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Strength
Solid MoM growth of 5.9% in December-24, across all segments, primarily due to increased IT demand (+20.3% MoM) and motor vehicle parts (+8.9% MoM) on the back of seasonality (New Year and Christmas); Ex-Java recorded strong growth of 7.0% MoM in Dec-24 (Nov-24: 0.9% MoM) which we attribute to higher commodity prices
Weakness
Below-average retail sales volume of 1.8% YoY with ex-Java areas booking slower YoY growth of 0.2% (Dec-23: 12.0%), which we attribute to lower hard commodity prices such as coal and nickel having negatively impacted the region’s overall propensity to consume
Opportunity
Government stimulus bolstering grassroot purchasing power in Dec-24 may boost 2025F retail sales; higher-than-expected commodity price environment may support domestic consumption; the 6.5% minimum wage hike should provide another tailwind for the sector
Threat
Higher-than-expected average inflation in the lead up to Ramadan and Lebaran (BI 3M price hike estimate: 179; 5-year avg.: 140) coupled with weak purchasing power due to IDR depreciation to dampen retail sales volumes, which could lead to stock underperformances
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.
