Category

Indonesia

Apr 15
0

Daily Brief Indonesia: Steel Pipe Industry of Indonesia, Fore Kopi Indonesia and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Steel Pipe Industry of Indonesia (ISSP IJ) – Piping Hot
  • Fore Coffee eyes expansion with US$23.2M IPO on Indonesia Stock Exchange | e27

Steel Pipe Industry of Indonesia (ISSP IJ) – Piping Hot

By Angus Mackintosh

  • Steel Pipe Industry of Indonesia (ISSP IJ) is Indonesia’s largest steel pipe manufacturer with over 2,000 customers and exposure across diverse sectors, including infrastructure, autos, and Oil & Gas. 
  • The company looks set to book strong growth in revenues and profits over the next 3 years, driven by increased capacity and improving product mix towards higher value products. 
  • SPINDO has been shifting towards longer duration funding and reducing interest costs. Valuations are attractive on a 3x FY2025E PER, with a forecast dividend yield of 5%.

Fore Coffee eyes expansion with US$23.2M IPO on Indonesia Stock Exchange | e27

By e27

  • Fore Coffee, a leading premium coffee retail chain in Indonesia, has announced its intentions to launch an Initial Public Offering (IPO) on the Indonesia Stock Exchange (IDX).
  • Trading under the ticker symbol “FORE”, this strategic move is designed to bolster the company’s ambitious expansion plans.
  • Fore Coffee will offer 1.8 billion ordinary shares to the public, representing 21.08 per cent of its total issued and fully paid-up capital.

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Apr 08
0

Daily Brief Indonesia: GoTo Gojek Tokopedia Tbk PT, Medco Energi and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • GoTo Gojek Tokopedia (GOTO IJ) – Entering New Territory
  • Medco Energi – Earnings Flash – FY 2024 Results – Lucror Analytics

GoTo Gojek Tokopedia (GOTO IJ) – Entering New Territory

By Angus Mackintosh

  • GoTo Gojek Tokopedia‘s 4Q2024 is likely just the start of the positive impact of its barbell strategy of enticing new users through affordable products before monetising through premium offerings.
  • The rapid turnaround of the fintech business as it booked its first quarterly positive adjusted EBITDA was a key standout and was front and centre of management results comments.
  • GOTO remains upbeat in its prospects for 2025, providing its first guidance for adjusted EBITDA, and highlighting the positive contribution from fintech and mid-teens growth for ODS. 

Medco Energi – Earnings Flash – FY 2024 Results – Lucror Analytics

By Leonard Law, CFA

  • Medco Energi’s performance remained robust in FY 2024, with the company reporting stable earnings but improved cash flows.
  • FCF was positive and net debt declined, supported by the disposal of Medco’s Vietnamese assets.
  • Consolidated Net Debt/EBITDA was healthy at 2.3x.

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Apr 03
0

Daily Brief Indonesia: Sarimelati Kencana PT and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Sarimelati Kencana (PZZA IJ) – Profitable New Beginnings

Sarimelati Kencana (PZZA IJ) – Profitable New Beginnings

By Angus Mackintosh

  • Sarimelati Kencana (PZZA IJ) booked a profit in 4Q2024, and the company will remain profitable in 1Q2024, with a strong uptick expected in 2Q2024 and a profit expected for FY2025. 
  • The company has been focused on reducing costs and improving efficiencies, booking a record gross profit margin in 4Q2024, and is now able to book a profit with lower sales. 
  • Sarimelati Kencana remains a leading quick-service food provider in Indonesia, with prospects improving as it starts to book sustainable profits, with significant upside if it books sales at pre-COVID levels. 

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Apr 01
0

Daily Brief Indonesia: Mitra Adiperkasa, Indika Energy and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Mitra Adiperkasa (MAPI IJ) – Parting Clouds Ahead
  • Indika Energy – Earnings Flash – FY 2024 Results

Mitra Adiperkasa (MAPI IJ) – Parting Clouds Ahead

By Angus Mackintosh

  • Mitra Adiperkasa reported a solid finish to the year with positive sequential growth in 4Q2024, although it was impacted by the delayed iPhone 16 launch, which reduced its peak quarter.
  • MAP Aktif Adiperkasa was the core growth driver, and its 4Q2024 was more seasonally strong at 28% of FY2024, with its regional expansion also helping to drive growth in FY2024. 
  • Mitra Adiperkasa remains a core retail proxy for Indonesia, with an increasing regional edge, and stronger growth prospects for FY2025. Valuations look extremely attractive on 9.9x FY2025E PER.

Indika Energy – Earnings Flash – FY 2024 Results

By Trung Nguyen

  • Indika Energy’s FY 2024 results were weak as expected in our view, due to significant challenges amid declining coal prices, with no contributions from its investments in non-coal businesses so far.
  • The balance sheet worsened significantly during the year.
  • That said, liquidity remained sound.

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Mar 31
0

Daily Brief Indonesia: Global Digital Niaga Tbk PT, Sariguna Primatirta Tbk PT and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Global Digital Niaga (BELI IJ) – Firmer Underfoot for the Dark Horse
  • Sariguna Primatirta (CLEO IJ) – Pure Water on the Move

Global Digital Niaga (BELI IJ) – Firmer Underfoot for the Dark Horse

By Angus Mackintosh

  • Global Digital Niaga (BELI IJ) booked a strong finish to 2024, driven by its 3P retail and institutional business, although 1P retail and physical stores also performed well. 
  • The company continues to see improving take rates in FY2024, whilst its average order value increased through a more favourable product mix, with gross margins and cash flows improving significantly.
  • Global Digital Niaga continued to expand its physical stores for monobrand and multibrand stores, adding Huawei as a brand. Valuations look reasonable given growth prospects and progress towards profitability.

Sariguna Primatirta (CLEO IJ) – Pure Water on the Move

By Angus Mackintosh

  • Sariguna Primatirta (CLEO IJ) booked yet another quarter of impressive sequential growth in 4Q2024, hitting another record quarterly revenue, with margins improving at the same time, boosting profits.
  • The company opened three factories in 2024 and plans three more in FY2025, with the total to 35 across Indonesia and further extending its scale and reach, and driving growth.
  • The main driver for growth will come through general trade, which makes up 70% of distribution, with a factory opening push outside Java. Valuations are attractive versus growth.

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Mar 30
0

Daily Brief Indonesia: Prodia and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Prodia (PRDA IJ) – Expanding and Digitally Remastered

Prodia (PRDA IJ) – Expanding and Digitally Remastered

By Angus Mackintosh

  • Prodia (PRDA IJ) FY2024 results reflect an impending recovery, with the company aggressively expanding its outlets by adding 73 over the year, and mostly lower cost points of collection. 
  • The company continues to roll out new tests, with more emphasis on esoteric testing, but also looking at routine testing. It will continue opening new outlets in 2025. 
  • Prodia also continues to expand its digital capabilities through U by Prodia for patients and Prodia for Doctors, and Prodialink. Valuations look attractive with Prodia trading on a low-single-digit EV/EBITDA,

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Mar 28
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 Trung Nguyen

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Pakuwon Jati, Bharti Airtel, China Jinmao
  • US President Donald Trump has signed an executive order to impose 25% tariffs on imports of automobiles and auto parts from April 2 nd, saying that “what we’re going to be doing is a 25% tariff for all cars that are not made in the United States”.
  • European Commission President Ursula von der Leyen said she deeply regrets the US tariff decision, and will continue to seek negotiated solutions while safeguarding the bloc’s economic interests.

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Mar 24
0

Daily Brief Indonesia: PT Metrodata Electronics and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Metrodata (MTDL IJ): Indonesian IT Distributor and System Integrator Trading at 9x P/E

Metrodata (MTDL IJ): Indonesian IT Distributor and System Integrator Trading at 9x P/E

By Michael Fritzell

  • Metrodata (MTDL IJ — US$410 million) is Indonesia’s largest IT distributor.

  • Notebooks, smartphones, and network equipment all flow through Metrodata’s logistics facilities before they are sold to customers.

  • Almost all global consumer electronics brands sell through Metrodata, giving it a nearly complete product portfolio.

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Mar 22
0

Daily Brief Indonesia: Mayora Indah and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Mayora (MYOR): Indo Sugar Tax – A Negative

Mayora (MYOR): Indo Sugar Tax – A Negative

By Henry Soediarko

  • The sugar tax in Indonesia is plan to be introduced July this year, around Rp 1500/liter for sweetened packaged drinks including soft drinks, bottled tea.
  • Mayora Indah (MYOR IJ) tea product is Teh Pucuk Harum, that is widely sold in hypermarts and convenience stores, while Unilever Indonesia (UNVR IJ) no longer owns Teh Sosro. 
  • Expecting sentiment to be better, Short Mayora and Long Unilever. 

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Mar 19
0

Daily Brief Indonesia: Indika Energy and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Trung Nguyen

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Indika Energy, China Hongqiao, Greenko Energy
  • In the US, advance retail sales came in below estimates at 0.2% m-o-m (0.6% e / -1.2% revised p) in February. Moreover, the January figure was revised downwards to negative 1.2% (from -0.9%), the lowest since July 2021. Seven of the retail report’s 13 categories posted declines, notably motor vehicles, gasoline sales, as well as spending at restaurants and bars.
  • Retail sales (excluding auto and gas) rose 0.5% m-o-m (0.4% e / -0.8% p), while the retail sales control group (which feeds into the government’s calculation of goods spending for GDP) was up 1.0% m-o-m (0.4% e / -1.0% revised p), supported by a rebound in e-commerce activity.

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