FY/23 Results: Property
Property developer mostly reported positive growth in earnings for 2023, to continue this year, supported by the implementation of Government’s value added tax incentive policy. Property sector is then expected to have a 7-10% growth this year. That said, the residential sub-sector will remain the favourite in 2024 considering that currently the housing backlog has reached 12.7 million units. In addition, there is an increase in demand from end users by 800,000 units every year.
Corporations to watch
So, everybody enters EV ecosystem. Elnusa, a subsidiary of PT Pertamina Hulu Energi which is part of the Upstream Subholding, signed a memorandum of understanding on electric vehicle (EV) ecosystem development cooperation with PT Industri Batteries Indonesia or as it is often called Indonesia Battery Corporation (IBC).
Higher margins at Alfamart
Shares of Sumber Alfaria Trijaya (AMRT), operator of convenience stores Alfamart, ended flat at Rp2,900 on Monday (Mar 25) to make a market capitalisation of Rp120.4 trillion, 7.7x equity, which is one of the most expensive stocks in the market.
FY/23 Results of Telkom: Stronger than peers
State telco firm Telekomunikasi Indonesia (TLMK), or Telkom, booked profit attributable to owners of Rp24.56 trillion in 2023, grew 18.3% year on year (y/y), as revenue rose 13% y/y to Rp149.2 trillion and operating profit rose 12% y/y to Rp44.4 trillion.
FY/23 Results of Indofood: Squeezed margins at Bogasari & Plantation
Shares of Indofood Sukses Makmur (INDF), the largest food company in Indonesia owned by Salim Group, ended slightly higher by 0.39% to Ro6,450 on Monday (Mar 25) as investors digested financial results of the company. The last quoted price means INDF was traded with PE multiple 7 only, way below market average.
Dairy weighs on Indofood CBP
Indofood CBP Sukses Makmur (ICBP), subsidiary of INDF, booked profit attributable to owners of Rp6.9 trillion in 2023, grew 50% y/y, jumped 112%, due to improved margins and falling finance costs (from Rp6.18 trillion to Rp2.02 trillion).
Corporations to Watch: ASII & LPCK
Pretty much as anticipated, Astra International (ASII), the largest automotive firm, plans to add new business–electric vehicles battery industry, sale of electricity power, hazardous waste collection, and call center activity. The Company willl seek shareholders approval on said plan in 30 April 2024. Current shareholders are Jardine Cycle & Carriage Limited 50.11% and public investors 49.89%.
bukalapak: Improved, but still in red
Shares of e-commerce player bukalapak.com (BUKA) gained 4.9% to Rp150 on Friday last week (March 22), to make market capitalization of Rp15.46 trillion. Investors might digested the financial improvement for Bukalapak, as it reported net loss Rp1.36 trillion last year against net profit (whilst accounting) of Rp1.98 trillion in 2022.
Squeezed margins at Indocement
Indocement Tunggal Prakarsa (INTP), second largest cement group, booked net profit of Rp1.95 trillion in 2023, grew 5.97% year on year (y/y), as revenue rose 9.8% y/y to Rp17.95 trillion. Cost of revenue, however, also rose 9% y/y to Rp12.1 trillion, then gross profit grew 13.7% y/y to Rp5.84 trillion.
Mixed Results from United Tractors
United Tractors (UNTR)—a subsidiary of Astra International engaged in construction machinery supply, coal mining contracting, own coal business, power generation, and civil construction—reported mixed results from its operations in the first two months of 2024.