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
- 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
- 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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