In today’s briefing:
- PT Metrodata Electronics (MTDL IJ) – Driving Digitalisation in Indonesia
PT Metrodata Electronics (MTDL IJ) – Driving Digitalisation in Indonesia
- PT Metrodata Electronics booked a solid set of 1H2022 given that although revenues decline -11% its net profit grew +11.7% supported by its solutions and consulting business.
- We expect a 2H2022 recovery given 2Q2022 was impacted by Lebaran and solutions & consulting continues to recover driven by banking, oil & gas, and telecoms sectors.
- This remains an interesting and unique play on the increasing digitalisation of the Indonesian corporate ecosystem. Valuations remain attractive on 9.5x FY2023E PER, with 2-year EPS CAGR of +over +25%.
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