In today’s briefing:
- Arwana Citramulia (ARNA IJ) – Capacity-Driven Growth Ahead
- BFI Finance Indonesia (BFIN IJ) – On a Convincing Turn
Arwana Citramulia (ARNA IJ) – Capacity-Driven Growth Ahead
- Arwana Citramulia published a solid set of FY2024 results, with sales growth to +7.4% YoY, although FY2024 net profit was down slightly due to cost pressures and higher promotional spending.
- The company continues to see a favourable product mix shift towards higher-end tiles, especially its ARNA porcelain brand. New capacity coming on stream in 2025 will provide a further boost.
- The gas subsidy has yet to be confirmed for the ceramic industry, but expectations are that it will come through shortly. Arwana Citramulia valuations remain attractive, with higher growth ahead.
BFI Finance Indonesia (BFIN IJ) – On a Convincing Turn
- BFI Finance Indonesia booked a strong finish to FY2024, as bookings increased by YoY and HoH, with the NPF ratio falling at the same time leading to higher revenues.
- The company’s loan growth momentum has picked up considerably as indicated by management in the previous quarter, which should be reassuring for investors, with growth set to continue in 2025.
- BFI Finance Indonesia has yet to see a meaningful contribution from its collaboration with GoTo Gojek Tokopedia, which is a potential future growth driver. Valuations attractive on PBV to ROE.
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