In today’s briefing:
- Prodia (PRDA IJ) – New Outlets and Esoteric Testing Driving Growth
- BFI Finance Indonesia (BFIN IJ) – On the Cusp of a Turn
- Morning Views Asia: ABM Investama, Nickel Industries , Road King Infrastructure
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Prodia (PRDA IJ) – New Outlets and Esoteric Testing Driving Growth
- 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) – On the Cusp of a Turn
- 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.
Morning Views Asia: ABM Investama, Nickel Industries , Road King Infrastructure
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.