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Strength
3Q24 gross margin expanded to 12.0% (2Q24: 10.6%; 3Q23: 10.1%), supported by favorable product mix, featuring high-margin items like Samsung Z Fold and Flip
Weakness
Opex run-rate saw QoQ increase to -9.4% in 3Q24 (2Q24: -8.0%; 3Q23: -8.5%), which we attribute to the opening of new stores; ERAA’s 9M24 bottom line growth of 59.9% YoY was primarily driven by one-off surge in promotion support (+196% YoY)
Opportunity
Strong purchasing power of middle-upper class should provide support to sales volumes; recent market underperformance may provide buying opportunities, especially given undemanding valuation of P/S 0.1x
Threat
IDR depreciation may exert pressure on sales volumes; weakening purchasing power amid sticky inflation and high interest rates could adversely affect demand and sales mix
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.
