Daily BriefsIndonesia

Daily Brief Indonesia: Mitra Adiperkasa, Kawasan Industri Jababeka and more

In today’s briefing:

  • Mitra Adiperkasa (MAPI IJ) – Pushing Retail Boundaries
  • Kawasan Industri Jababeka (KIJA IJ) – Proxy for Shifting Supply Chains


Mitra Adiperkasa (MAPI IJ) – Pushing Retail Boundaries

By Angus Mackintosh

  • Mitra Adiperkasa (MAPI IJ) finished the year with strong sales growth of +17.4% YoY in 4Q2023 with solid growth across all segments and improving margins. 
  • The company continues to add to its 150-strong brand portfolio in Indonesia, as well as extending its reach further in Southeast Asia and growing its omnichannel capabilities. 
  • MAPI remains our top retail pick in Indonesia with its focus on the resilient upper-middle segment in Indonesia and increasing regional exposure. Valuations remain attractive at 12.5x FY2024E PER.

Kawasan Industri Jababeka (KIJA IJ) – Proxy for Shifting Supply Chains

By Angus Mackintosh

  • Kawasan Industri Jababeka released a strong set of FY2023 results, with revenue growth of 20% overall and EBITDA increasing by +15% YoY due to higher land sales at Kendal.
  • KIJA also saw strong recurrent revenue from its infrastructure pillar making up 44% of sales. Marketing sales came in above its target and it is projecting a higher 2024 number.,
  • The company’s Kendal Estate is a key beneficiary of shifting supply chains from China with 81% of sales to foreign companies and marketing sales increasing 68% YoY in 2023. 

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