Category

Indonesia

Daily Brief Indonesia: Kalbe Farma and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Kalbe Farma (KLBF IJ) – Stronger for Longer

Kalbe Farma (KLBF IJ) – Stronger for Longer

By Angus Mackintosh

  • Kalbe Farma (KLBF IJ) remains an interesting proxy for the deepening penetration of healthcare and greater health consciousness in Indonesia through its prescription drugs, consumer health and nutritional products.
  • The company continues to expand its scope if pharmaceutical products into areas such as oncology and biosimilar drugs, as well as growing its exposure BPJS with carefully selected unbranded generics. 
  • Its distribution and logistics business continues to be a growth driver, it onboards new third-party principals. Valuations below 5-year historical average on a PER basis despite higher projected growth ahead. 

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Daily Brief Indonesia: Lippo Karawaci and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Lippo Karawaci – Tear Sheet – Lucror Analytics

Lippo Karawaci – Tear Sheet – Lucror Analytics

By Trung Nguyen

On 11 January 2023, Lippo Karawaci (LPKR) launched a cash tender offer for the USD 405 mn LPKRIJ 8.125% 25 and USD 417 mn LPKRIJ 6.75% 26. The early tender consideration for the 2025 and 2026 notes is USD 870 and USD 770 per USD 1,000 principal, respectively. The company will fund the tender offer with an IDR 6.0 tn (c. USD 380 mn) seven-year amortising secured credit facility by two local banks. The total tender amount will be up to the size of the credit facility (which is secured over land and some buildings).

We recommend to tender the USD LPKRIJ 2025 and 2026 notes. The amount of secured debt will increase significantly if the transaction is completed, and will likely account for the majority of LPKR’s total debt. The offering prices are somewhat in line with market prices. Hence, it is better to tender the notes, as the bonds may have lower recovery values.


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Daily Brief Indonesia: Semen Indonesia (Gresik), ABM Investama and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Semen Indonesia (SMGR IJ) –  A Set Up with New Capacity and Lower Costs
  • Asia HY Trade Book – January 2023 – Lucror Analytics

Semen Indonesia (SMGR IJ) –  A Set Up with New Capacity and Lower Costs

By Angus Mackintosh

  • Semen Indonesia came through the worst of 2022 with flat sales, despite lower volumes, with profits rising by +18.9%, driven by cost savings, reduced debt, and use of DMO coal.
  • 4Q2022 may see a slowdown given. the onset of the rainy season but the company is well-positioned to ride a recovery in 2023 with additional capacity from Semen Baturaja.
  • Semen Indonesia (SMGR IJ) is well set up for a recovery in earnings for the next two years, with great synergies to come from Semen Baturaja. Valuations are well-below historic.

Asia HY Trade Book – January 2023 – Lucror Analytics

By Charles Macgregor

The Asia HY Trade Book for January 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 (ex-Japan) HY and crossover credits.


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Daily Brief Indonesia: CIFI Holdings and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Weekly Wrap – 13 Jan 2023

Weekly Wrap – 13 Jan 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. Lippo Karawaci
  2. China SCE
  3. China Jinmao Holdings
  4. Guangzhou R&F Properties
  5. Sunac China Holdings

and more…


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Daily Brief Indonesia: Imajin, CIFI Holdings and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Imajin Reportedly Raises Seed Funding Round
  • Morning Views Asia: China SCE, China Vanke, CIFI Holdings, Lippo Karawaci

Imajin Reportedly Raises Seed Funding Round

By e27

  • Init-6, East Ventures, 500 Southeast Asia, and a number of investors participated in this funding round for Imajin

  • Founded by Chendy Jaya, Imajin is a platform that connected local manufacturers with potential customers.
  • By July 2022, the startup has secured more than 400 local factory partners and 80 customers, including Japanese companies operating in Indonesia

Morning Views Asia: China SCE, China Vanke, CIFI Holdings, Lippo Karawaci

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: Astra International, Sino-Ocean Group and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • JCNC Is Even More Overstretched Vs. Astra
  • Morning Views Asia: Lippo Karawaci, MGM China Holdings, Sino-Ocean Service

JCNC Is Even More Overstretched Vs. Astra

By David Blennerhassett

  • Jardine Cycle & Carriage (JCNC SP)‘s is currently trading tight at a ~6% discount to NAV.
  • The implied stub and JCNC/Astra International (ASII IJ) ratio are the highest outside the 2008 financial crisis.
  • Key catalysts for JCNC’s outperformance, such as the SIMSCI Index inclusion, have passed.  JCNC is trading rich. Look to reverse the stub.

Morning Views Asia: Lippo Karawaci, MGM China Holdings, Sino-Ocean Service

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: ABM Investama and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Asia HY Monthly – December 2022 – Lucror Analytics

Asia HY Monthly – December 2022 – Lucror Analytics

By Charles Macgregor

The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks. The Asia Monthly is intended to broaden investors’ understanding of the Asian USD high-yield market.


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Daily Brief Indonesia: Japfa Comfeed Indonesia and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Morning Views Asia: Anton Oilfield, Japfa Comfeed Indonesia, Sands China, Times China

Morning Views Asia: Anton Oilfield, Japfa Comfeed Indonesia, Sands China, Times China

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: Bumi Resources Minerals Tbk and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • LQ45 Index Rebalance Preview (Jan): Few Weeks to Implementation

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Daily Brief Indonesia: Bank Mandiri Persero and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Bank Mandiri (BMRI IJ) – Growing By Digital Means

Bank Mandiri (BMRI IJ) – Growing By Digital Means

By Angus Mackintosh

  • Bank Mandiri (BMRI IJ) is seeing significant rewards already being harvested from its digital strategy as it attracts low-cost fund through both its Livin’ app and its KOPRA platform.
  • The bank’s 9M2022 results reflected the changing shape of its business, with lower costs and higher returns being generated through its move to higher-yielding assets and digital strategy.
  • Bank Mandiri (BMRI IJ) remains a core holding among the Indonesian banks as a proxy for the overall economy with valuations attractive given rising and sustainable returns. 

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