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
- 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
- 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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