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Strength
Acquisition of Semen Grobogan in 1Q24 propelled 3Q24 sales volumes to 5.5mn tons (+9.5% YoY), raising revenue to IDR 5.2tn (+4.8% YoY); improvements in 3Q24 margins, driven by -2% YoY drop in fuel costs (42% of COGS) as INTP transitions toward solar energy
Opportunity
The government’s Three Million Homes program is expected to stimulate demand in 4Q24 and beyond; recent further YTD market underperformance and most bad news fully priced-in may present trading opportunities
Weakness
3Q24 blended ASP fell -4.3% YoY/ -5.2% QoQ to IDR 953k per ton, marking its lowest level since 2Q22, due to price war; the decline in 3Q24 brought 9M24 ASP down to IDR 973k per ton (-5.9% YoY)
Threat
Intense competition from Chinese players may trigger another price war, extending down-trading trend; IDR depreciation could lead to higher fuel (42% of COGS) and raw materials costs (22%)
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.
