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FROM EQUITY RESEARCH |
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Astra International: Pinning Hopes on Lebaran and New Models (ASII.IJ IDR 5.275 HOLD.TP IDR 5.600)
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Mitratel: FY24 Outlook: Becoming a stronger M&A player with robust revenue and oFCF trends (MTEL.IJ IDR 625 BUY.TP IDR 960)
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To see the full version of this snapshot, please click here
MARKET NEWS |
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MACROECONOMY
Indonesia Retail Sales Grew 1.1% yoy in Jan24
Retail sales in Indonesia grew 1.1% yoy in January 2024, accelerating from a 0.2% rise in the previous month. It marked the eighth straight month of expansion in retail trade. On a monthly basis, retail turnover fell 3.5% in January, the first decline in four months and the steepest fall since last July, reversing from a 4.9% growth in December, which was the most in eight months. Retail sales for February and the 1Q24 are expected to grow by 3.6% and 2.4%, respectively, after climbing by 1.6% in the 4Q23. (Trading Economics)
US PPI Rose by 0.6% mom in Feb24
US PPI rose by 0.6% mom in Feb24, marking the largest increase since last August and surpassing market expectations of a 0.3% advance. The core PPI increased by 0.3%, representing a slowdown from the 0.5% advance observed in January but slightly above the consensus of 0.2%. On a yearly basis, PPI accelerated to 1.6% from January's 0.9%. (Trading Economics)
CORPORATE
AKRA to Distribute 167,515KL of Subsidized Diesel Fuel in 2024
AKRA is ready to distribute 167,515KL of subsidized diesel fuel in 2024. The Company is committed to distributing subsidized fuel in accordance with the Assignment Decree from BPH Migas No.90/P3JBT/BPH MIGAS/KOM/2023 concerning the Assignment of Provision and Distribution of Volume Quota of Certain Types of Fuel Oil Distributors by PT AKR Corporindo Tbk. in 2024 with a total diesel oil quota of 167,515KL. (Bisnis)
ANTM Offers Gold for Eid Al-Fitr 2024
ANTM realizes its commitment to product innovation by introducing a new thematic gold product for Eid al-Fitr 1445 Hijri 2024. Idulfitri 2024 thematic gold products are available in two main categories. Namely, gold bars weighing 5gr, and gift series weighing 0.5gr and 1gr. Eid Al-Fitr 2024 gold is also equipped with security and aesthetic features, including micro text, QR code, rainbow effect, and 3D Effect on the gold surface. (Emiten News)
BBCA to Distribute Dividends Worth Rp33.28tr or Rp270/share
BBCA has decided to distribute cash dividends of Rp270/share (yield: 2.7%), amounting to Rp33.28tr (+31.7% yoy). The dividend payout amounts to 68.47%, an increase from 62.1% distributed for the 2022 financial year. The cash dividend includes a cash interim dividend of Rp42.5/share, equivalent to Rp5.23tr, that the company paid to its shareholders in December 2023. Thus, the remaining dividend to be distributed by BCA is Rp227.5/share. (Bisnis)
BMRI Provided a Rp2.4tr Loan to TOWR’s Subsidiaries
BMRI provided corporate credit loans worth Rp2.4tr to TOWR’s subsidiaries, namely PT Profesional Telekomunikasi Indonesia (Protelindo) and PT Iforte Solusi Infotek (Iforte). The maturity period for this loan is a maximum of three years. Under the credit agreement, Protelindo and Iforte are jointly responsible for the implementation of all obligations. (Kontan)
Tokopedia Offers Up to 90% Discount to Boost Sales During Ramadan
Tokopedia is presenting an ‘Ramadhan Ekstra Ser’u campaign until April 5, 2024 via the Tokopedia application & website, and website & Shop|Tokopedia on the Tiktok application. People can find various products needed for Ramadan with flash sales of up to 90%. Apart from that, there is free inter-island shipping provided by Tokopedia and a daily 'THR Ekstra' coupon which contains cashback. Tokopedia and Tiktok are also presenting an ‘Festival Ramadan Ekstra Seru’ offline at Citi Hall, Pondok Indah Mall 3, on 14-17 March 2024. (Kontan)
MTEL Targets IBST Acquisition to be Completed in 1H24
MTEL conveyed that the progress of the acquisition of the IBST tower company is still ongoing. MTEL has carried out due diligence on this acquisition process. MTEL believes this acquisition process can be completed in 1H24. (Bisnis)
PGEO Requires US$3bn for Expansion
PGEO needs US$3bn to fund the company's expansion. The company's expansion plan for the long term until 2029 includes organic development and potential mergers and acquisitions. In 2024, PGEO has prepared a Capex of US$547mn. The Capex will be used for expansion to increase the company's production capacity and finance organic growth plans and acquisitions. According to the company, it will continue to expand by exploring geothermal potential and optimizing working areas to increase the installed capacity of PLTP and pursue its target of up to 1GW in the next 2 years. (Bisnis)
