reports
Erajaya Swasembada: 1 director
A director at Erajaya Swasembada bought 65,883,600 shares at 363.924IDR and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two yea...
- Arsit Pamaranont
- Benjaphol Suthwanish
- Damon Shen
- Desmond Chong Chee Wai
- Gigi Cheuk
- Jieqi Liu
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kate Luang
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Lester Siew
- Malaysia Research Team
- Ming San Soong
- Paula Ruth
- Philip Wong
- Singapore Research Team
- Tanaporn Visaruthaphong
- Thailand Research Team
- Vincent Khoo Boo Aik
Regional Morning Notes - Tuesday, March 04, 2025
GREATER CHINA Strategy China And Hong Kong Property: Preview of property policies from two sessions; improvement in sentiment for Hong Kong's primary market. Sector Internet: Potential implications from implementation of social security insurances. Update Plover Bay Technologies (1523 HK/BUY/HK$5.22/Target: HK$7.71): Takeaways from luncheon: On the way to becoming a connectivity hub. INDONESIA Update Erajaya Swasembada (ERAA IJ/BUY/Rp390/Target: Rp480): Key brand might gradually mitigate regula...
- Paula Ruth
Erajaya Swasembada (ERAA IJ) - Key Brand Might Gradually Mitigate Regu...
We maintain BUY on ERAA with a target price of Rp480 for the following factors: a) potentially lower regulatory risk as Apple has completed TKDN’s investment obligation for 2020-23; b) ERAA’s subsidiary and XPENG officially launching two EV car models; c) Indonesia’s EV market expected to grow at a 59% CAGR in 2023-30; and d) 2026 NPAT growth of 8% yoy, partly supported by new stores’ opening and existing stores’ higher productivity.
- Maskun Ramli
- Paula Ruth
- Colin Lee
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Kenny Yong Hui Lim
- Paula Ruth
- Roy Chen Chengzhi
Regional Morning Meeting Notes: Thursday, January 16, 2025
GREATER CHINA Update China Merchants Bank (3968 HK/BUY/HK$41.20/Target: HK$49.00) 4Q24 preliminary results: Every cloud has a silver lining. Lenovo Group (992 HK/BUY/HK$9.18/Target: HK$12.00) Management expects IDG business’ growth to accelerate in 2025-26. Maintain BUY. INDONESIA Update Erajaya Swasembada (ERAA IJ/BUY/Rp384/Target: Rp480) New cooperation with XPENG and HONOR; maintain BUY. MALAYSIA Update Gamuda (GAM MK/BUY/RM...
- Paula Ruth
Erajaya Swasembada (ERAA IJ) - New Cooperation With XPENG And HONOR
We maintain BUY on ERAA (target price: Rp480) in view of three factors: a) ERAL (majority owned by ERAA) stated that its subsidiary had signed a distributor agreement with prominent Chinese EV player XPENG; b) Indonesia’s EV market is projected to grow at a 58.5% CAGR for 2023-30, according to a report by AC Ventures, a related industries’ association, and the Ministry of Industry; and c) ERAA’s strategic cooperation with HONOR smartphone amid the pending extension of Apple’s TKDN certification.
- Maskun Ramli
- Paula Ruth
- Colin Lee
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Johnny Yum Chung Man
- Llelleythan Tan Tan
- Malaysia Research Team
- Paula Ruth
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Thursday, December 05, 2024
GREATER CHINA Sector IT Hardware Import substitution and geopolitical events will be key focal points for China semis going forward. Maintain OVERWEIGHT. INDONESIA Update Erajaya Swasembada (ERAA IJ/BUY/Rp404/Target: Rp480) Apple might invest US$1b in Indonesia, potentially mitigating regulatory risk. Upgrade to BUY. MALAYSIA Strategy 1H25 Strategy ...
ASM PACIFIC TECHNOLOGY LIMITED
ERAA ERAJAYA SWASEMBADA
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
MYEG MY EG SERVICES BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
HLBK HONG LEONG BANK BERHAD
BRC BRC ASIA LTD
RGB RGB INTERNATIONAL BHD
688012 ADVANCED MICRO-FABRICATION EQUIPMENT (A)
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
Z29 029 GROUP SE
IOIPG IOI PROPERTIES GROUP BHD
PEKAT PEKAT GROUP BHD
- Paula Ruth
Erajaya Swasembada (ERAA IJ) - Apple Might Invest US$1b In Indonesia, ...
We upgrade ERAA to BUY with a target price of Rp480 given recent news report that Apple might invest an additional US$1b in Indonesia. However, there is still lack of clarity in the form of investment. If Apple could give its formal and written commitment (US$1b initial investment) to Indonesia, potentially mitigating regulatory risk from pending extension of the TKDN certification, we think that it might give a positive sentiment to ERAA’s share price.
- Maskun Ramli
- Paula Ruth
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Chong Lee Len
- Jonathan Koh
- Ken Lee
- Kong Ho Meng
- Paula Ruth
- Philip Wong
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Notes - Monday, November 11, 2024
GREATER CHINA Economics Inflation: Deflationary pressure persists, particularly for upstream pricing. Results ECARX (ECX US/BUY/US$1.84/Target: US$3.40): 3Q24: Revenue beat despite price competition. Maintain BUY. INDONESIA Update Erajaya Swasembada (ERAA IJ/BUY/Rp438/Target: Rp480): Unclear outlook for 2025; regulatory risk to key brand products. Downgrade to HOLD. MALAYSIA Results 99 Speed Mart Retail (99SMART MK/BUY/RM2.32/Target: RM2.60): 3Q24: Delivers on earnings as it is on the cusp of ...
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
ERAA ERAJAYA SWASEMBADA
TCAP THANACHART CAPITAL PCL
SATS SP SATS LTD.
MAXIS MAXIS BHD
WPRTS WESTPORTS HOLDINGS BHD
WHA TB WHA CORP PCL
ECX ECARX HOLDINGS INC
99SMART 99 SPEED MART RETAIL HOLDINGS BHD
- Paula Ruth
Erajaya Swasembada (ERAA IJ) - Unclear Outlook For 2025; Regulatory Ri...
We downgrade ERAA to HOLD with a lower target price of Rp480 given a lack of clarity ahead of the company’s 2025 guidance and pending TKDN certification for Apple products in Indonesia. Apple reportedly has plans to invest an additional US$10m (or Rp156b) in a plant in Bandung. This may increase the proportion of Apple’s fulfilled investment to around 95% of the required amount for TKDN certification. ERAA’s international business (18% of revenue) includes Apple’s reseller business in Malaysia.
- Maskun Ramli
- Paula Ruth
- Paula Ruth
Erajaya Swasembada (ERAA IJ) - Unclear Outlook For 2025; Regulatory Ri...
We downgrade ERAA to HOLD with a lower target price of Rp480 given a lack of clarity ahead of the company’s 2025 guidance and pending TKDN certification for Apple products in Indonesia. Apple reportedly has plans to invest an additional US$10m (or Rp156b) in a plant in Bandung. This may increase the proportion of Apple’s fulfilled investment to around 95% of the required amount for TKDN certification. ERAA’s international business (18% of revenue) includes Apple’s reseller business in Malaysia. ...
- Colin Lee
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Kenny Yong Hui Lim
- Kong Ho Meng
- Paula Ruth
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Thanawat Thangchadakorn
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, October 22, 2024
GREATER CHINA Results Ping An Insurance Group (2318 HK/BUY/HK$49.05/Target: HK$69.00) 3Q24: Bountiful harvest after prolonged dry spell. ZTE Corporation (763 HK/HOLD/HK$21.05/Target: HK$19.00) 3Q24: Results miss, expect stringent cost controls before next capex cycle. Downgrade to HOLD. Zijin Mining (2899 HK/BUY/HK$17.40/Target: HK$21.90) 3Q24: In line; mining entities’ gross margin down 1.2ppt qoq on lower copper ASP. Update Jiumaojiu In...
KBANK KASIKORNBANK PUBLIC CO. LTD.
ERAA ERAJAYA SWASEMBADA
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
WPRTS WESTPORTS HOLDINGS BHD
0763 ZTE CORPORATION CLASS H
TXG 10X GENOMICS INC CLASS A
CVL CIVMEC
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
SCB SCB X PUBLIC COMPANY LIMITED
0303 ALPHA IVF GROUP
- Paula Ruth
Erajaya Swasembada (ERAA IJ) - 2025 NPAT Could Jump 25% yoy; TKDN Issu...
We maintain BUY with a target price of Rp540 considering three factors: a) a 15% yoy revenue growth in 2025, b) improvement in existing stores’ productivity, and c) potential NPAT growth of 21% yoy in 2025. However, we are slightly cautious given that Apple’s TKDN certification is still in the process for extension. Based on the purchase cost, Apple products, including products other than iPhones, accounted for 45% of ERAA’s 1H24 sales.
- Maskun Ramli
- Paula Ruth
- Paula Ruth
Erajaya Swasembada (ERAA IJ) - NPAT Could Grow 9% yoy In 2025; 4Q24 To...
We maintain BUY on ERAA with a target price of Rp520 as: a) demand for the new iPhone 16 will support ERAA’s 4Q24 performance as Apple products contributed around 45% of ERAA’s 1H24 sales; b) we expect handset volume to drive revenue growth in 2024, partly on the back of normalisation in chip supply, and c) there should be a gradual improvement in NPAT (yoy) growth to 9% in 2025 from flat in 2024.
- Maskun Ramli
- Paula Ruth
- Arsit Pamaranont
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Kate Luang
- Nurul Nazira Binti Abdullah
- Paula Ruth
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Tuesday, September 24, 2024
GREATER CHINA Strategy Small-Mid Cap Monthly Solid growth momentum into 8M24, reiterate BUY on Plover Bay Technologies and raise target price to HK$6.10. Sector Property Trough valuation has priced in the weak industry fundamentals and poor policy implementation; poised for potential monetary easing. INDONESIA Update Erajaya Swasembada (ERAA IJ/BUY/Rp458/...
01109 CHINA RESOURCES LAND LIMITED
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
KBANK KASIKORNBANK PUBLIC CO. LTD.
ERAA ERAJAYA SWASEMBADA
MSGB MAH SING GROUP BHD
ECW ECO WORLD DEVELOPMENT GROUP
SPSB SP SETIA BHD
SWB SUNWAY BHD
TXG 10X GENOMICS INC CLASS A
UEMS UEM SUNRISE BHD
709 GIORDANO INTERNATIONAL LTD
MCH MATRIX CONCEPTS HOLDINGS BHD
TWC TIONG WOON CORPORATION HOLDING
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
IOIPG IOI PROPERTIES GROUP BHD
LAGENDA LAGENDA PROPERTIES BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
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