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Strength
Solid 12M24 SSSG readings of 9.65% (12M23: 5.93%), beating the company’s mid-single digit guidance, which we attribute to positive momentum from ex-Java stores, partly driven by elevated CPO prices (YTD 2024: +30%)
Weakness
Alfamidi’s aggressive expansion plan (+200 stores in FY25F) could adversely affect SSSG in the short term, as new stores typically underperform during their first two years
Opportunity
Strong SSSG readings and double-digit earnings growth in 2024 provide buying opportunities given recent YTD market underperformance (-0.7%) leading to low P/S valuation of 0.6x
Threat
Indonesia’s shrinking middle class and potential decline in commodity prices due to global economic slowdown may dampen purchasing power, exerting downward pressure on SSSG
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.
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