Aldira Sunrise 30 Mei 2024

Automotive: Sales of subsidized 2W EVs reached 60.1% of the target
The Industry Ministry stated that it has so far distributed subsidies for 30,083 2W EV, accounting for 60.1% of the target of 50K e-motorcycles for the 2024 budget year. According to him, the ministry aims to achieve the target of subsidizing 50K electric motorcycle purchases by August or early September 2024. (Antara)
What we think: To boost the adoption of 2W EVs, the government changed some of the requirements for purchasing subsidized 2W EVs last year. However, the sales of 2W EV is still relatively small compared to the ICE 2W EV. The impact of 2W EVs to ASII should be relatively small compared to the adoption of 4W EVs, which may hit the sales of Toyota and Daihatsu.
MLBI faces challenges in the supply chain
Multi Bintang Indonesia (MLBI) is optimistic that it can improve its performance throughout 2024. However, uncertainty in the global supply chain could disrupt MLBI’s business growth momentum this year since all the raw materials for its beer come from abroad, such as malt, sugar, hops, and yeast. MLBI’s production costs have increased by around 30% -40% since the global supply chain crisis. On the other hand, MLBI cannot increase the selling price of its due to the tight competition. Therefore, MLBI focuses on increasing productivity to offset high production and operational costs. (Kontan)
What we think: MLBI’s business conditions are starting to recover after the pandemic as demand for alcoholic beverage products increases, driven by the recovery of tourism and entertainment activities. However, MLBI’s revenue of IDR 3.32T in 2023 still has not reached a higher level than in 2019 before the pandemic of IDR 3.71T in 2019. MLBI’s LTM GPM stood at 60.7%, lower than those at the pre-pandemic level of above 61%.