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Strength
Gross Margin saw QoQ improvement to 44.0% in 2Q24 (1Q24: 42.6%; 2Q23: 46.4%), suggesting easing boycott, paving the way for retail sales EBIT margin to be higher QoQ at 11.1% (1Q24: 8.3%; 2Q23: 14.9%)
Weakness
Cafe and restaurant segment (contributed ~9.1% of total sales in 2Q24) continued to book negative OPM due to lingering boycott; finance cost and FX loss resulted in 2Q24 net profit coming down 24% YoY reflecting margin contraction to 5.3% (2Q23: 7.9%)
Opportunity
Slight improvement in economic growth from 4.9% in 2024 to 5% in 2025 coupled with potentially lower interest rates may bolster discretionary spending; recent market underperformance may provide buying opportunities particularly given undemanding valuation of 0.7x FY24 P/S
Threat
Challenging macroeconomic condition may impact sales volume and potential up-to 200% import duties on Chinese products may dampen overall profitability; geopolitical tension may continue to drag down its Cafe and Restaurant profitability ahead and result in continued market underperformance
Samuel Sekuritas Indonesia is a leading Indonesian securities brokerage firm. Established in 1997, the firm has grown to become one of the most respected and trusted financial services companies in the country. With a wide range of services and products, Samuel Sekuritas Indonesia has become a trusted partner to many investors, both institutional and individual.
The company offers a variety of financial services, including equity, debt and derivative securities brokerage services, research and portfolio management, asset management and capital market services, as well as a range of other investment solutions. Samuel Sekuritas Indonesia is also a leader in providing financial education and training, and has established itself as a leading provider of investor relations services.
The company has a strong research capability and is committed to providing its clients with up-to-date and reliable market analysis and recommendations. It also has a team of experienced and knowledgeable professionals who are dedicated to providing quality service to its clients. As a result, Samuel Sekuritas Indonesia has become a preferred partner for many investors in Indonesia.
In addition to its financial services, Samuel Sekuritas Indonesia also offers a range of other services, such as corporate finance and advisory services, mergers and acquisitions, and venture capital.
