Aldira Sunrise 25 Oktober 2024

• Property: BI extends 0% DP for mortgages and vehicle loans until 2025
Bank Indonesia (BI) has extended its 0% down payment (DP) incentives for mortgages and
vehicle loans until the end of 2025. This policy aims to drive demand in both the housing and
automotive sectors, making property and vehicle ownership more accessible. For the
property market, this is expected to positively impact developers such as Ciputra
Development (CTRA), Summarecon Agung (SMRA), and Metropolitan Land (MTLA),
potentially increasing their sales as buyers benefit from easier financing options. (Bisnis
Indonesia)
What we think: The combined effect of lower interest rates, tax incentives, and the DP 0%
program should bolster these sectors’ revenue growth, making them attractive for investors
looking for long-term gains in the property and consumer sectors. This policy is a part of
Indonesia’s broader effort to stimulate economic growth through increased consumer
demand and affordability, particularly in sectors that are key contributors to the
country’s GDP.
• BUMI to issue 18,120 shares through private placement
Bumi Resources (BUMI) plans to issue 18,120 new Series C shares through a private placement
(PMTHMETD) on 31 Oct 24, at a conversion price of IDR 157 per share. This is part of its
obligation to convert Convertible Bonds (OWK) from a 2017 agreement, increasing the
company’s total outstanding shares to 371.32B shares. The proceeds will be used to improve
the company’s financial position. The transaction will likely dilute existing shareholders but
aims to strengthen BUMI’s financials. The plan was initially announced on 16 Nov 21, and
reiterated in Jan 22 (Company)
• SIDO’s revenue went up 33% in 9M24
SIDO posted a net profit of IDR 778.11B in 9M24 (+32.65% yoy), in line with the increase in
revenue to IDR 2.62T (+11.24% yoy). In detail, sales of herbal medicines and supplements
contributed IDR 1.54 trillion (+6.17% yoy), followed by the food and beverage segment of IDR
986.04B, and the pharmaceutical segment of IDR 95.28B (+11.56% yoy) in 9M24. In line, the
cost of goods sold also increased to IDR 1.13T in 9M24 (+4.19% yoy). (Kontan)
• TAPG posted IDR 1.61T net profit in 9M24
Triputra Agro Persada (TAPG) recorded revenue of IDR 6.24T in 9M24 (+3.37% yoy). Based on
the product, the revenue was mainly contributed by palm oil products and their derivatives
of IDR 6.22T followed by rubber products and their derivatives of IDR 22.06B. In contrast, the
cost of goods sold fell to IDR 4.23T (-6.5% yoy), which resulted in gross profit growing by 33.2%
yoy to IDR 2T. In line, TAPG’s net profit also increased to IDR 1.61T in 9M24 (+46.58% yoy).
(Bisnis Indonesia)