Trump Imposed 25% Tariff on Auto Imports, Effective 02-Apr

 

Trump Imposed 25% Tariff on Auto Imports, Effective 02-Apr
The US will implement a 25% tariff on auto imports starting 02-Apr, covering fully assembled cars and key parts like engines and transmissions. The tariff, aimed at boosting US manufacturing, will also apply to non-US content in vehicles under USMCA. The White House projects USD 100 bn in new annual revenue. Major automakers, including GM, Ford, and Stellantis, could face disruptions. Canada and the EU criticized the move, with Canada considering retaliatory measures. Industry groups warned of higher car prices and job losses. (Bloomberg)

Company
BCAS | SQ | MAPI FY24 Earnings: In-line with Ours, Below Cons

•⁠  â MAPI posted 4Q24 net profit of IDR467bn (+16.6% QoQ, -2.2% YoY). Cumulatively, FY24 net profit came in at IDR1.7tn (-6.7% YoY), in-line with ours'/below cons' (97.8%/93.7%). Profitability margins for 4Q24 saw improvement although on a full year basis we saw delcline as there was impairment loss and loss of asset disposals.

•⁠  â 4Q24 revenue came in at IDR10.2tn (+6.2% QoQ, +7.3% YoY) with EOY seasonality; FY24: IDR37.8tn (+13.6% YoY), largely in-line. Retail sales in 4Q24 grew 10.4% YoY. For FY24, Retail grew by 20.6% YoY, while Cafe and restaurants sales decreased by 19.3% YoY.

While the result is in-line, we will wait for operational numbers and review our numbers.
 

Grab Reportedly Sought IDR 33 tn Loan for GoTo Acquisition
Grab was reportedly in talks to secure a USD 2 bn (IDR 33 tn) bridge loan with a 12-month tenor to fund its potential acquisition of GoTo. Discussions with banks were still in early stages, and details could change. This move came amid rising M&A activity in Asia, driven by attractive valuations and growing investment opportunities. Grab, backed by Uber, was conducting due diligence and considering other financing options like bonds or equity for the deal, which could exceed USD 7 bn. (Bloomberg)

United Tractors (UNTR) Recorded 971 Komatsu Unit Sales in 2M25
UNTR sold 435 Komatsu units in Feb-25 (-19% MoM; +42% YoY), bringing cumulative 2M25 sales to 971 units (+18% YoY), achieving 21.1% of its 2025 target (4,600 units). Market share declined to 26% (vs 1M25; 29%; 2M24; 30%). In mining contracting, UNTR's coal production reached 21.5 mn tons (+3.9% YoY), while overburden removal declined to 168.3 mn bcm (-8.5% YoY). (Company)