• Automotive: VinFast Indonesia factory to operate in Oct 25
Vietnamese electric vehicle manufacturer VinFast is shifting its focus to Asia, particularly
Indonesia and India, after experiencing a slowdown in the US market. VinFast plans to open
assembly plants in both countries in 2025, with the Indonesian factory set to operate in Oct
25 and the Indian plant by the end of June 2025. The company has invested up to USD 2B in
Tamil Nadu, India, with an initial commitment of USD 500M, and expects the plant to have
an annual production capacity of 150,000 vehicles. VinFast will prioritize markets in
Indonesia, India, and the Philippines, while temporarily holding off on increasing sales in the
US, Canada, and EU due to high logistics costs. (IDX Channel)
• ASII subsidiaries expand business
Two subsidiaries of Astra International (ASII), United Tractors (UNTR) and Astra Graphia
(ASGR), plan to expand their businesses. UNTR, a heavy equipment distributor, will venture
into online retail through its UT Connect application, allowing customers to order spare parts
and monitor equipment performance online. This expansion is expected to increase UNTR’s
net income by 0.1% and net profit by 0.02-0.03%. Meanwhile, ASGR, a printing and digital
services company, will add new business activities, including wood packaging, paper and
cardboard packaging, and courier services, with a planned investment of IDR 12B. This
expansion is projected to increase ASGR’s net profit from IDR 2.81B in 2025 to IDR 4.03B in 2029. Both companies will hold Extraordinary General Meetings of Shareholders to seek
approval for their plans. (IDX Channel)
• BBTN booked IDR 905B net profit
Bank Tabungan Negara (BBTN) reported a net profit of IDR 905B in 1Q25, growing 5.1% yoy,
driven by consistent credit disbursement and a reduced cost of funds. BBTN’s total loans and
financing rose 5.5% to IDR 363.11T, mainly supported by housing loans, with subsidized and
non-subsidized mortgages increasing 7.6% and 8.1%, respectively. The bank also expanded
its high-yield loan portfolio and increased its third-party funds (DPK) by 7.5% to IDR 384.70T,
with CASA growing 10.1%, helping lower its cost of funds to 4.0%. Digital banking adoption
surged through the “Bale by BTN” app, with users rising 76% to 2.4M and transactions spiking
172% to 492M. Total assets climbed 3.2% to IDR 468.53T and BBTN remains optimistic about
reaching its IDR 500T asset target by year-end, supported by strategic housing initiatives
including a partnership with Qatar’s AlQilaa International Group to build one million homes.
(Emiten News)
• GOOD to distribute IDR 350B dividends
Garudafood Putra Putri Jaya (GOOD) will distribute IDR 350B in dividends for the FY24,
representing 56.1% of its IDR 624B net profit. This marks an increase from the IDR 331.92B
dividend (IDR 9 per share) declared for 2023. The approved dividend for 2024 is IDR 9.5 per
share, with distribution scheduled for 21 May 25, to shareholders registered by 7 May 25. The
higher dividend reflects a 14.25% yoy rise in net profit, supported by a 16% increase in net
sales to IDR 12.3T. (Bisnis Indonesia)
• PTSN Allocates IDR 800B capex for 2025
Sat Nusapersada (PTSN) has budgeted IDR 800B for capital expenditure in 2025, which will
be funded from the company’s cash reserves and bank financing. The capex will be used for
building a new factory and acquiring new machinery. The company’s new factory, known as
Factory 16, is currently under construction and is expected to start operations next year. With
full production expected to commence in 3Q25, PTSN is optimistic about its performance this
year, targeting a 25% increase in revenue and net profit in 2025. This comes after a
challenging 2024, where the company reported a 3% decline in revenue and a 23% drop in
net profit. (Kontan)
• SSIA aims for stronger Earnings in 2025
Surya Semesta Internusa (SSIA) targets a net profit of IDR 281B in 2025, a 20% increase from
IDR 234.2B the previous year, driven by growth in its industrial property and construction
segments, despite expected weakness in the hospitality sector due to ongoing renovations
at Hotel Melia Bali, which are scheduled for completion by year-end. To support this
performance, the company has allocated Rp3.6T in capital expenditure—IDR 1.1T for hotel
renovations, IDR 2.4T for development of the Subang Smartpolitan industrial area, and the
remainder for other entities. SSIA is focusing on strengthening land development in Subang,
including the handover of an additional 18 ha to BYD in Q2, while also exploring new
investment opportunities from Chinese investors. In 2024, the company recorded
consolidated revenue of Rp6.25 trillion, up 37.8% yoy, with net profit rising 32.6% to IDR
234.2B. (Emiten News)
• TOWR Gets Approval for Rights Issue of 15 Billion Shares
Sarana Menara Nusantara (TOWR) has received approval from its shareholders to conduct a
rights issue of up to 15B shares. The company plans to use the funds raised from the rights
issue to pay off debt and maintain its credit rating. Although the exact timing and pricing of
the rights issue have not been determined, TOWR hopes to complete the process in the first
half of 2025, pending approval from the Financial Services Authority (OJK). The company had
initially planned to conduct a rights issue in late 2024 but delayed it due to macroeconomic
conditions and market considerations. (Bisnis Indonesia)
• UNVR posted robust 1Q25 results, reaffirms full dividend commitment
Unilever Indonesia (UNVR) is committed to distributing 100% of its net profit as dividends
throughout 2025, demonstrating its consistency to shareholders. In the first quarter of 2025,
the company recorded net sales of IDR 9.5T and a net profit of IDR 1.2T, reflecting strong and
sustained domestic growth. Domestic sales increased by 21.6% compared to the previous
quarter but declined by 6.6% yoy, while net profit surged by 244.7% from 4Q24 despite a
14.6% drop yoy. The pre-tax profit margin stood at 16.8%, up 1,054 basis points from 4Q24 but
down 161 basis points from the previous year. The gross margin reached 48.2%, an increase
of 365 bps qoq but a decline of 177 bps yoy. Amid rising profits, the company continues to
face challenges related to its share price, which has not recovered over the past five years.
(CNBC Indonesia)
