bullish
Erajaya (ERAA): Growing Sustainable Smartphone Demand in Indonesia - On the Ground Findings
703 Views22 Jul 2019 08:16
SUMMARY
Erajaya Swasembada (ERAA IJ) has benefited from the 4G implementation in Indonesia that resulted in a demand surge for smartphones. In this report we will discuss the following:
- Investment Thesis and summary
- Description of industry and regulation
- Prepaid and postpaid
- Big and Small Cities
- Online Ecosystem
- Government response and enforcement
- Local content rule
- Company description
- Key Products
- Sales by top 3 brands
- Business process flow and Xiaomi
- Expansion to the smaller cities
- Key Cash Flow Driver
- Profitability
- Revenue by products and margin
- Affordability
- Interest expense
- Why is it undervalued?
- Historical valuation
- Local comparables
- Q1 2019 - temporary rather than structural
- Regional peers
- Conclusion
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