Daily BriefsIndonesia

Daily Brief Indonesia: Merdeka Battery Materials, Siloam International Hospitals, Indika Energy, Tower Bersama Infrastructure, Pakuwon Jati and more

In today’s briefing:

  • Merdeka Battery Materials IPO – Commercializing One of the World’s Largest Nickel Mines
  • Siloam International Hospitals (SILO IJ) – Back to Base Case Growth
  • Weekly Wrap – 31 Mar 2023
  • Tower Bersama – ESG Report – Lucror Analytics
  • Pakuwon Jati – Earnings Flash – FY 2022 Results – Lucror Analytics

Merdeka Battery Materials IPO – Commercializing One of the World’s Largest Nickel Mines

By Ethan Aw

  • Merdeka Battery Materials (2012725D IJ) is looking to raise around US$580m in its Indonesian IPO.
  • It has the largest resource globally in terms of contained nickel at the Konawe Nickel Mine (the SCM Mine), according to Wood Mackenzie. 
  • MBM aims to become a vertically integrated battery materials player. Through a series of acquisitions, it owns one of the world’s largest nickel mines. 

Siloam International Hospitals (SILO IJ) – Back to Base Case Growth

By Angus Mackintosh

  • Siloam International Hospitals (SILO IJ) is coming out of the COVID period with guns blazing as base case revenues continue to grow, surpassing pre-pandemic levels and with margins improving. 
  • 2022 was a year of two halves and 2H2022 saw a clear resumption of base case patient activity, Siloam also saw the benefits of unified pricing and improved efficiencies.
  • Siloam looks well-positioned to grow its base case revenues further in the coming year, with a healthy cost base and more beneficial pricing. Valuations are attractive on 9.4x FY2023E EV/EBITDA.

Weekly Wrap – 31 Mar 2023

By Charles Macgregor

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.

In this Insight:

  1. Japfa Comfeed Indonesia
  2. Yankuang Energy Group
  3. Anton Oilfield
  4. China Jinmao Holdings
  5. Lifestyle International Holdings

and more…


Tower Bersama – ESG Report – Lucror Analytics

By Trung Nguyen

Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
We assess Tower Bersama’s ESG as “Adequate”, in line with its Environmental, Social and Governance scores. Controversies are “Immaterial” and Disclosure is “Adequate”.


Pakuwon Jati – Earnings Flash – FY 2022 Results – Lucror Analytics

By Trung Nguyen

Pakuwon Jati’s (PWON) FY 2022 results were acceptable. This was despite the company missing its pre-sales and earnings targets, given the sharp deterioration in the operating environment in H2 on the back of a steep rise in interest rates. Growth in y-o-y revenue, earnings and cash-flow was expected, given the COVID-19 lockdowns in FY 2021. Positively, the balance sheet remains in great shape, with net cash and no short-term debt. The company has the best credit profile among the companies under our Indonesian real estate coverage, and is the only one that has not carried out any bond tender offer below par. PWON has the best quality portfolio of retail assets and the highest portion of recurrent rental income among peers.


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