Daily BriefsIndonesia

Daily Brief Indonesia: Selamat Sempurna and more

In today’s briefing:

  • Selamat Sempurna (SMSM IJ) – Filter Champion


Selamat Sempurna (SMSM IJ) – Filter Champion

By Angus Mackintosh

  • Selamat Sempurna is one of the most interesting industrial companies in Indonesia, with a leading market share in filters for auto and heavy equipment markets in Indonesia and overseas.
  • 1Q2024 was impacted by a seasonal slowdow ahead of Lebaran and a decline in sales to Russia, offset by strong US sales. Management remains confident in the outlook for FY2024.
  • Selamat Sempurna will continue to benefit from growth in the filter replacement market for both auto and heavy equipment markets and already has exposure to EVs. Valuations are attractive. 

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