In today’s briefing:
- Integra Indocabinet (WOOD IJ) – A Polished Start to the Year
- BDMN – Fixed Deposits with Floating Rate Loans
Integra Indocabinet (WOOD IJ) – A Polished Start to the Year
- Integra Indocabinet’s recent 1Q2022 results confirmed the strong momentum in its wooden furniture and component sales to the US, which have seen even stronger growth than last year.
- Manufactured exports saw growth of +114% YoY in 1Q2022, whilst wooden building components saw growth of +194% YoY, as the company continued to gain market share in the US market.
- Integra Indocabinet trades on 8.3x FY21E PER and 8.1x FY22E PER, with consensus forecast EPS growth of +2.6% and +11.6% for FY2022E and FY2022E looking too low.
BDMN – Fixed Deposits with Floating Rate Loans
- The bank is a former finance company, still holds much term deposits
- As interest rates rise, loan re-pricing can occur, with lower funding costs
- Time deposits are contracting, while CASA accounts are rising 1Q22 YoY
Before it’s here, it’s on Smartkarma
