Category

Indonesia

Dec 12
0

Daily Brief Indonesia: Mitra Adiperkasa and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Mitra Adiperkasa (MAPI IJ) – Strong Finisher

Mitra Adiperkasa (MAPI IJ) – Strong Finisher

By Angus Mackintosh

  • A recent meeting with Mitra Adiperkasa confirmed that management remains confident about a strong finish to the year, despite a lingering drag from Starbucks even with the boycott being lifted.
  • MAPI continues to expand its store network with 650 new stores targeted this year, with 400 under MAP Aktif and ongoing regional expansion. MAPI’s omnichannel strategy is also driving growth. 
  • Inventory levels are higher due to higher store count and ahead of various festive seasons. Inditex brands continue to drive fashion with MAPA showing the fastest growth. Valuations remain attractive. 

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Dec 10
0

Daily Brief Indonesia: Sarimelati Kencana PT and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Sarimelati Kencana PT (PZZA IJ) – Emerging from the Oven

Sarimelati Kencana PT (PZZA IJ) – Emerging from the Oven

By Angus Mackintosh

  • Sarimelati Kencana PT (PZZA IJ) has been hard hit over the last year by the impact of the boycott due to a perception of its Israel exposure. 
  • The company has focused on reducing its cost base over the past year and continued to build its higher-end Ristorante format, with the boycott impact lessening since June 2024.
  • PZZA management maintains that it can hit profitability in 4Q2024, with this momentum continuing into 2025, with a target to increase its new formats helping to drive recovery. 

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Dec 07
0

Daily Brief Indonesia: Aspirasi Hidup Indonesia, Delta Dunia Makmur and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Mr DIY Indonesia IPO – Prefer Aspirasi Hidup Indonesia (ACES IJ)
  • Lucror Analytics – Morning Views Asia

Mr DIY Indonesia IPO – Prefer Aspirasi Hidup Indonesia (ACES IJ)

By Angus Mackintosh

  • Home improvements player PT Daya Intiguna Yasa (Mr DIY Indonesia) completed the book building for its IPO this week for its Jakarta listing where it seeks to raise US$296m. 
  • Mr DIY  has seen a rapid rollout of outlets with over 900 stores across Indonesia and SSSG over the last two years of 30%-40% and the company is already profitable. 
  • Mr DIY  has a 25% market share of the home improvements segment focusing on the mass market with affordable products. Prefer Aspirasi Hidup Indonesia as a proxy for this space.

Lucror Analytics – Morning Views Asia

By Trung Nguyen

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Delta Dunia Makmur, Gajah Tunggal
  • In the US, the trade deficit narrowed to USD 73.8 bn in October (USD 75.0 bn e / USD 83.8 bn revised). Imports fell 4% to USD 339.6 bn, while exports declined 1.6% to USD 265.7 bn.
  • Separately, initial jobless claims for the week ended November 30th rose to 224 k (215 k e / 215 k revised p). The focus today is on the November nonfarm payrolls report.

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Dec 03
0

Daily Brief Indonesia: PT Daya Intiguna Yasa Tbk (Mr DIY Indonesia) and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Mr DIY Indonesia IPO – Aiming to Repeat the Performance of Its Parent’s Listing

Mr DIY Indonesia IPO – Aiming to Repeat the Performance of Its Parent’s Listing

By Clarence Chu

  • PT Daya Intiguna Yasa Tbk (Mr DIY Indonesia) (2517930D IJ) is looking to raise US$296m from its Indonesia IPO.
  • Mr DIY Indonesia (MRDIYI) is a home improvement retailer. The entity is the Indonesian entity under the Mr DIY group’s list of subsidiaries.
  • In this note, we will undertake a peer comparison and discuss our thoughts on valuation.

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Dec 02
0

Daily Brief Indonesia: PT Daya Intiguna Yasa Tbk (Mr DIY Indonesia) and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Mr DIY Indonesia IPO – Has Aggressively Expanded Its Network

Mr DIY Indonesia IPO – Has Aggressively Expanded Its Network

By Clarence Chu

  • PT Daya Intiguna Yasa Tbk (Mr DIY Indonesia) (2517930D IJ) is looking to raise US$296m from its Indonesia IPO.
  • Mr DIY Indonesia (MRDIYI) is a home improvement retailer. The firm is the largest home improvement retailer in Indonesia with a 25.2% market share as per 2023 sales
  • In this note, we look at the firm’s past performance.

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Dec 01
0

Daily Brief Indonesia: Astra Otoparts, Bank Rakyat Indonesia and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Astra Otoparts (AUTO IJ) – EVs, Modern Retail, and Medical Equipment
  • Bank Rakyat Indonesia (BBRI IJ) – Ultra Attractive

Astra Otoparts (AUTO IJ) – EVs, Modern Retail, and Medical Equipment

By Angus Mackintosh

  • Astra Otoparts (AUTO IJ) looks set to see increasing contributions from its modern retail push, which will boost its trading business and should see margins improving over time.
  • AUTO is pushing into both the EV component space and manufacturing public and residential EV charging equipment. It is also venturing into medical devices as local content becomes a requirement.
  • AUTO has outperformed the auto market since the pandemic and looks set to continue to do so through new growth segments. Valuations attractive on 5.5x forward PER and 8% yield.

Bank Rakyat Indonesia (BBRI IJ) – Ultra Attractive

By Angus Mackintosh

  • Bank Rakyat Indonesia should have a stronger finish to the year with stable credit costs and continuing growth in micro recoveries driving fee income growth, with NIMs remaining stable 
  • Loan growth will increase in 4Q2024 but may see a slowdown in 2025 but the bank should see stable credit costs and a rebound in earnings with lower provisions. 
  • Foreign ownership and vaulations are back to 2015 lows apart from the pandemic at 2.1x PBV is also a 10-year ex-pandemic low of 1.8x, and trades on 9.6x PER. 

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Nov 29
0

Daily Brief Indonesia: Bank Central Asia and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Bank Central Asia (BBCA IJ) – Tempering 2025 Expectations

Bank Central Asia (BBCA IJ) – Tempering 2025 Expectations

By Angus Mackintosh

  • A company visit with Bank Central Asia (BBCA IJ) in Jakarta revealed a more cautious view on loan growth looking into 2025, with expectations for high-single-digit YoY growth.
  • There is increasing caution amongst customers around the soft economy and the risk of more aggressive tax collection in 2025, reflected in strong growth in holdings of government bonds.
  • A company visit with Bank Central Asia (BBCA IJ) in Jakarta revealed a more cautious view on loan growth looking into 2025, with expectations for high-single-digit YoY growth.

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Nov 28
0

Daily Brief Indonesia: Siloam International Hospitals, Sariguna Primatirta Tbk PT and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Siloam International Hospitals (SILO IJ) – Focusing on Hearts, Minds, Guts, and Mobility
  • Sariguna Primatirta (CLEO IJ) – More Than Pure Water

Siloam International Hospitals (SILO IJ) – Focusing on Hearts, Minds, Guts, and Mobility

By Angus Mackintosh

  • Siloam International Hospitals continues to establish a track record of improving returns through greater cost efficiencies and higher treatment intensity, focusing on the CONGO range of treatments.
  • The company has seen strong growth in inpatient and outpatient admissions, with a growing portion coming through digital channels, and an increase in average revenue per operating bed.
  • Siloam has maintained a beneficial payee mix and continues to expand its new hospitals in a measured way, helping to underpin future growth. Valuations remain attractive on 7.9x FY2025E EV/EBITDA.

Sariguna Primatirta (CLEO IJ) – More Than Pure Water

By Angus Mackintosh

  • Sariguna Primatirta (CLEO IJ) continues to impress in terms of both growth and profitability for 9M2024 and looks well on track to exceed its guidance for 2024 substantially.
  • The company has continued to expand its factory network outside Java this year, with three new factories due to be completed making it the largest water factory network in Indonesia.
  • CLEO continue to launch innovative new variants with its most recent 1-litre variant aimed at increasing outdoor activities, and a new recycled bottle also being launched. Valuations attractive versus growth.  

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Nov 27
0

Daily Brief Indonesia: SGX Rubber Future TSR20 and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Demand Uncertainty To Influence Rubber Markets In Q1 2025

Demand Uncertainty To Influence Rubber Markets In Q1 2025

By Arusha Das

  • Short term supply shortage 
  • US and EU demand uncertain
  • Shipping cost spike in short term ahead of Trump’s tariff drive

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Nov 26
0

Daily Brief Indonesia: Aspirasi Hidup Indonesia and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Aspirasi Hidup Indonesia (ACES IJ) – Rising Inventories for Good Reason

Aspirasi Hidup Indonesia (ACES IJ) – Rising Inventories for Good Reason

By Angus Mackintosh

  • Aspirasi Hidup Indonesia booked a solid set of 3Q2024 results with an upgrade to SSSG projects for FY2024 with the numbers and guidance for 20 new stores this year. 
  • The company continued to expand stores more aggressively outside Java in 3Q2024 and into October and intends to increase store openings further in 2025 along with its rebranding exercise. 
  • ACES will see inventories rise in 4Q2024 as it stocks up early for rebranding and upcoming festive periods. Valuations remain attractive with improving growth and productivity driven by regional expansion.

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