• Automotive: BYD plans to compete factory construction by end 2025
BYD revealed ambitious plans to complete the construction of a USD 1B factory in Indonesia
by the end of 2025. This shows the company’s strong commitment to dominating the electric
vehicle (EV) market, especially in a market that has been dominated by Japanese car makers.
President Director of BYD Indonesia, Eagle Zhao, said that the factory’s long-term plans are
more focused on the export market. The factory, which is being built in the Subang industrial
area, West Java, will have a production capacity of up to 150,000 units of electric vehicles (EV)
per year. As part of efforts to attract investment and stimulate demand for electric vehicles
in Indonesia, the Indonesian government provided a policy that allows BYD to import cars
into Indonesia without being subject to import duties. This policy aims to increase the
competitiveness of the local electric vehicle market and support the government’s target of
producing 600,000 EVs domestically by 2030. BYD’s sales in Indonesia are increasing rapidly.
In its first year of sales in Indonesia, BYD succeeded in selling 15,429 units of electric cars. In
11M24, BYD listed itself as the market leader in the battery-based electric car category,
controlling around 36% of the market share. Additionally, the company plans to introduce
more models in 2025 to boost sales. One of them is the launch of Denza, BYD’s premium
brand, which is scheduled to arrive in Indonesia this week. (Kontan)
• Going Private, Controller offers MASA at IDR 8,400
Multistrada Arah Sarana (MASA) is in the process of going private. As controller, Compagnie
Generale des Établissements Michelin (CGEM) is holding a tender offer for 33,180,243 shares
representing 0.36% of the total shares that have been issued and fully paid up in MASA with
a nominal value of IDR 140. Michelin set a premium price of IDR 8,400 per share or 30.9%
higher than MASA’s share price in the last three months of IDR 5,961 before the
announcement of plans to delist shares on the Indonesia Stock Exchange (BEI) on 4 Oct 24.
In the tender offer, Michelin prepared funds amounting to IDR 278.71B. Michelin is the
company’s controlling shareholder, with a total share ownership of 9,149,766,702, or the
equivalent of 99.64% of the total shares issued by the company. MASA management
explained that public shareholders who are unwilling to sell their shares during the tender
offer period will remain shareholders of the closed company. However, investors can no
longer enjoy some benefits obtained when the company becomes a public company. (IDX
Channel)
• SMRA recorded IDR 4.34T marketing sales in FY24
Summarecon Agung (SMRA) posted marketing sales of IDR 4.36T throughout 2024 (-3% yoy),
equivalent to 87% of the IDR 5T target set by the company. On a quarterly basis, SMRA
recorded marketing sales of IDR 1.7T in 4Q24, a significant increase of 82% qoq and 18% yoy.
This sharp increase was driven by the launch of several large projects carried out at the end
of the year, including a new project in Bitung, Tangerang Regency. SMRA’s product
composition in 2024 is dominated by landed houses which contribute 75%, followed by
shophouses at 15%. The average selling price during 2024 was recorded at IDR 2.4B.
Regarding payment methods, around 53% of SMRA consumers use home ownership credit
(KPR), 27% with cash installments, and 20% with full cash payments. (IDX Channel)