BCAS: AUTO IJ: 1Q25 results inline with our estimate

COMPANY 
BCAS: AUTO IJ: 1Q25 results inline with our estimate

-1Q25 net profit increased 6.4% yoy on higher revenue and well maintained margin. 1Q25 net profit accounted for 25% of ours and 23.8% of consensus estimate.
 - Manufacturing revenue inclined 8.7% yoy despite lower domestic automotive sales in 1Q25 (-4.7% yoy); while trading revenue increased 3.9%. 
- Income from affiliates still become crucial contributor to bottom line with 1.1% yoy growth - We maintain our Buy recommendation with TP IDR 2,880.

 

BCAS: PANI IJ - 1Q25 Marketing Sales 

- PANI booked IDR 466 bn pre-sales in 1Q25 (-65% QoQ, -69% YoY), achieving 9% of its IDR 5.3 tn target. 
- Commercial land plots contributed IDR 230 bn (-74% QoQ, -64% YoY), residential IDR 141 bn (-52% QoQ, -68% YoY), and commercial products IDR95bn (-39% QoQ, -76% YoY). 
- The 1Q25 marketing sales data reflects a limited demand window, capturing only one month's worth of consumer activity, which may distort quarterly performance analysis. It was mainly due to the negative news earlier this year, and marketing sales is starting to pickup. In our view, it is in line with guidance

BCAS: BSDE IJ - Four New Projects in 1Q25 
BSDE launched four new projects in 1Q25: 
- Armont Residence (BSD City Phase III, Serpong) – residential cluster, priced at IDR 6.4–13.4 bn. 
- XLane Community Complex (BSD City Phase II, Serpong) – shophouses, priced at IDR 3.9 bn. 
- Nava Park Business Suites (BSD City Phase II, Serpong) – premium business suites, priced at IDR 10–84 bn. 
- Richmond (Kota Wisata Cibubur) – three-storey houses, priced at IDR 8.0–18.7 bn. (Company) 

Bank Negara Indonesia (BBNI) Led IDR 1.84 Tn Syndicated Loan for VinFast Indonesia 
BBNI officially led a syndicated loan facility worth IDR 1.84 tn to finance the construction of PT VinFast Automobile Indonesia's electric vehicle factory in Subang, West Java. BBNI took a portion of IDR 1.51 tn, with the remainder participated by Maybank Indonesia. The factory, with a total investment of USD 200 mn (~IDR 3.23 tn), is expected to begin operations in Oct-25, serving both domestic and export markets. (Bloomberg Technoz)