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BRI Danareksa Sekuritas Equity Snapshot - September 26,2022
September 26, 2022 08:22

FROM EQUITY RESEARCH

 

Puradelta Lestari: Strong presence in data center industry(DMAS.IJ IDR 183 BUY.TP IDR 230)

We visited Deltamas industrial estate to gain insight of the current development of its property. We like the development of its industrial zone including the new data center zone, but the residential and commercial might need more time to bring more value. We maintain our BUY call on DMAS for its strong presence in data center and potential dividend yield.

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MARKET NEWS

 

MACROECONOMY

Government Postpone the Conversion of 3kg LPG to Electric Stove

Without further reasoning, the government are postponing the program of 3kg LPG conversion to Electric Stove, despite previously PLN has proceed the procurement for induction stove to be distributed free. Market sounding to 11 production factories has been done, also usage trial in several cities around Indonesia. However, through Coordinating Ministry of Economic Affair, the government are stating that the program will be postponed and not to be run in 2022, and still there are no budgeting discussion for such program in the House of Representatives. Pertamina’s corporate secretary commented that the usage of either electric-stove or 3kg LPG should be on the people’s choice, while so far the consumption of non-subsidized LPG are 5-6% to national consumption. (Kontan)

To be announced today: FDI Indonesia Q3-22

SECTOR

Public Service Agency (Badan Layanan Usaha) Established for Toll Road Financing Support

The Ministry of Public Works and Public Housing (PUPR) has proposed the establishment of a Public Service Agency (BLU) for Toll Road Financing Support (DJPT). According to the Toll Road Regulatory Agency, BLU aimed to address toll road financing needs such as land acquisition with special characteristics, capping compensation or tariff adjustments, and other things that may burden the budget. Overall goals is to find alternative sources of financing to reduce the burden on equity of toll-road business entities and dependence on the State Budget to develop toll road networks. (Kontan)

CORPORATE

INDY and Foxconn Work on Electric Cars Factory

INDY, through its subsidiary PT Mitra Motor Group (MMG), established a joint venture company with Foxconn through Foxteq Singapore, named PT Foxconn Indika Motor (FIM). The venture are aiming to build electric car factory, a continuing step toward EV of INDY after previously releasing the “Alva” electric motorcycle.

According to INDY, FIM will carry out three business activities with built operate localize (BOL) scheme, namely manufacturing 4-or-more-wheeled motor vehicles, battery manufacturing activities, and providing management consulting services. MMG invested in shares of FIM at IDR 39 bn or equivalent to 60% of the total capital of IDR 65 bn, while Foxteq paid in IDR 26 bn (40% shares). The previous cooperation between IBC, Foxconn and INDY will also be continued. (Kontan)

ISAT on Employee Efficiency

Indosat Ooredoo Hutchison (IOH) are conducting a rightsizing measure with termination of 300 employees, with 95% of the affected employees agreed to the condition. The compensation package offered to employees is at 37-75x wages. According to IOH, all affected employees have understood the need to increase agility and grow faster in accordance with current market demands and needs. (CNN Indonesia)

UNTR Explores Nickel Business Opportunities

UNTR is aggressively looking for new business opportunities to diversify outside of coal mining. According to UNTR, the company has previously expanded its business lines in several non-thermal coal sectors such as gold mining, construction industry, and renewable energy. To further develop the diversification, UNTR is looking for opportunities to expand to other mineral mining such as nickel, iron ore, and copper.

In addition, the company will also continue to look for various opportunities from renewable energy projects. The existing projects include the Mini Hydro PLT project, as well as the distribution and installation of rooftop solar PV for industry. (Investor Daily)