Aldira Sunrise 11 Desember 2024

• Automotive: National car sales still under pressure at the end of the year
Based on data from the Association of Indonesian Automotive Industries (Gaikindo),
wholesale sales of national cars declined 3.7% mom to 74,347 units on Nov 24. In contrast,
national car retail sales grew 3.5% mom to 76,053 units in Nov 24. In 11M24, national car
wholesale sales were corrected by 14.7% yoy to 784,788 units. Likewise, national car retail
sales decreased 11.2% yoy to 806,721 units in 11M24. Gaikindo admits that the national
automotive market is still under pressure due to weakening people’s purchasing power,
especially the middle class. This is reflected in the deflation phenomenon which occurred for
5 consecutive months. However, it is hoped that by the end of this year, the automotive
market will recover due to the effects of the 2024 Gaikindo Jakarta Auto Week (GJAW)
exhibition in late Nov to early Dec, as well as the rise of car selling price discount programs.
Thus, Gaikindo remains confident that the national car sales target of 850,000 units can be
achieved by the end of 2024, which has been revised down from the previous target of 1.1M
units. (Kontan)
• SSIA targets IDR 400B net profit in FY25
Surya Semesta Internusa (SSIA) has set a higher revenue target of around IDR 6.3T and a net
profit of around IDR 400B. Then the capex allocation is projected to be in the range of IDR
1.5-2T. It is acknowledged that this increase is not large considering that one of the business
segments that contributes a significant portion of revenue, namely the Melia Bali Hotel, is
currently being renovated and will be closed to the public until 2026. However, several
catalysts are expected to boost performance, including several pipelines that were present
after BYD entered into SSIA’s land of more than 100 hectares. SSIA also revealed that the
company is certainly not only targeting the automotive industry but also other business
sectors. However, SSIA notes that demand from the automotive business sector still
dominates its industrial area until now. Regarding the 12% VAT tax increase policy that will
take effect next year, the company expects that it will not have a significant impact on the
company’s property unit business, especially for the sales sector in industrial areas. (Kontan)
• TPIA collaborates with IKPT to expand factory
Chandra Asri Pacific (TPIA) signed a cooperation contract with Inti Karya Persada Tehnik
(IKPT) to encourage the production of plastic raw materials to octane boosters for gasoline.
This collaboration will increase the production capacity of Butene-1 (B1) and the Methyl Tertbutyl
Ether (MTBE) Factory by more than 25%, further strengthening Chandra Asri Group’s
position as the sole producer of B1 and MTBE in Indonesia. The B1 and MTBE factories are
located within the Company’s integrated petrochemical complex at the Ciwandan Factory.
These two facilities began operating in 2020. The expansion of the capacity of these two
factories is expected to be completed within one year to meet the needs of local industry
and reduce dependence on imports, as well as to serve the export market. (IDX Channel)