Fore Kopi Indonesia to Launch IPO, Aiming to Raise Up to IDR 379.76 B

Fore Kopi Indonesia to Launch IPO, Aiming to Raise Up to IDR 379.76 B
FORE is set to conduct an IPO, offering up to 1.88 bn shares or 21.08% of its paid-up capital. The offering price is set between IDR 160 - 202/sh, aiming to raise a maximum of IDR 379.76 bn. The IPO timeline is as follows:
- Initial Offering Period: 19 to 21 Mar-25
- Allotment Date: 9 Apr-25
- Effective Date: 25 Mar-25
- Electronic Distribution Date: 10 Apr-25
- Public Offering Period: 26 Mar-25 to 9 Apr-25
- Listing Date on the Indonesia Stock Exchange: 11 Apr-25
 
RESEARCH REPORT

MYOR - Still a Snack Worth Savoring
- FY24 – Earnings Inline
- Pricing Power and Market Strength Underpin Growth
- Maintain BUY call with a lower TP

(Please refer to our report here)

BCAS: AKRA IJ - Net Profit In-line with Ours but Below Consensus

- AKRA has released their FY24 earnings, revealing a continued decline in revenue, which stands at IDR 38.7 tn (-8% YoY). However, 4Q24 shows signs of recovery with revenue reaching IDR 10.2 tn (+1.6% QoQ; -16.5% YoY). Sales volume in the petroleum segment has decreased by 2% compared to last year, while the chemical segment continues to grow, showing a 6% YoY increase. This performance aligns with both our projections and consensus estimates at 100.3%, despite falling short of the company's earlier guidance due to lower land sales in 2024, which totaled only 38 ha compared to the anticipated 100 ha.
- In 4Q24, gross profit rebounded, driven by improved margins in the trading segment, which rose to 8.6% from 7.3% in FY23. The manufacturing sector also saw growth, with profits reaching IDR 154 bn at a 24% net margin. Despite the uptick in 4Q24, the full-year gross profit declined to IDR 3.5 tn (-21.6% YoY).
- Net profit for FY24 met expectations, reaching IDR 2.2 tn (-20% YoY). This figure aligns closely with our estimates at 101.8% and is slightly below consensus at 96.2%.
Company Guidance:
The company anticipates a 5-7% growth in the trading and distribution segment, driven by improved mining conditions and the absence of adverse weather. They also project land sales of 100 ha in 2025.

 

Bukalapak (BUKA) Posts IDR 1.54 Tn Loss in 2024
BUKA recorded a net loss of IDR 1.54 tn in 2024, (-13.23% YoY), with loss per share rising to IDR 15 (vs 2023; IDR 13.24). Revenue came at IDR 4.46 tn (+0.67% YoY), while cost of revenue increased to IDR 3.74 tn (vs 2023; IDR 3.38 tn). Sales and marketing expenses decreased to IDR 328.43 bn (vs 2023; IDR 518.43 bn), but G&A expenses rose to IDR 1.45 tn (vs 2023; IDR 1.34 tn).