Menu
SWOT Analysis of The Results (SSI: Above, Cons: Above)
Strength
Solid 3Q24 revenue due to strong gold sales volumes (405 koz; +42% QoQ, +112% YoY) and ASP (USD 2,639/oz; +9% QoQ, +28% YoY); improved 3Q24 EBIT, which we attribute to lower opex/sales of 3.8% (-120 bps QoQ, -530 bps YoY)
Weakness
3Q24 earnings plummeted, mainly due to the decline in GPM to 10.5% (-960 bps YoY, -150 bps QoQ) following the drop in gold cash margins to USD 67/oz (-59.8% YoY), driven by substantial retail buyback post gold rally
Opportunity
Gold rally is likely to persist due to geopolitical tensions and influx of purchases by central banks, pushing Oct-2024 price to USD 2,679/oz; YTD market underperformance coupled with earnings upgrade present buying opportunities
Threat
Elevated gold prices (>USD 2,700/oz) may increase the likelihood of major retail profit-taking amid macro uncertainty, potentially compelling ANTM to buyback at higher prices and pressuring its gold cash margins
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.
