• Economy: Retail sales grow 0.1% in Apr 24
Bank Indonesia’s (BI) Retail Sales Survey predicted retail sales in Apr 24 to continue growing on an annual and monthly basis, as reflected by a Real Sales Index (RSI) of 243.2, growing 0.1% (yoy). On mom basis, respondents predict 3.3% (mtm) retail sales growth. In terms of prices, respondents predict milder inflationary pressures in June and Sep 24, as reflected by respective decreases in the Price Expectations Index (PEI) to 140.1 and 134.5 from 146.1 and 136.9 the month earlier. Respondents were less than optimistic about the short-term outlook as they expected a dip in revenue over both the three-month and the six-month time horizon, or till June and till Sep. (BI)
What we think: The retail sales grew by 0.1% yoy despite the festive season in Apr 24. It might be correlated with the respondent’s less optimistic situation. However, the CCI done earlier by BI showed some improvement as CCI jump to 127.7 points in Apr 24 from 123.8 in Mar 24.
• SAMF aims for IDR 472B net profit in 2024
Saraswanti Anugerah Makmur (SAMF) aims for an IDR 4.8T revenue and IDR 472B net profit in 2024. The company has added 1 (one) production line at its Sampit factory with an additional capacity of 100,000 tons/year. With this addition, the total factory capacity will increase from 700,000 tons/year to 800,000 tons/year. (Kontan)
What we think: In 1Q24, SAMF revenue and net profit rose to IDR 1.3T (108.2% qoq) and IDR 122.6B (111.0% qoq), subsequently, with a relatively stable net margin of 9.2% (+10bps qoq).