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Strength
Strong 2Q24 revenue growth of +141.6% YoY on +389% YoY increase in residential revenue (68% of SMRA’s top line) helped by tax incentive for houses below IDR5bn
Opportunity
Extension of VAT incentive until end-2024 may help sustain property sales growth and boost marketing sales; further market outperformance may persist on potential subsidiary spin-off and lower interest rates
Weakness
QoQ drop in 2Q24 NPM driven mainly by one-off costs, including land, building, and acquisition taxes (IDR 402bn) and final tax related to asset transfer to SMIP (IDR 192bn)
Threat
Lack of tax incentive and higher tax rate in 2025 could hamper SMRA's future growth, as property sales account for 74% of its revenue; market outperformance may result in some profit taking
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.
