Aldira Sunrise 6 Maret 2025

• ADHI net profit rose 17.98% yoy in 2024
Adhi Karya (ADHI) posted a revenue of IDR 13.35T in 2024 (-33.48% yoy), which was mainly
caused by the engineering and construction business segment, which revenue decreased to
IDR 10.97T from IDR 16.87T in 2023. In line with weakening revenue performance, the cost of
goods fell 33.95% yoy to IDR 11.72T. Thus, gross profit declined 29.91% yoy to IDR 1.62T.
Meanwhile, operating expenses increased 5.27% yoy to IDR 925.95B, which led to operating
profit declining 51.38% yoy to IDR 702.1 billion in 2024. However, after calculating other
expenses and income, ADHI recorded a net profit of IDR 252.49B (+17.98% yoy). This year, the
company is targeting to obtain new contracts of around IDR 27-28T and plans to focus its
contract portfolio on the State-Owned Enterprises (SOE) and private segments in line with
the reduction in the infrastructure budget in the 2025 state budget. (Bisnis Indonesia)

• JSMR net profit declined 33.24% yoy in 2024
Jasa Marga (JSMR) reported IDR 28.70T in revenue (+34.64% yoy). The majority of this revenue
came from the toll segment, contributing IDR 17.18T, followed by construction income of IDR
9.97T, and other business income of IDR 1.54T. However, net profit fell by 33.24% yoy to IDR
4.53T. The decline in net profit was primarily due to differences in non-cash profit
contributions from corporate actions. In 2023, JSMR recorded non-cash profits of
approximately IDR 4.1T from the re-consolidation of subsidiaries and compliance with
Financial Accounting Standards (PSAK) 22 on business combinations. Conversely, in 2024,
the non-cash profit from similar regulatory compliance and re-consolidation activities
amounted to only IDR 834.6B. If the non-cash profit components were excluded, JSMR’s core
profit in 2024 would be IDR 3.7T (+36% yoy). Looking ahead, JSMR continues to work on
several projects in the construction and land acquisition phases, including the Probolinggo-
Banyuwangi, Yogyakarta-Bawen, Solo-Yogyakarta-NYIA Kulon Progo, South Jakarta-
Cikampek II, and Patimban Access toll roads. The capex budget for 2025 is set between IDR
10-12T. (Kontan)

• LPPF allocates IDR 150B to buyback share
Matahari Department Store (LPPF) plans to carry out a share buyback with a maximum
budget of IDR 150B, including brokerage fees and other costs. The share buyback will be
carried out on a maximum of 10% of LPPF’s paid-up and issued capital and will be carried out
on Series C Shares. The buyback would be implemented after approval through the Annual
General Meeting of Shareholders (AGMS), which will be held on 10 Apr 25. The buyback will
take place no later than 12 months from the AGMS. The funds that would be used for the
share buyback were fully sourced from LPPF’s internal funds. The funds also do not come
from the proceeds of a public offering or funds originating from loans and/or other forms of
debt, so they will not have a significant impact on LPPF’s capabilities. (Kontan)

Anindita Cintasya

Director of Investment Banking

Anindita Cintasya is an experienced finance and investment professional specializing in debt capital markets. With a Bachelor’s degree in Business Administration from Universitas Indonesia (2007), she has built a strong career in investment banking, holding key roles at PT Aldiracita Sekuritas Indonesia, CIMB Niaga Sekuritas, and CGS-CIMB Sekuritas Indonesia. She holds multiple certifications, including a Risk Management Competency Certification and WPPE license, demonstrating her expertise in capital market regulations. Currently serving as VP Debt Capital Market – Investment Banking Associate at PT Aldiracita Sekuritas Indonesia, she has a proven track record of managing and coordinating debt issuance processes.

Our Fixed Income Sales

Mario Martin
Head of Fixed Income Sales
Mindo Leona
VP of Fixed Income Sales
Schedule a consultation with our Fixed Income Sales

Mindo Leona Christina Pardede

President Director

Mindo Leona Christina earned her Bachelor’s degree in Public Relations from Institut Ilmu Sosial dan Politik Jakarta in 2000. She joined Aldira in 2021 as Vice President of Fixed Income Sales and has been serving as President Director since 2025. With over 20 years of experience in Indonesia’s capital market, she specializes in Fixed Income. She also holds a capital market license as a Broker-Dealer Representative.

Livius Nurtanio

Senior Managing Director

Livius graduated from University of Toronto in 1995. He joined PT. Aldiracita Sekuritas Indonesia as Vice President Director from 4 October 2023. Livius has more than 20+ years of experience in Investment Banking both in Securities, Private Equity and Investment Banks in Indonesia, and overseas such as New York, Hongkong, Singapore as a Research Analyst, Head of Fixed Income, Financial Advisor, Senior Associate, Executive and Managing Director. He holds a capital market license for Broker-Dealer Representative and Underwriter Representative from OJK.

Heri Indarno Sulistyanto

Director

Heri Indarno Sulistyanto earned his Bachelor’s degree in Accounting from STIE Jagakarsa Jakarta in 2000 and has over 30 years of experience in the banking and securities industries. Throughout his career, he has held key positions in the capital market, including Manager at PT Bursa Efek Indonesia and Operational Director at a securities company. He is also certified by OJK, holding capital market licenses as a Broker-Dealer Representative and Underwriter Representative..

B Hari Mantoro

Independent Commissioner

Hari received his degree from the Faculty of Economics, University of Indonesia in 1988. He became the Independent Commissioner of PT Aldiracita Sekuritas Indonesia on 24 March 24 2023. He began his work in the financial industry in 1976 at a foreign bank in Jakarta and later worked for a security company in the capital market. Having worked in the financial market for over 30+ years, Hari has held positions as a President Director, Directors and Senior Manager. He is currently an competency assessor for Lembaga Sertifikasi Profesi Pasar Modal Indonesia (LSPPMI).