Category: Market

Retailers in the First Half: Contrasts of MAPI & MPPA

Mitra Adiperkasa (MAPI), the leading lifestyle retailer in Indonesia, ended at Rp980 Monday (Aug 8) to represent PE multiple 8 on annualized earnings in the first half of 2022, way below market average. The company booked net profit of Rp1.19 trillion in the first half (H1) of 2022, surged 316% year on year (y/y), as net revenue grew 33.3% y/y to Rp12.2 trillion. 

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First half results: Feed & Poultry

Higher costs, most likely associated to global soybean price, contributed to downfall of profitability at integrated feed-poultry players. Charoen Pokphand (CPIN), market leader, suffered 14.3% decline in net profit, while Japfa Comfeed (JPFA) down 25% in the first half of 2022.

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Strong First Half of Indika

Coal miner Indika Energy (INDY) is among the stock valued below its equity. At the last quoted price, INDY was valued Rp14.4 trillion, way below its equity (US$1.17 billion), despite a relatively strong bottom line and balance sheet. The company booked profit attributable to owners of US$200.6 million in the first half (H1) of 2022, compared to US$12 million only in the corresponding period of 2021, as revenues jumped 72.7% year on year (y/y) to US$1.94 billion, thanks to higher average price of thermal coal.

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The Economy in the First Half & Outlook

Indonesian economy expanded 5.44% year-on-year in the second quarter, lifted by stronger household consumption, investment, and export. All major islands reported stronger growth, with Maluku and Papua, two of the eastern most islands, recorded higher than the rest. 

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M&A Journal

Astrindo Nusantara Infrastruktur (BIPI), an investment firm focusing on integrated energy infrastructure, acquired Hong Kong’s PTT Mining Ltd for US$471 million or around Rp7 trillion value. PTT Mining Ltd Hong Kong currently has several coal mining concessions in Brunei Darussalam, Madagascar, and three coal mines in Kalimantan, Indonesia. PTT initially acquired the so-called Jembayan and Sebuku coal mines from Sakari Resources Ltd. Ten years ago, Sakari acquired 100% interest in up to six mining concessions (IUPs) covering an area of over 29,000 hectares, located some 30km to the north of Sakari’s Jembayan Mine in East Kalimantan. Unfortunately, we do not have recent status of these concessions.

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Palm oil journal

Malaysian palm oil futures bottomed to the MYR3,800-per-ton mark, moving closer to levels not seen since June 2021, as rival Indonesia relaxed its export shipments quota while lowering its palm oil reference price for August....

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New Equity to Watch: Jhonlin Agro Raya

PT Jhonlin Agro Raya Tbk (JARR), a company controlled by Haji Isam, will kick off its trading at Indonesia Stock Exchange (IDX) today. At its IPO price (Rp300), Jhonlin will start the trading with market capitalization of Rp2.4 trillion, higher than Eagle High Plantation (BWPT).

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Bukalapak’s Widening Operating Loss

E-commerce player Bukalapak (BUKA) booked net profit of Rp8.59 trillion in the first half (H1) of 2022, against loss of Rp767 billion in the corresponding period of 2021, as the Company recorded Rp9.79 trillion gain on investment–marked-to-market investment gain on ‘digital bank’ Allo Bank Indonesia (BBHI).

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First Half Results: Telkom vs Indosat

Shares of Telkom Indonesia (TLKM), market leader in the telco sector, gained 3.49% Tuesday (Aug 2) to make a market capitalization of Rp440 trillion, while Indosat (ISAT), the second largest, ended nearly flat to make market cap of Rp56 trillion. The gap in valuation is so big for Indosat to catch despite the merger with Hutchison 3. 

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The fall of Gudang Garam

Cigarette maker Gudang Garam (GGRM) was a US$13 billion company in March 2019, but has since lost ground to as low as Rp25,750 today to make a market capitalization of Rp50 trillion (US$3.3 billion) only. Losing nearly US$10 billion of market value in two years clearly hurts, especially looking back at interest from global tobacco players years ago.

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Revisiting Samudera Indonesia

Samudera Indonesia (SMDR) was last traded at Rp2,590 to make a market capitalization of Rp8.48 trillion. It is valued only slightly above equity as at June 30, 2022 (Rp7.9 trillion). Looking at the company’s first half results, SMDR is one of undervalued stocks in the market. 

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Digital banks in the first half

Those claiming themselves digital bank in Indonesia such as Bank Jago (ARTO), AlloBank (BBHI), and Bank Neo Commerce (BBYB) have retreated significantly from their respective peak with Bank Jago (ARTO) down 46%, AlloBank (BBHI) fell 56%, and Neo Commerce (BBYB) lost 54%. Still, ARTO’s last value of Rp145 trillion and BBHI’s Rp76 trillion might be considered too expensive.

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