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Indonesia’s Future Industrial Hub
■ Subang Smartpolitan, Patimban Port, & Karawang Site Visits on 11-12 Sept. We visited SSIA’s Subang Industrial Estate, Patimban Port, and Karawang to deepen our understanding of their ongoing projects.
■ We received updates on BYD’s 108-ha EV factory progress. Dormitories for BYD’s construction employees are almost completed, while the land for the factory is undergoing compacting process.
■ SSIA plans to connect Subang Smartpolitan with Patimban Seaport, located 40 km north, via toll road, which is expected to begin in 4Q24 and finished by 2026. Upon completion, the current 2-hour travel time between the two facilities will be cut by more than 70%. Regarding the seaport, the first development phase has been achieved and will see further capacity expansion for car from 281k to 600k and container from 250k to 3.75mn TEU by end-2027. Additionally, the port's sea depth of 10m will be deepened to 14m by 4Q25 to support bigger vessels. In the long run, port capacity will rise to 7.5mn TEU, with sea depth of 17m.
■ We expect SSIA's short and medium-term growth to be driven by BYD-related investments into Subang Smartpolitan, which should result in further earnings improvements. In terms of valuation, SSIA’s NAV stands at IDR 4,200/share, reflecting 66% discount to current price. BUY.
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.
