Category

Indonesia

Daily Brief Indonesia: GoTo Gojek Tokopedia Tbk PT and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • GoTo (GOTO IJ) – TikTok Taking Tokopedia


GoTo (GOTO IJ) – TikTok Taking Tokopedia

By Angus Mackintosh

  • GoTo Gojek Tokopedia (GOTO IJ) has announced that it will sell a controlling 75.01% stake in Tokopedia to TikTok in order to create Indonesia’s leading e-commerce platform.
  • There had been earlier indications that a deal was in the offing but the size of TikTok’s stake was surprising plus it has committed to invest US$1.5bn in Tokopedia. 
  • GoTo will retain a 24.99% non-dilutive stake and will receive an ongoing revenue stream from Tokopedia in line with its scale and growth contributing directly to its EBITDA. 

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Daily Brief Indonesia: Merdeka Battery Materials and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Merdeka Battery Materials Lockup Expiry – US$1.5bn Lockup Expiry, Some Have Sold Beforehand


Merdeka Battery Materials Lockup Expiry – US$1.5bn Lockup Expiry, Some Have Sold Beforehand

By Ethan Aw

  • Merdeka Battery Materials (MBMA IJ) was listed on 18th Apr 2023, when it raised around US$591m in its Indonesian IPO. Its eight-month lockup will expire on 11th Dec 2023.
  • MBMA owns one of the world’s largest nickel mines in terms of contained nickel at the Konawe Nickel Mine. 
  • In this note, we will talk about the lock-up dynamics and updates since our last note.

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Daily Brief Indonesia: Yuexiu Property and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Weekly Wrap – 08 Dec 2023


Weekly Wrap – 08 Dec 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. Kawasan Industri Jababeka
  2. China Jinmao Holdings
  3. Vedanta Resources
  4. Yanlord Land
  5. Geely Auto

and more…


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Daily Brief Indonesia: Yuexiu Property and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Morning Views Asia: Kawasan Industri Jababeka, Yuexiu Property


Morning Views Asia: Kawasan Industri Jababeka, Yuexiu Property

By Charles Macgregor

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: Global Digital Niaga Tbk PT and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Global Digital Niaga (BELI IJ) – Truly Omnichannel


Global Digital Niaga (BELI IJ) – Truly Omnichannel

By Angus Mackintosh

  • Global Digital Niaga (BELI IJ) 3Q2023 represented the progress along the road to profitability with some intentional slowdown in growth as the shape of the 1P business changed composition.
  • The platform’s 3P business booked vibrant growth driven by ongoing recovery from its OTA business under tiket.com, with the company’s omnichannel business continuing to grow its physical presence. 
  • Global Digital Niaga Tbk PT (BELI IJ) remains a differentiated player in the e-commerce space boosted by tiket.com and its offline presence brought together through its blibli tiket rewards scheme. 

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Daily Brief Indonesia: Powerlong Real Estate Holdings and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Weekly Wrap – 01 Dec 2023


Weekly Wrap – 01 Dec 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. Road King Infrastructure
  2. Yanlord Land
  3. Azure Power Global Ltd
  4. Yankuang Energy Group
  5. Tata Motors Ltd

and more…


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Daily Brief Indonesia: Indofood CBP Sukses and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Indofood CBP Sukses (ICBP IJ) – FMCG On Track at Home and Abroad


Indofood CBP Sukses (ICBP IJ) – FMCG On Track at Home and Abroad

By Angus Mackintosh

  • Indofood CBP Sukses (ICBP IJ) has weathered the worst of higher raw material prices and is now seeing the benefits of lower input costs, benefiting margins.
  • The company is a core beneficiary of pre-election spending as its products are often given as gifts during campaigning. ICBP is also seeing strong performance in its export markets.
  • ICBP should increasingly be seen as an emerging market staples player, with globally recognised brands such as Indomie and Chitato. Valuations do not reflect this.

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Daily Brief Indonesia: Medco Energi and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Morning Views Asia: Medco Energi, Yankuang Energy Group


Morning Views Asia: Medco Energi, Yankuang Energy Group

By Charles Macgregor

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: PT Nippon Indosari Corpindo Tbk. (ROTI) and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • PT Nippon Indosari Corpindo (ROTI IJ) – Baking in Rising Expectations


PT Nippon Indosari Corpindo (ROTI IJ) – Baking in Rising Expectations

By Angus Mackintosh

  • PT Nippon Indosari Corpindo (ROTI IJ) saw a strong QoQ recovery in sales in 3Q2023 but its return rate also increased as it adjusted to distributing new products.
  • Raw material & packaging costs have abated and A&P spending stabilised, giving the company a strong base for recovery, as it expands its distribution in modern and general trade.
  • The outlook for ROTI in 4Q and into FY2024 looks positive given a wider footprint and the potential for improvements in its return rate. Valuations are well below historical averages.

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Daily Brief Indonesia: Adani Ports & Special Economic Zone, Sumber Alfaria Trijaya Tbk Pt, AAC Technologies Holdings and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Weekly Wrap – 24 Nov 2023
  • Sumber Alfaria Trijaya (AMRT IJ) – Ongoing Momentum Sustained
  • Asia Trade Book – November 2023 – Lucror Analytics


Weekly Wrap – 24 Nov 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. Agung Podomoro Land
  2. China Jinmao Holdings
  3. Geely Auto
  4. First Pacific Co
  5. Reliance Industries

and more…


Sumber Alfaria Trijaya (AMRT IJ) – Ongoing Momentum Sustained

By Angus Mackintosh

  • A company visit with Sumber Alfaria Trijaya revealed confidence in the outlook with its more aggressive store expansion on track, as it nearly draws level with Indomaret.
  • The company remains focused on expanding its Lawson convenience store outlets plus larger size Midi outlets. Its membership scheme is growing fast with 10m shopping once a week. 
  • Sumber Alfaria Trijaya (AMRT IJ) remains a core retail holding, with its premium valuation justified by its strong growth prospects, with estimated 2-year Forward EPS growth of +25% and +17%. 

Asia Trade Book – November 2023 – Lucror Analytics

By Charles Macgregor

The Asia Trade Book for November 2023 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds across Asia HY and crossover credits.

Please reach out to our analysts to discuss any of these ideas, or other trade recommendations from our Asia coverage.


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