Category

Indonesia

Daily Brief Indonesia: Delta Dunia Makmur and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Delta Dunia Makmur – Event Flash – Tender Offer And Consent Solicitation – Lucror Analytics


Delta Dunia Makmur – Event Flash – Tender Offer And Consent Solicitation – Lucror Analytics

By Trung Nguyen

Delta Dunia Makmur has launched a tender offer for the USD 7.75% 2026 notes (USD 365.7 mn outstanding), with a concurrent consent solicitation. We recommend that noteholders tender their bonds, and close our “Buy” call on the BUMAIJ 7.75 ’26s.


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Daily Brief Indonesia: Cisarua Mountain Dairy and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Cisarua Mountain Dairy (CMRY IJ) – Catering to the Demand for Convenience


Cisarua Mountain Dairy (CMRY IJ) – Catering to the Demand for Convenience

By Angus Mackintosh

  • Cisarua Mountain Dairy booked a solid finish to FY2023, with FY2023 sales growth of +21.9% and net profit growth of +17.0% YoY, as it spent to grow new product sales.
  • Slower dairy was more than offset by the strong growth in premium consumer foods but dairy products are set to grow faster in 2024 through UHT milk and yoghurt sticks.
  • Consumer food growth momentum should be sustained by new product launches such as new products such Kanzler Crispy Nuggets Sticks. Valuations remain attractive relative to growth.

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Daily Brief Indonesia: Japfa Comfeed Indonesia and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Morning Views Asia: Japfa Comfeed Indonesia


Morning Views Asia: Japfa Comfeed Indonesia

By Leonard Law, CFA

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.


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Daily Brief Indonesia: Indo Tambangraya Megah, Medco Energi and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • ITMG IJ: Q4 2023 Inline, Deep Value, 45% of the Mkt Cash and ~11% Dividend Yield on Spot
  • Medco Energi – ESG Report – Lucror Analytics


ITMG IJ: Q4 2023 Inline, Deep Value, 45% of the Mkt Cash and ~11% Dividend Yield on Spot

By Sameer Taneja

  • Indo Tambangraya Megah (ITMG IJ) reported its Q4 2023/FY23 numbers with revenues down 46%/35% YoY and profits down 58%/69% YoY on declining coal prices (113 USD/ton Vs 192 USD/ton) .
  • We expect spot coal prices to remain range-bound between 130-150 USD/ton, resulting in company profits ranging between 350-500 mn USD (4x-6x PE range) with dividend yield ranging from 11%-15%.
  • The company also has a cash buffer of 850 million USD, roughly 45% of the current market capitalization. 

Medco Energi – ESG Report – Lucror Analytics

By Leonard Law, CFA

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


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Daily Brief Indonesia: China Jinmao Holdings and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Morning Views Asia: Adaro Energy, China Jinmao Holdings


Morning Views Asia: Adaro Energy, China Jinmao Holdings

By Leonard Law, CFA

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.


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Daily Brief Indonesia: Komerce and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Achmad Zaky, 500 Global invest in Indonesian e-commerce enabler Komerce | e27


Achmad Zaky, 500 Global invest in Indonesian e-commerce enabler Komerce | e27

By e27

  • Komerce, an e-commerce enabler for small-to-medium enterprises (SMEs) in Indonesia, has received an undisclosed investment from Bukalapak co-founder Achmad Zaky and 500 Global.
  • The funding will allow Komerce to accelerate product development and customer acquisition.
  • Founded in 2020 by Darmawan, Syaefullah Syeif (COO), and Satriyo Budi Utomo (CTO), Komerce offers remote team development, shipping aggregators, e-fulfilment, omnichannel SaaS, and customer relationship management.

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

By | Daily Briefs, Indonesia

In today’s briefing:

  • GoTo (GOTO IJ) – A Leaner Green Machine
  • Medco Energi – ESG Report – Lucror Analytics


GoTo (GOTO IJ) – A Leaner Green Machine

By Angus Mackintosh

  • GoTo held a public expose at the IDX to update investors on latest developments including the Tokopedia sale but also to outline its key strategies for 2024. 
  • GoTo will start to receive the service fee from Tokopedia from 1st February despite that monitoring is ongoing by the Ministry of Trade although that is now 75% complete.
  • GoTo’s focus will be on affordable products, some new premium offerings, and increasing higher take rate lending products through GoPay, with incoming fees from Tokopedia providing additional funding going forward.  

Medco Energi – ESG Report – Lucror Analytics

By Leonard Law, CFA

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


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Daily Brief Indonesia: Astra International, Sido Muncul and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Astra International (ASII IJ) – Indonesia’s Mirror Image
  • Sido Muncul (SIDO IJ) – Iconic Modern Jamu


Astra International (ASII IJ) – Indonesia’s Mirror Image

By Angus Mackintosh

  • Astra International booked record earnings for 2023 despite some softening of commodities, driven by strong performance from the auto division and financing plus the strong performance from motorcycles. 
  • Astra has continued to invest in growth areas of the Indonesian economy with investments last year in the EV battery ecosystem, increased exposure to healthcare, and investment in data centres.
  • Management flagged a potential 2H cyclical downturn but it is well-diversified enough to weather this. Valuations look attractive on 6.8x FY2024E PER and with a 6.6% dividend yield.

Sido Muncul (SIDO IJ) – Iconic Modern Jamu

By Angus Mackintosh

  • Sido Muncul‘s recent results reflect a sharp recovery in its core herbal and F&B business as increased sales volumes have brought scale benefits to its iconic products. 
  • The company saw recovery in both sales and profits, with margins improving considerably  in 4Q2023 due to increased volumes and lower raw material prices. 
  • Tolak Angin remains an iconic brand catering to all demographics with 70% leadership of its category, with Kuku Bima being the leader in powdered energy drinks. Valuations appealing versus history. 

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Daily Brief Indonesia: BFI Finance Indonesia, Matahari Department Store and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • BFI Finance Indonesia (BFIN IJ) – Visibility Improves
  • Matahari Department Store (LPPF IJ) – Primed for Recovery


BFI Finance Indonesia (BFIN IJ) – Visibility Improves

By Angus Mackintosh

  • BFI Finance Indonesia saw a marked turnaround in new bookings and a declining NPF ratio in 4Q2023, as its business recovered from the malware attack in May last year.
  • The company has started to be more aggressive in non-dealer 4W space but remains cautious on 2W. Write-offs peaked in 4Q2023 and will decline in 2024, leading to lower CoC. 
  • BFIN will launch a tripartite collaboration with GoTo and Bank Jago which will help to drive future bookings growth. Valuations remain attractive with BFIN trading in 2.0x PBV 

Matahari Department Store (LPPF IJ) – Primed for Recovery

By Angus Mackintosh

  • Matahari Department Store (LPPF IJ) reported another slow set of results in 4Q2023, as it saw slower demand and continues to clear aged inventory. 
  • The company is well-prepared for the upcoming Lebaran season with more conservative inventory levels. It will also see the benefits of new brands coming on stream this year. 
  • Matahari Department Store will open 4-6 new stores in 2024 but close 10 underperforming stores, with a continued focus on new DP brands like SUKO. Valuations remain attractive. 

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Daily Brief Indonesia: Merdeka Battery Materials and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • ASEAN EV Ecosystem Update: Further Initiatives to Build a Regional EV Ecosystem


ASEAN EV Ecosystem Update: Further Initiatives to Build a Regional EV Ecosystem

By Shifara Samsudeen, ACMA, CGMA

  • EV supply chain is at a nascent stage in ASEAN and EV adoption in the region lags behind developed markets despite boasting a large population with a burgeoning middle class.
  • However, Governments in the region continue to introduce new initiatives and offer incentives to promote the sector, while companies continue to attract large investment to develop the EV market.
  • The four companies we looked at have reported earnings and we have discussed their latest results and our investment thesis.

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