AMRT booked revenue growth of 10.55% YoY to IDR118.23 trillion in FY24. The growth was driven by a 10.08% YoY increase in sales of the food segment to IDR83.28 trillion and an 11.7% YoY increase in the non-food segment to IDR34.95 trillion in FY24. AMRT's net profit grew 20.71% QoQ in 4Q24. The growth was driven by higher revenue and operating cost efficiency in 4Q24. This operating efficiency was mainly due to the decrease in selling and distribution expenses by 5.89% QoQ to IDR4.72 trillion in 4Q24, which caused operating expenses to decrease by 2.6% QoQ to IDR5 trillion in 4Q24. Continued expansion supported FY24 performance. AMRT's stores increased by 967 stores to 23,277 stores in FY24. In 2024, AMRT added 3 new distribution centers to improve supply chain efficiency and plans to add 2 new distribution centers in 2025. AMRT acquired all the shares of PT Lancar Wiguna Sejahtera (LWS), which is owned by MIDI. The acquisition is expected to expand and strengthen AMRT's Ready-to-Eat (RTE) food product category, as LWS currently operates 374 Lawson stores that sell mainly RTE products to consumers. Using the Discounted Cash Flow method with a Required Return of 6.85% and Terminal Growth of 3.09%, we estimate AMRT's fair value at IDR2,570 per share. Therefore, we maintain our Buy rating on AMRT with a lower target and potential upside of 31.46%.

Net profit grew 15% YoY to IDR2.3 trillion in FY24. Revenue rose 21% YoY to IDR11.2 trillion in FY24. The revenue growth was driven by a 25% YoY growth in the property development segment and +7% YoY in the recurring segment in FY24. A geographically diversified product portfolio is the advantage of CTRA's residential segment. Until FY24, CTRA had 89 projects in 34 cities in Indonesia. In FY24, Greater Jakarta contributed 40% of marketing sales, followed by Greater Surabaya 23% and Sumatra 19%. With this diversification, CTRA can minimize concentration risk. CTRA's marketing sales grew 8% YoY to IDR11 trillion in FY24. This achievement continues the upward trend in 2023, where CTRA recorded the highest marketing sales at IDR10.2 trillion. CTRA's average marketing sales growth has reached 14% in the last three years. We estimate CTRA's net profit can grow 9% YoY in FY25F. CTRA's solid bottom line performance is supported by VAT incentives borne by the government, loan-tovalue discounts, and relatively stable Non-Performing Loan conditions in the property sector. We maintain our buy rating for CTRA, which has an estimated fair value of 1320 (previously 1570) and a potential upside of 61.96%. The fair value is obtained using the Discounted Cash Flow and Revalued Net Asset Value methods and reflects 10.77x expected P/E FY25F and a 55% discount to NAV. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Nasdaq (-3.07%) memimpin pelemahan mayoritas indeks Wall Street di Rabu (16/4). Wall Street tertekan oleh aksi jual pada saham-saham teknologi. Nvidia diperkirakan mencatatkan beban hingga $5.5 miliar per kuartal akibat mengekspor produknya ke Tiongkok, termasuk ke DeepSeek. Powell menyatakan kebijakan tarif dari Pemerintah AS meningkatkan risiko kenaikan inflasi. Kondisi ini mempersempit ruang pemangkasan sukubunga acuan the Fed. Harga emas masih lanjutkan rally, bahkan sempat menembus level US$3,300/troy oz di Rabu (16/4). IHSG diperkirakan lanjutkan fluktuasi dalam rentang support-resistance 6300-6500, dengan kecenderungan melemah ke kisaran 6350-6375 di Kamis (17/4). Pasar khawatir terdapat perubahan kebijakan atau kebijakan tarif baru oleh Pemerintah AS di akhir pekan ini. Tiongkok masih belum membuka peluang negosiasi dengan AS, meski berbagai upaya untuk menekan Tiongkok telah dilakukan oleh AS. Top picks (17/3) : MAPI, MTEL, KLBF, JSMR dan PSAB By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -