Aldira Sunrise 28 November 2024

• Property: Residential property sales and prices decline in 3Q24
The results of the Bank Indonesia (BI) residential property price survey (SHPR) indicate that
residential property prices in the primary market grew slowly in 3Q24. This is reflected in the
growth of the Residential Property Price Index (IHPR) of 1.46% yoy in 3Q24, lower than the
growth in 2Q24 of 1.76% yoy. Sales of residential property in the primary market contracted
by 7.14% in 3Q24. The decline occurred in all types of houses, especially small houses.
Meanwhile, in terms of financing, survey results show that financing for residential property
development mainly comes from the developer’s internal funds, with a share of 74.31%. From
the consumer side, the majority of primary home purchases are made through the Home
Ownership Credit (mortgage) financing scheme, with a share of 75.80% of the total financing.
(Kontan)
• DOID to acquire metallurgical coal mine in Australia for USD 455M
Delta Dunia Makmur (DOID), through its subsidiary BUMA International, has entered into an
agreement to acquire a 51% stake in the Dawson Complex, a metallurgical coal mine in
Queensland, Australia, from Peabody Energy Corporation. The total transaction value is USD
455M, comprising an upfront cash payment of USD 355M and deferred payments totaling
USD 100M over four years. The Dawson Complex, operational since 1961, has an annual
production capacity of 8M tons and confirmed coal reserves sufficient for over 20 years. This
acquisition aligns with DOID’s strategy to strengthen its position in the global metallurgical
coal market and diversify its business portfolio. Funding for this acquisition will be sourced
from DOID’s internal cash reserves, syndicated bank facilities, and guarantees for mine
rehabilitation obligations. The transaction is subject to customary closing conditions and is
expected to be completed by 2025. This strategic move is anticipated to enhance DOID’s
long-term growth prospects and solidify its role as a key player in the global coal industry.
(Jakarta Globe)
• MTDL invests IDR 120B to expand central warehouse
Metrodata Electronics (MTDL) is expanding its central warehouse in Cibitung, West Java, with
an investment of IDR 120B, aiming to increase capacity by over 85%. This expansion, initiated
in May 2024 and expected to complete by February 2025, is in response to the warehouse’s
current utilization exceeding 80% of its maximum capacity. The company is capitalizing on
the growing demand for artificial intelligence (AI) solutions, having implemented over 100 AI
use cases across various sectors, including retail, dairy, fast-moving consumer goods (FMCG),
and financial services. This strategic move aligns with MTDL’s efforts to strengthen its
distribution business and maintain its dominant position in Indonesia’s technology sector.
(Emiten News)
• NICL distribute IDR 95B interim dividend
PAM Mineral (NICL) has announced an interim dividend distribution totaling IDR 95B for the
FY24, equating to IDR 9 per share. This decision was approved by the company’s Board of
Directors and Commissioners on 20 Nov 24. The cum dividend date is on 2 Dec 24, while
dividend payment date is on 20 Dec 24. (Kontan)
• UNVR to divest its ice cream business for IDR 7T
Unilever Indonesia (UNVR) has entered into a Business Transfer Agreement (BTA) to divest
its ice cream business to The Magnum Ice Cream Indonesia for IDR 7T. The transaction,
signed on 22 Nov 24, includes fixed assets valued at IDR 2.55T and inventories worth IDR
172.79B as of 30 Sep 24. An independent valuation by KJPP Suwendho Rinaldy and Partners
assessed the fair market value at IDR 6.57T. This divestment aligns with Unilever Group’s
global strategy to separate its ice cream segment, allowing Unilever Indonesia to realize its
investment value in the ice cream business and refocus on its core operations. The proceeds
are intended to be returned to shareholders in the short term and to enhance long-term
shareholder value. The transaction is classified as a material transaction under OJK
Regulation No. 17/POJK.04/2020, as it represents 204% of Unilever Indonesia’s equity, which
stood at IDR 3.43T as of September 30, 2024. Consequently, the company will seek approval
from shareholders and independent shareholders in upcoming General Meetings. (Emiten
News)
• WSKT obtained IDR 6.8T new contract in 10M24
Waskita Karya (WSKT) recorded a contract value of IDR 6.8T in 10M24, smaller than IDR 13.1T
recorded in 10M23. The majority of the contracts came from the government and SOE (89.5%),
while the remaining 10.5% came from business development. WSKT is optimistic that it will
achieve the IDR 14.5T target FY24 through several jumbo project tenders that have been
postponed to Nov-Dec this year. (Kontan)