In today’s briefing:
- PT Avia Avian (AVIA IJ) – Painting by Numbers
- Telkom Indonesia (TLKM IJ) – Ring My Digital Bell
- Northstar, AppWorks Join Latest Round of Indonesian Healthtech Firm PrimaKu
- Indonesia Agri-Fintech Startup PasarMIKRO Nets Investment from DEG, Ceniarth
PT Avia Avian (AVIA IJ) – Painting by Numbers
- PT Avia Avian is Indonesia’s leading integrated paint manufacturing company with around 20% market share. It is undergoing a strong recovery in margins as raw material inputs have stabilised.
- The company continues to expand both its distribution centres and the range of products it offers, with a strong emphasis on below-the-line marketing, reaching 54,000 retail outlets.
- PT Avia Avian (AVIA IJ) is an interesting proxy for the strong recovery in Indonesia’s economy and property market, with the added tailwind of lower input costs. Valuations are attractive.
Telkom Indonesia (TLKM IJ) – Ring My Digital Bell
- Telkom Indonesia (TLKM IJ)‘s 1H2023 results looked solid but drilling down 2Q2023 looked a lot more encouraging in terms of growth and higher ARPUs for Telkomsel.
- Ongoing digital initiatives are yielding positive results and Indihome continues to register positive results, with its merger with Telkomsel underlining convergence strategy. Data centre consolidation looks like a future spin-off.
- Telkom continues to enrich its digital ecosystem with services and make it more accessible to less affluent subscribers. Valuations remain attractive at less than 5.0x forward EV/EBITDA
Northstar, AppWorks Join Latest Round of Indonesian Healthtech Firm PrimaKu
- PrimaKu was born in 2017 out of a vision to overcome childhood stunting problems in Indonesia, according to Muhammad Aditriya Indraputra, its co-founder and CEO.
- Six years later, it has evolved into a full-stack digital platform for all parenting needs. The startup has just secured an undisclosed amount in pre-series A funding round led by Northstar Group and AppWorks.
- Other participating investors include BRI Ventures and BIG Ventures.
Indonesia Agri-Fintech Startup PasarMIKRO Nets Investment from DEG, Ceniarth
- PasarMIKRO, a fintech company focussing on smallholder farmers, fishermen, and traders in Indonesia, has raised an undisclosed amount in funding from German finance company DEG and Ceniarth, a single-family office dedicated to impact-first investing.
- This funding comes off the back of the startup’s seed round in November 2022, led by Trihill Capital, with participation from 1982 Ventures, Genting Ventures, Resolution Ventures, Gayo Capital, and Rabo Foundation.
- It will utilise the investment to expand its trade and trade finance service offerings and strengthen its network of smallholder farmers, fishermen, and traders.
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