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Strength
QoQ improvement in 3Q24 GPM to 52.0%, driven by the -4.3% QoQ decline in COGS and the increase in OPM to 46.0% due to the drop in salary and allowance expenses (68% of opex) of -36.4% QoQ
Opportunity
MKPI has the lowest FX exposure in the sector with no dollar liabilities, giving the company advantage amid strong USD environment; recent market underperformance may provide buying opportunities
Weakness
3Q24 NPM slipped to 35.3%, from 42.4% in 3Q23, on the back of one-off deferred tax charge of IDR 50bn (+51% QoQ); however, on an annual basis, 9M24 margins showed improvement across the board
Threat
Negative sentiment caused by current weakening Rupiah environment to adversely impact rental demand may result in further market underperformance
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.
