Research & Stock Picks

Company Reports

06 August 2024

By

SSIA: 2Q24 Results – BUY (maintained), TP at IDR 1,650

Our take on the results (SSI: In-line; Cons: Above)

  • Strong 2Q24 revenue growth of +42.2% YoY was mainly driven by construction revenue (68% of topline), which grew +58.2% YoY supported by RS Mayapada IKN, Hampton square, and Infrastruktur Sabang Metropolitan Package 2 projects.
  • We project SSIA’s FY24 revenue to reach IDR 5.6tn (+24% YoY) with NPAT of IDR 500bn (+135% YoY), assuming all of its marketing sales (184ha) are recognized this year.
  • In 1H24, PT Suryacipta Swadaya (SCS) booked marketing sales of IDR 1.5tn for 132.4 ha, much higher than 1H23 level (IDR 18.1bn for 1.0ha), backed by BYD, which purchased 108 ha of industrial land in Subang Smartpolitan for its EV factory.
  • On the balance sheet side, -14.3% YoY drop in Interest-bearing debt to IDR 2.1tn led to lower net gearing to 27.3% in 1H24 from 53.4% in 1H23.
  • Looking ahead, we expect SSIA's short and medium-term growth to be driven by BYD-related investments into Subang Smartpolitan, which should result in further earnings improvements. In terms of valuation, SSIA’s NAV currently stands at IDR 3,600/share, reflecting 56% discount to current price.  BUY.

Share This:

Download PDF

Download PDF

SSIA 2Q24 results

Download PDF

SSIA 2Q24 results

More Related

Morning Briefs

Dec 12, 2025

Economic Reports

Dec 12, 2025

Economic Reports

Dec 11, 2025

Morning Briefs

Dec 11, 2025

Economic Reports

Dec 11, 2025

Morning Briefs

Dec 10, 2025

Economic Reports

Dec 10, 2025

Company Reports

Dec 9, 2025

Economic Reports

Dec 9, 2025

Morning Briefs

Dec 8, 2025

Company Reports

Dec 5, 2025

Morning Briefs

Dec 5, 2025

Economic Reports

Dec 5, 2025

Morning Briefs

Dec 4, 2025

Economic Reports

Dec 4, 2025

Morning Briefs

Dec 3, 2025

Economic Reports

Dec 3, 2025

Company Reports

Dec 2, 2025

Economic Reports

Dec 2, 2025

Economic Reports

Dec 1, 2025

Economic Reports

Dec 1, 2025

Economic Reports

Dec 1, 2025

Morning Briefs

Dec 1, 2025

Economic Reports

Nov 30, 2025

Morning Briefs

Nov 28, 2025

Economic Reports

Nov 28, 2025

Morning Briefs

Nov 27, 2025

Economic Reports

Nov 27, 2025

Morning Briefs

Nov 26, 2025

Economic Reports

Nov 26, 2025

Economic Reports

Nov 25, 2025

Morning Briefs

Nov 24, 2025

Economic Reports

Nov 24, 2025

Morning Briefs

Nov 21, 2025

Economic Reports

Nov 21, 2025

Economic Reports

Nov 20, 2025

Economic Reports

Nov 20, 2025

Morning Briefs

Nov 20, 2025

Economic Reports

Nov 20, 2025

Morning Briefs

Nov 19, 2025

Economic Reports

Nov 19, 2025

Company Reports

Nov 18, 2025

Economic Reports

Nov 18, 2025

Morning Briefs

Nov 17, 2025

Economic Reports

Nov 16, 2025

Morning Briefs

Nov 14, 2025

Company Reports

Nov 13, 2025

Economic Reports

Nov 13, 2025

Morning Briefs

Nov 13, 2025

Economic Reports

Nov 12, 2025

Morning Briefs

Nov 12, 2025

Economic Reports

Nov 11, 2025

Economic Reports

Nov 10, 2025

Morning Briefs

Nov 10, 2025

Morning Briefs

Nov 7, 2025

Economic Reports

Nov 6, 2025

Morning Briefs

Nov 6, 2025

Economic Reports

Nov 5, 2025

Economic Reports

Nov 5, 2025

Morning Briefs

Nov 5, 2025

laba bumi

Company Reports

Nov 5, 2025

Economic Reports

Nov 4, 2025

Economic Reports

Nov 3, 2025

Economic Reports

Nov 3, 2025

Economic Reports

Nov 3, 2025

Economic Reports

Nov 3, 2025

Morning Briefs

Nov 3, 2025

Company Reports

Oct 31, 2025

Morning Briefs

Oct 31, 2025

Economic Reports

Oct 30, 2025

Company Reports

Oct 30, 2025