Daily Brief Indonesia: BFI Finance Indonesia, GoTo, Amman Mineral Internasional and more

In today’s briefing:

BFI Finance Indonesia (BFIN IJ) – Enter the Era of High Returns

BFI Finance Indonesia management recently confirmed its expectations for receivables growth of +20% YoY this year, which looks conservative after a strong start to the year, with +53.9% new-financing growth.
The company booked a strong set of 1Q2023 numbers with strong new bookings growth, improving net interest spreads, low NPLs, and an ROE of over 22%
BFI Finance Indonesia has the lowest cost of funds of the multi-finance companies in Indonesia, with a long track record of strong risk management, and remains a top pick.

GoTo (GOTO IJ) is seeking shareholder approval to raise new capital through a private placement of shares (118.4bn A shares). Shareholder meeting will be held on 30th June.
The company’s strategy to prioritise profits have put pressure on growth rates and it seems that the company is in need of more funds to refuel its decelerating growth rates.
Though profit matrices have improved, some important growth matrices such as GTV have shown a downward trend and the company is still burning cash.

Amman Mineral Internasional (1416286D IJ) is looking to raise around US$880m in its Indonesian IPO.
Amman Mineral International (AMI) carries out exploration, development, mining, processing. The company operates an open pit copper and gold mine known as the Batu Hijau mine in Indonesia.
AMI’s profitability grew dramatically over the track record period. However, copper prices might possibly be on a downtrend in the near term.

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