Initiate coverage with BUY call

We initiate coverage on VKTR Teknologi Mobilitas (VKTR IJ) with a BUY and a TP of IDR 850/sh, implying a 30% upside, implying 29x EV/EBITDA FY28F. VKTR is building a fully integrated commercial EV ecosystem, with operations spanning automotive component manufacturing, a dedicated EV assembly facility, and the provision of e-Mobility as a Service (e-MaaS), which includes comprehensive fleet maintenance. Through this end-to-end model, the company delivers highly efficient, zero-emission mobility solutions tailored to the modern needsIndonesian industries. Thanks to the strong operational scaling, we forecast the company to successfully reverse its current retained earnings deficit and achieve a positive balance by 2028F.

A pioneer in commercial EV sector

Starting from its origins as commercial vehicles & metal components distribution and an automotive components manufacturer, VKTR has successfully scaled its operations into the commercial EV assembly sector, delivering 176 electric buses and trucks alongside 13 electric forklifts. Notably, 152 units of VKTR's electric buses are currently integrated into the Transjakarta network, demonstrating exceptional operational reliability by logging a cumulative mileage of 17 mn km over 50 months of service without a single major factory breakdown—a powerful testament to the company's product quality. Transjakarta aims to expand its electric bus fleet from approximately 500 units to 10,000 units by 2030. Demonstrating forward-looking execution to capitalize on this surging demand, VKTR has recently completed its new assembly facility in Magelang, establishing a robust production capacity of up to 3,000 units per year.

Riset BCA Virtue

VKTR - One-stop Green Mobility Solution

TOTL - Built for the Data Center Cycle

DEWA - Standing Apart

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