Daily Brief Indonesia: Prodia, BFI Finance Indonesia, Delhi International Airport Limited and more

• Prodia (PRDA IJ) is starting to see its growth strategy gain traction with a QoQ increase in 2Q2024 revenues driven by more esoteric testing and promotions driving growth. 
• The company has started to roll out physical outlets more aggressively, especially points of collection, with new clinical labs also providing a wider array of tests including genomic testing.
• Prodia continues to drive its omnichannel strategy through U by Prodia and its ProdiaLink for Doctors, with capex for Prodia Digital in decline. Valuations remain extremely attractive versus Indian comparables.

• BFI Finance Indonesia (BFIN IJ) adopted a cautious stance to new bookings in 2Q2024 given domestic and geopolitical risks but total receivables remained steady as did credit costs.
• The company remained focused on non-dealer 4W financing, increased heavy equipment, and reduced 2W exposure, with a move towards dealer-used 4W financial and generally loans with higher value collateral. 
• BFIN maintains solid funding from banks at a lower cost than its peers and it is expected to start to move to higher-yielding assets in 2H2024. Valuations remain attractive.

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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