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AKR: Strong 1H21 earnings growth of 27.5%yoy, inline

AKRA posted strong 1H21 earning growth of 27.5%yoy thanks to better performance in 1H21 (gross profit +6.7%yoy) and more efficiency on G&A expenses and finance cost. This result reached 48% of our earning expectation. On yearly basis, chemicals, manufacturing and industrial estate shows recovering performance with gross profit growth +10.6%yoy, +20.4%yoy and +139.2%yoy respectively. However, petroleum gross profit decline slightly by -3.5%yoy.

On quarterly basis, 2Q21 shows lower consolidated performance compared to 1Q21 as the sizable land sales was recorded in 1Q21. However, petroleum and chemicals shows strong growth by 16.9%qoq and 4.0%qoq respectively in 2Q21 which accounts 90% of 2Q21 gross profit. The net profit margins improve from 4.3% in 1H20 to 5.1% stemmed from reduction in G&A expenses (-7.6%yoy) and finance cost (-66%yoy). As JIIPE has been designated as Special Economic Zone, AKRA continues to market the land and initiated phase II development. The company also announced to pay an interim dividend of IDR 60/share on Aug 19, 2021 with total amount of IDR 237bn. (Company)

EMTK: IJ Officially signed partnership with Grab Indonesia

To further digitize MSME and provide convenient services for customers nationwide. EMTK has previously injected USD375mn, making EMTK grasping 5.88% of the company. The partnership will be developed in financial services, logistics, e-commerce, and digital services and advertising in warungs. (Investor daily)

SIDO 2Q21 result: Slightly above estimates

•               SIDO reported solid 2Q21 earnings growth of 27.8% yoy (down 13.4% qoq), leading to 1H21 net profit of IDR502bn, +21% yoy.
•               Solid 1H21 top line (+13.4% yoy) with continued high gross margin supported 1H21 earnings.
•               The 1H21 net profits are 48.8% of our full year forecast and 47.1% of consensus estimates (i.e. slightly above).

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