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AMRT : Continued Expansion Drives Financial Performance

13 Nov 2024 Company Update
AMRT recorded revenue of IDR88.21 trillion in 9M24, growing 10.24% YoY. The revenue growth was driven by Food segment revenue, which grew 10.52% YoY to IDR62.37 trillion in 9M24 (vs. IDR56.43 trillion in 9M23), while Non-Food segment revenue grew 9.55% YoY to IDR25.85 trillion in 9M24 (vs. IDR23.59 trillion in 9M23). Better non-operating performance offsets higher operating expenses. AMRT's operating expenses increased by 11.98% YoY to IDR14.45 trillion in 9M24 (vs. IDR12.9 trillion in 9M23). Meanwhile, AMRT's non-operating expenses decreased by 79.61% YoY to IDR16 billion in 9M24 (vs. IDR80 billion in 9M23). This condition caused AMRT's net profit to grow 9.79% YoY to IDR2.48 trillion in 9M24 (vs. IDR2.26 trillion in 9M23). Alfagift as an alternative for consumers to shop online, contributed 6.6% to revenue in 9M24. Online sales generated from Alfagift in 9M24 grew by more than 45% YoY, signaling AMRT's efforts to increase revenue. The store network continues to increase. From January to September 2024, AMRT added 945 stores, consisting of 652 company-owned stores and 293 Franchise stores, bringing the total to 23,255 stores across Indonesia. We assess that these efforts can potentially improve AMRT's future financial performance. Using the Discounted Cash Flow method with a Required Return of 8.94% and Terminal Growth of 7.02%, we estimate AMRT's fair value at IDR3,650 per share (Expected PE at 32.03x and EV/EBITDA at 18.58x in FY24). We give AMRT a Buy rating with a potential upside of 15.89%. By PHINTRACO SEKURITAS | Research - Disclaimer On -
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Domestic Economic Research : Economic Stability and Growth Opportunities 2025

13 Nov 2024 Market Outlook
PHINTRACO SEKURITAS (AT) -13 November 2024- Indonesia's economy has shown a solid recovery, with GDP growth observed across spending sectors. This reflects resilience and a balanced approach to economic recovery. Household consumption remains a primary driver of economic growth, contributing steadily to domestic demand and encouraging broader sectoral gains. Business conditions have improved, seen in positive consumer confidence and absolute sales indices, creating a supportive environment for local and international investments. Indicators such as decreasing poverty and unemployment rates and improvements in income distribution suggest gradual progress in the quality of life for many Indonesians. The government has set an optimistic economic growth target of 5.20% for 2025, with strong domestic consumption expected to play a central role in achieving this goal. Prabowo-Gibran administration intends to prioritize human resource development, emphasizing educational improvement, vocational training, and digital skills to strengthen workforce readiness. Bank Indonesia is expected to continue with flexible monetary policies, which may include easing measures, to help sustain economic growth amid global uncertainties. IHSG targeted 8698 in 2025: Considering the various opportunities and challenges faced in 2025. Sectoral Coverage: Banking, Cement, Metal & Mining, Food & Beverage, Poultry, Properties & Real estate, Telecommunication, and Tower. By PHINTRACO SEKURITAS | Research - Disclaimer On -
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Global Economic Research: Cruising The Election and Gepolitical Waves

13 Nov 2024 Market Outlook
The majority of countries started to show an increase in economic growth in 2Q24, after experiencing a slowdown at the beginning of the year. Global monetary policy was less-aggressive than expected in 2024. Several central banks started easing their monetary policy in 3Q24 as the inflation rate flattened. Geopolitical conflicts continue in 2024. The conflict in the Middle East has expanded to involve countries other than Israel and Palestine. Meanwhile, the Russia-Ukraine conflict will continue. Several commodity prices tend to stagnate in 2024 and There is still uncertainty risk from geopolitical conflict. Political conditions in global countries' election years were relatively stable. Economic activity's recovery has the potential to continue in 2025. This is driven by the easing of the monetary policy of several central banks, which could continue in 2025. The exchange rate has the potential to be more stable in 2025. By PHINTRACO SEKURITAS | Research - Disclaimer On -
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