• INPP allocates IDr 1T capex budget in FY25
Indonesia Paradise Property (INPP) plans to complete the development of several malls it
manages. Of these projects, some are targeted for completion in 2024 or some later. The
company is currently developing the 23 Paskal – Extension shopping center in Bandung. This
development process is targeted to be completed in 2025. This mall will be expanded with a
net leasable area or NLA of 5,000 sqm. Apart from that, the company is also building a
commercial mall project in Semarang with NLA of close to 50,000 sqm, targeted to be
operational in 2026. In 2025, the company will also open retail spaces from the Antasari Place
apartment in Jakarta. The Antasari Place retail space project is also planned to have an NLA
of around 5,000 sqm. To date, INPP has recorded that the average occupancy of the malls it
manages has reached 93% in Sep 24, significantly recovered compared to 2020-2022, which
was quite difficult due to the COVID-19 pandemic. For next year, INPP is targeting a net profit
growth target of 10-20%. The capex allocated for 2025 will be around IDR 1T allocated to carry
out these projects. (Kontan)
• ULTJ enters the organic milk segment
Ultra Jaya Milk Industry & Trading Company (ULTJ) will carry out product innovations at the
end of 2024. One of them is by entering the organic milk segment. On Nov 24, ULTJ
introduced the first local organic milk in Indonesia. This launch coincides with Ultra Core
milk, which is none other than Ultrajaya’s collaboration with Ultraman. ULTJ management
sees that consumer demand for organic products is increasing. This trend also occurs in
developed countries. The presence of organic milk as ULTJ’s premium milk is expected to
increase the company’s profit margin. This year, ULTJ’s bottom line fell 6% yoy to IDR 881.2B
due to the aggressive product discounts provided by the company to increase sales as well
as to maintain market share. Until Sep 24, ULTJ’s UHT products still led the market with a
share of 36%, followed by Frisian Flag (16%), Indomilk (12%), Milku (10%), and Cimory (8%). From
the packaged tea market, ULTJ Teh Kotak is firmly at the top with a share of 62% followed by
Teh Botol at 31%. Meanwhile, the remaining 7% of the market is being fought over by various
competitors. For 2024, the company is targeting sales growth of 7-10% compared to 2023
which amounted to IDR 8.3T. In 2025, ULTJ targets double-digit growth, both in terms of sales
and net profit. (IDX Channel)
• UNTR sold 4,167 Komatsu Units as of 11M24
United Tractors (UNTR) recorded a sales volume of heavy equipment under the Komatsu
brand of 4,167 units in 11M24. Based on the monthly operational report, sales of UNTR heavy
equipment decreased 17.66% yoy compared to the realization for 11M23 of 5,061 units.
Meanwhile, in November alone, UNTR sold 403 Komatsu units. These sales were mainly from
the mining business at 66%, followed by the construction business at 21%, agribusiness at
10%, and 3% from the forestry business. Meanwhile, Komatsu’s market share year to date is
27%, the same as the previous month. For 2025, UNTR targets a Komatsu sales volume of
4,600 units, up from the estimated 4,350 units sold in FY23. (Bisnis Indonesia)
