• ICBP: Strong performance continues
ICBP’s revenue met expectations at IDR 55.49T, representing 76% of our FY24F estimate,
while net profit reached IDR 9.37T in 9M24, achieving 93.8% of the FY24F estimate. The
higher-than-expected net profit was driven by an unrealized forex gain from financing
activities due to the appreciation of the Rupiah in 3Q24. We maintain our Buy rating with a
new target price of IDR 14,400 based on 15.3x FY25F P/E.
• INDF: CBP drives growth
INDF recorded IDR 12.28T net profit in 9M24, surpassing our estimate by 28% due to
unrealized forex gain from financing activities. Meanwhile, revenue came in at IDR 86.94T,
driven by the strong performance of CBP. Challenges persist in the Agribusiness segment, as
sales volumes for palm products declined. However, its margins managed to improve
drastically thanks to higher average selling prices. Maintain Buy with a higher TP of IDR 9,200
as we roll over our valuation to FY25F.
• APLN recorded an IDR 41.34B net loss in 9M24
Agung Podomoro Land (APLN) posted a 29.07% decline in revenue to IDR 2.77T in 9M24. For
comparison, APLN’s top line reached IDR 3.91T in 9M24. APLN’s sales fell 42.51% yoy to IDR
1.63T in 9M24 from the previous IDR 2.84T in 9M23. The high 9M23 sales were driven by the
sale of Neo Soho Mall to NSM Assets Indonesia worth IDR 1.3T. Meanwhile, this year, APLN has
not sold any more assets. Excluding this transaction, APLN’s sales rose 5.77% yoy to IDR 1.63T
from the previous IDR 1.54T (excluding asset sales). Meanwhile, recurring income from
investment property assets such as hotels, rentals, etc. grew 6.75% yoy to IDR 1.14T in 9M24.
In line with revenue, APLN recorded a loss of IDR 41.34B in 9M24 compared to a net profit of
IDR 1.28T in 9M23. (Bisnis Indonesia)
• BOAT set IPO price at IDR 100 per share
Newport Marine Services (BOAT), a company specializing in vessel leasing for offshore oil and
gas operations, has set its initial public offering (IPO) price at IDR 100 per share, the lower
end of its initial IDR 100–120 range. The IPO involves the issuance of 10,004,800,000 shares,
representing 28.57% of the company’s total paid-up capital, aiming to raise approximately
Rp100.05 billion. The public offering period is scheduled from 4-8 Nov 24, with BRI Danareksa
Sekuritas acting as the underwriter. Proceeds from the IPO are allocated primarily for
repaying a portion of the principal debt to the Indonesia Eximbank, amounting to around
USD 4.78M (approximately IDR 75B), with the remainder designated for working capital to
support vessel leasing operations, including the chartering of oil barges and anchor handling
tugs, as well as covering operational expenses such as fuel. This strategic move is intended
to strengthen BOAT’s financial position and expand its service offerings in the offshore oil
and gas sector. (EmitenNews)
• PYFA’s revenue grew 123% yoy post acquisition
Pyridam Farma (PYFA) revenue jumped to IDR 1.16T in 9M24 (+123% yoy), mainly driven by the
contribution of Probiotec in Australia. In line, PYFA’s EBITDA also increased 60% yoy to IDR
89.61B. However, PYFA reported a net loss of IDR 214.27B, which increased by 302% compared
to IDR 53.21B in 9M23. The net loss was mostly caused by one-time costs related to corporate
actions and the acquisition of Probiotec, as well as other expenses including asset
depreciation. However, the company is optimistic that it will continue to grow in the coming
year, with several good initiatives and collaborative projects, such as in its CDMO business
and expansion in Indonesia, Australia, and other Southeast Asia countries. (Bisnis Indonesia)
• SSIA’s revenue grew 25% yoy in 9M24
Surya Semesta Internusa (SSIA) reported a 25% yoy revenue increase to IDR 3.45T in 9M24,
driven by strong performance in its construction, property, and hospitality segments. Despite
a 20% rise in gross profit and 25% growth in EBITDA to IDR 500B, SSIA posted a net loss of
IDR 50B due to higher operating expenses and foreign exchange losses. The property
segment saw robust demand, with marketing sales of 20 hectares generating IDR 400B,
while the construction division secured IDR 3T in new contracts. The hospitality segment
improved occupancy rates to 70%. SSIA plans to focus on expanding its industrial estate,
particularly the Subang Smartpolitan project, positioning itself to benefit from the growing
demand for industrial land. Total assets reached IDR 9T as of Sep 24, with a debt-to-equity
ratio of 60%. (Company)
Aldira Update
- ICBP (TP: Buy/TP: 14,400)
Highlights:
a) ICBP’s revenue increased by 10.1% yoy to IDR 18.53T in 3Q24, bringing total revenue for 9M24 to IDR 55.49T (+8.1% yoy), driven by volume. Notably, the noodles and dairy divisions reported volume increases of 7% and 8%, respectively.
b) Operating profit (EBIT) decreased to IDR 3.10T in 3Q24 (-18.3% yoy), resulting in a margin of 16.7%, mainly due to to forex loss from operating activities as the Rupiah appreciated. However, total EBIT for 9M24 was IDR 12.0T (+10.1% yoy) with 21.6% margin, above guidance.
c) Net profit surged by 245.5% YoY to IDR 4.6T in 3Q24, with a cumulative increase of 32.8% yoy in 9M24 to IDR 8.1T. This was due to unrealized forex gain from financing activities resulting from adjustment in the company’s USD bonds value.
d) The company maintains a strong sales volume, indicating sustained product demand. Despite some operational challenges in 3Q24, the reversal of the forex trend is expected to improve margins in 4Q24.
We raise our target price to IDR 14,400, based on a FY25 P/E of 15.3x, with a maintained Buy rating.
- INDF (TP: Buy/TP: 9,200)
Highlights:
a) INDF booked IDR 29.64T revenue in 3Q24 (+6.6% yoy), mainly driven by the stellar CBP segment revenue. Bogasari revenue was relatively flat, while Agribusiness revenue declined due to lower volume.
b) The company recorded an EBIT of IDR 4.34T (-19.0% yoy) with a lower margin of 14.6% (-547bps yoy) in 3Q24, contributed by lower margin from CBP, Bogasari, and Distribution.
c) Net profit rose to IDR 4.91T (+223.5% yoy) due to unrealized forex gain from financing activities arising from its USD denominated bonds.
We maintain our Buy recommendation with a raised TP of IDR 9,200 for INDF.
