Category

Indonesia

Daily Brief Indonesia: Astra International, Shimao Property Holdings and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Astra International (ASII IJ) – Digging in Against the BEV Threat
  • Morning Views Asia: Lippo Karawaci


Astra International (ASII IJ) – Digging in Against the BEV Threat

By Angus Mackintosh

  • Astra International is well-positioned to fend off the challenge of incoming EV players to Indonesia, a country far more suited to Hybrid EVs, with little charging infrastructure.
  • Despite new entrants, the company has maintained its market share at 57% YTD, with Chinese EV makers fighting amongst themselves and other Japanese ICE brands losing some share. 
  • Astra continues to develop new HEV products, with a line up of 10 BEVs due by 2028 from Toyota but investments in the ecosystem are already underway. Valuations remain attractive.

Morning Views Asia: Lippo Karawaci

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: AAC Technologies Holdings and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Asia Monthly – September 2024 In Review – Lucror Analytics


Asia Monthly – September 2024 In Review – Lucror Analytics

By Felix Fischer

In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in September 2024. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan.

In addition, we summarise the Top/Bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on developments in the Asian corporate USD bond market.


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Daily Brief Indonesia: Lippo Karawaci and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Morning Views Asia: Bharti Airtel, Lippo Karawaci, Softbank Group


Morning Views Asia: Bharti Airtel, Lippo Karawaci, Softbank Group

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: Medco Energi and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Morning Views Asia: Medco Energi


Morning Views Asia: Medco Energi

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: Catur Sentosa Adiprana Tbk and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • PT Catur Sentosa Adiprana – One-Stop Shop for Homemakers


PT Catur Sentosa Adiprana – One-Stop Shop for Homemakers

By Angus Mackintosh

  • Catur Sentosa Adiprana (CSAP IJ) has grown rapidly from a building material distribution company into the leading retailer in building materials and home improvement through Mitra10 and shop-in-shop Atria. 
  • The company already has 52 Mitra10 superstores in Indonesia, with six distribution centres across the country, selling a range of home decoration products, with an increasing portion of private labels.
  • CSAP has seen a market improvement in margins for Mitra10 through more private label and scale benefits, and margins will continue to improve. Valuations are attractive with earnings growth accelerating. 

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Daily Brief Indonesia: AAC Technologies Holdings, Genting Bhd and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Asia Trade Book – September 2024 – Lucror Analytics
  • Weekly Wrap – 20 Sep 2024
  • Asia Monthly – August 2024 In Review – Lucror Analytics


Asia Trade Book – September 2024 – Lucror Analytics

By Felix Fischer

The Asia Trade Book for September 2024 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.


Weekly Wrap – 20 Sep 2024

By Felix Fischer

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. Vedanta Resources
  2. Meituan
  3. Yankuang Energy Group
  4. Genting Bhd
  5. Delhi International Airport Limited

and more…


Asia Monthly – August 2024 In Review – Lucror Analytics

By Felix Fischer

In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in August 2024. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan.

In addition, we summarise the Top/Bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on developments in the Asian corporate USD bond market.


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Daily Brief Indonesia: Lippo Karawaci and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Lippo Karawaci (LPKR IJ) – Building Solid Foundations


Lippo Karawaci (LPKR IJ) – Building Solid Foundations

By Angus Mackintosh

  • Lippo Karawaci’s results made for interesting reading with underlying profitability improving in its real estate and lifestyle segments as it reduced its Siloam stake and reduced its debt.
  • Real estate marketing sales in 1H2024 made up 58% of FY2024 guidance, with affordable landed housing driving growth across multiple projects targeting first-time buyers utilising readily available mortgages.
  • LPKR further reduced its holding in Siloam International Hospitals in September through the tender offer and will further reduce its debt with proceeds. LPKR is back on the investor radar.

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Daily Brief Indonesia: Criterium Energy and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Criterium Energy Ltd (TSX-V: CEQ): High production in September. The drilling programme has commenced


Criterium Energy Ltd (TSX-V: CEQ): High production in September. The drilling programme has commenced

By Auctus Advisors

  • Current production has reached 950 bbl/d, representing an increase of 90 bbl/d since August.
  • This reflects the very good performance of the work-over programme with 98 bbl/d incremental production from three new workovers in Tranche 3 from early August.
  • Overall, the programme (three tranches with a total of 11 work-overs so far) has delivered 227 bbl/d of incremental production.

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Daily Brief Indonesia: Medco Energi and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Morning Views Asia: Adaro Energy, Medco Energi, Meituan


Morning Views Asia: Adaro Energy, Medco Energi, Meituan

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: Lippo Karawaci and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Lippo Karawaci – Earnings Flash – H1 FY 2024 Results – Lucror Analytics


Lippo Karawaci – Earnings Flash – H1 FY 2024 Results – Lucror Analytics

By Trung Nguyen

Lippo Karawaci’s (LPKR) H1/24 results were robust in our view, with growth in all business segments pro forma for the deconsolidation of Siloam International Hospital (SILO). The new strategy and continued sell-down of SILO was a surprise. That said, the sales were carried out as SILO shares hit an all-time high, and at a very high valuation (PE ratio of almost 40x). The resulting cash proceeds and debt reduction are credit positive, and improved LPKR’s credit profile. If investment in listed associates are treated as cash, the company would have a large net cash position.


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