Daily BriefsIndonesia

Daily Brief Indonesia: Arwana Citramulia and more

In today’s briefing:

  • Arwana Citramulia (ARNA IJ) – Top Notch Industrial with a Catalyst


Arwana Citramulia (ARNA IJ) – Top Notch Industrial with a Catalyst

By Angus Mackintosh

  • Arwana Citramulia (ARNA IJ) is Indonesia’s leading ceramic tile producer catering to the mass market but expanding into the higher-end porcelain tile space competing with Chinese imports at lower costs.
  • The recent move by the government to extend the gas subsidy for the industry bodes well for Arwana given the strides it has already made in reducing gas consumption.
  • Arwana continues to expand its capacity, especially in higher-margin porcelain tiles, which will help to drive future growth and profitability. Valuations are attractive as capacity-driven growth kicks in.

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