking continuing to grow as it expands its customer base.
  • Bank Central Asia‘s digital offerings continue to be a core driver for both business and consumer banking, as well as for onboarding new customers. Valuations are attractive versus history. 

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Greenko Energy, Vedanta Resources, Reliance Industries
  • Last Friday, US Treasuries tightened by 5-8 bps across the curve. US equities continued to recover, albeit at a slow pace, with the S&P 500 up by 0.7% and Nasdaq rising 1.3%.
  • The US economy is projected to register a weak 0.4% annualised growth rate in Q1/25, according to the US government’s initial estimate, with a large trade deficit and consumer fatigue contributing to the slowdown, even before the tariff-related upheaval.

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Apr 27
0

Daily Brief Indonesia: Sumber Alfaria Trijaya Tbk Pt and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Sumber Alfaria Trijaya (AMRT IJ) – Good Reason for Optimism

Sumber Alfaria Trijaya (AMRT IJ) – Good Reason for Optimism

By Angus Mackintosh

  • Sumber Alfaria Trijaya booked a slower-than-expected finish to FY2024, with some compression to margins, but mainly due to the temporary impact of investment in the business and higher promotions.  
  • The company has seen a strong start to FY2025, with SSSG growing at a faster pace than FY2024, with a strong performance over the run-up to Ramadan.  
  • Alfamart will continues to expand its store network in 2025, with Lawson under AMRT to bring future synergy benefits. Valuations look attractive with a more positive outlook for earnings.

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Apr 25
0

Daily Brief Indonesia: Bank Jago Tbk PT, Aspirasi Hidup Indonesia and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • IDX30/​​LQ45/IDX80 Index Rebalance: Few Changes
  • Aspirasi Hidup Indonesia (ACES IJ) – Growing AZKO Stores and Private Label

IDX30/​​LQ45/IDX80 Index Rebalance: Few Changes

By Brian Freitas

Aspirasi Hidup Indonesia (ACES IJ) – Growing AZKO Stores and Private Label

By Angus Mackintosh

  • Aspirasi Hidup Indonesia (ACES IJ) released a solid set of FY2024 results, with SSSG and headline coming in ahead of expectations, with the company expanding its stores by 20 outlets. 
  • The key concern from the results was the slower guidance for SSSG and sales for 2025, despite a more aggressive store rollout this year, especially outside Java.
  • Aspirasi Hidup Indonesia continues to push the AZKO brand with higher promotional spend, offset by the lack of royalties to ACES US. Guidance looks conservative and valuations look attractive historically.  

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Apr 22
0

Daily Brief Indonesia: Dian Swastatika Sentosa and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • LQ45 Index Rebalance Preview (Apr 2025): Identifying Potential Index Changes

LQ45 Index Rebalance Preview (Apr 2025): Identifying Potential Index Changes

By Brian Freitas

  • The review period for the LQ45 Index April rebalance ended 31 March. The changes should be announced later this week, becoming effective after the close on 30 April.
  • We highlight 4 potential inclusions and 3 potential exclusions for the index at the rebalance. The actual number of changes could be lower at 2-3 a side.
  • All the potential changes have over 1x ADV to trade from passive trackers and some stocks will be impacted more than others.

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Apr 18
0

Daily Brief Indonesia: Wintermar Offshore Marine, Elevarm Technologies and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Wintermar Offshore Marine (WINS IJ) – Ahoy! Recovery Ahead
  • Elevarm Nets US$4.25M to Boost Smallholder Horticulture Farmers with AI | E27

Wintermar Offshore Marine (WINS IJ) – Ahoy! Recovery Ahead

By Angus Mackintosh

  • Wintermar Offshore Marine booked a strong set of FY2024, confirming the ongoing recovery of the offshore oil & gas shipping segment and especially demand for higher-tier vessels.
  • The company continues to build its fleet with several vessels coming on stream in FY2025 and FY2026, driven by optimism around ongoing investments in offshore oil & gas in Indonesia. 
  • Wintermar Offshore Marine intends to sell its low-tier vessels and invest in more high-tier vessels this year, helping to drive future growth. 

Elevarm Nets US$4.25M to Boost Smallholder Horticulture Farmers with AI | E27

By e27

  • Elevarm, an Indonesian agritech startup that aims to enhance the yield and income of smallholder horticulture farmers throughout Indonesia, has raised US$4.25 million in pre-Series A financing led by Intudo.
  • Existing investors Insignia Ventures Partners and 500 Global participated.
  • Founded in 2022, Elevarm specialises in horticulture production and the provision of “high-quality” agricultural inputs, including superior seeds, bio-based fertilisers, and environmentally friendly pest control solutions.

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Apr 17
0

Daily Brief Indonesia: Japfa Comfeed Indonesia, SGX Rubber Future TSR20 and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • After Squaring Away Japfa, The Santosa Family Looks To PT Japfa
  • Private Firms Step In As Indonesia Grapples With EUDR Compliance

After Squaring Away Japfa, The Santosa Family Looks To PT Japfa

By David Blennerhassett

Private Firms Step In As Indonesia Grapples With EUDR Compliance

By Vinod Nedumudy

  •  Only 10,000 ha of 3.2 million ha smallholder plantations get STDB  
  • KoltiSkills trains around 6,000 smallholders in Indonesia  
  •  Olam Agri rolls out SNR in Lampang to empower smallholders

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