Menu
Strength
Mall revenue (64% of recurring income) rose +24.6% YoY to IDR 515bn, driven by the opening of Summarecon Mall Bandung in 1Q24, contributing to +19.2% YoY growth in 3Q24 recurring revenue (43% of SMRA’s top-line) to IDR 810bn
Weakness
Housing sales (43% of SMRA’s top-line) plunged -39.0% YoY to IDR 804bn as consumers frontloaded purchases in 2Q24, anticipating VAT incentives would end by July 2024, resulting in -11.7% YoY decline in 3Q24 revenue to IDR 1.9tn
Opportunity
Summarecon Mall Bekasi phase 2, expected to open in 4Q25, will expand NLA from 58,000 sqm to 100,744 sqm, potentially boosting top-line growth by c.8–11% in 2026F; this potential rate cuts and market underperformance may improve price sentiment
Threat
SMRA’s top-performing clusters (Bekasi: 172% of target in 9M24; Karawang: 124%) with the lowest ASP at IDR 1.7bn indicate low purchasing power, and with no rate cut expected this year, further market underperformance may follow
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.
