Market

The largest ICT retailer PT Erajaya Swasembada (ERAA) recorded a net profit of Rp523.6 billion in H1 2024, an increase of 14.2% compared to the same period last year, supported by strong sales revenue growth from higher number of outlets, including those in food and beverages.

Shares of Alfamart (AMRT) opened lower by 0.7% to Rp2,820 this morning despite strong performance in the first half of 2024. The stock, considered overvalued by some, has been relatively flat in the past 12 months. 

Shares of paint manufacturer Avia Avian (AVIA) recovered 0.42% to Rp482 on Wednesday (Jul 31) as some investors responded positively the company’s financial performance in the first half of 2024, while others were not convinced because of relatively weaker second quarter. 

PT Barito Renewables Tbk (BREN), the second largest company on the Indonesia Stock Exchange (IDX) by market capitalisation, has released its first half 2024 financial results. No surprises. BREN reported flat growth of net profit to US$57.95 million while sales revenues declined slightly to US$290.1 million. 

Compared to Ultrajaya (ULTJ), Cimory (CMRY) is actually a new player in the dairy industry. CMRY has not been three years in the stock exchange, but its market value is now twice of Ultrajaya, which actually has a strong brand nationwide.

Shares of Kalbe Farma (KLBF), the largest healthcare group in Indonesia, ended higher by 0.32% to Rp1.565 on Tuesday (July 30). The company, controlled by the family of the late Boenjamin Setiawan, was worth Rp73.1 trillion, around 3x equity.

Shares of GOTO Gojek ended higher by 1.85% to Rp55 on Tuesday (Jul 30) to make a market capitalisation of Rp66 trillion, nearly twice its equity. It is in the same group with Telkom in terms of equity valuation, but GOTO needs to work harder to justify the valuation (even after losing 84% its value from IPO two years ago).

Shares of Indosat (ISAT) ended lower by 2.6% on Tuesday (Jul 30), but market leader Telkom (TLKM) dropped deeper by 5.6% on weaker financial performance in the first half of 2024. Indosat, second largest player, has actually closed gap in some key indicators following a merger with Hutchison Three.

So, shares of Barito Renewables (BREN) ended lower by 2.3% on Monday (Jul 30), while Pertamina Geothermal (PGEO) gained 1.6% on modest financial improvements in the first half of 2024. PGEO was worth Rp53.3 trillion, 1/20 of BREN despite their similar business size. 

PT Telekomunikasi Indonesia Tbk (TLKM), market leader in the telco industry, booked net profit of Rp11.76 trillion in the first half of 2024, down by 7.8% from the corresponding period last year even when its sales revenues growing by 2.5% to Rp75.3 trillion in the period.