Express Transindo Utama

PT Express Transindo Utama Tbk (hereafter Express) is an Indonesian taxi operator which is controlled by Peter Sondakh's Rajawali Corpora, one of the biggest conglomerates in Indonesia. Rajawali Corpora, founded in 1984, is active in multiple sectors such as mining, plantation, transportation and property.

Express is one of Indonesia's leading taxi operators with currently around 10,000 taxis in operation in primarily the greater Jakarta area but also in a number of other big cities in Indonesia. It holds a market share of about 11 percent in Indonesia's taxi services sector.


Industry Sector Transportation
Industry Sub Sector Transport Services
Established 1989
Listed 2 November 2012
Listed company code TAXI
Listed Shares 1,051,280,000
Dividend -
Major Shareholders (>5%) Rajawali Corpora (51.00%)
JPMCB - JPMorgan Funds (5.96%)
Key Subsidiaries -

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Business Summary

Express is the biggest competitor of the Blue Bird Group with regard to taxi operations in Indonesia. Currently Blue Bird is still market leader but Express is showing signs of aggressive expansion. On 2 November 2012 Express debuted on the Indonesia Stock Exchange (making it Indonesia's first publicly traded cab service) by selling 49 percent of its equity, which raised IDR 588.7 billion (about US $60 million). Express will use these proceeds to increase and rejuvenate its fleet, and to acquire an entire stake in Jakarta-based taxi operator Ekspres Mulia Kencana. This move will add 2,000 licensed taxi units to the company.

Express provides the following services:

Regular Taxi Services
Premium Taxi Services
Value Added Transportation Business (VATB)

However, almost 90 percent of the company's income comes from the regular taxi services. The company's regular taxis can be found in the Greater Jakarta area, Semarang, Surabaya and Medan. At the end of 2012, Express had 108 premium taxis that are all used in the Greater Jakarta area. Its VATB business segment consists of limousine services (Bandung, Bali and Lombok) and charter bus services.

Express Transindo Utama's Operational Highlights:

     2009    2010    2011    2012    2013    2015¹
Taxi Fleet Size
   3,198    4,922    6,002    8,035   10,000   15,000
Passengers       –  358,867  321,254  361,737       –       –

¹ indicates target

Express Transindo Utama's Financial Highlights:

      2010     2011     2012     2013
   219.3    338.4    520.9    686.9
Gross Profit     55.8    137.7    165.1    220.5
Income before Tax     46.3     81.8    106.9    174.0
Net Income     35.0     59.6     79.2    132.4
EBITDA       –    219.0    323.0    
Earnings per Share¹    46.72    45.39    53.46    61.72
Total Assets    658.5    999.2  1,782.8  2,137.0
Total Liabilities    516.5    792.0  1,096.0  1,339.9
Dividend per Share¹       –       –      10  
P/E Ratio (x)       –     41.1     30.9  

in billion IDR rupiah (except stated otherwise)
¹ in IDR rupiah
Sources: Express Transindo Utama, Annual Report 2013 & Kim Eng Securities

The Indonesian Taxi Market

Despite chaotic conditions (traffic congestions) on the roads of some large Indonesian cities (mainly on Java, Indonesia's most populous island) - due to a lack of investments in the country's infrastructure - Indonesia's taxi market offers growth opportunities for a number of reasons:

Indonesia contains a large population that has become increasingly urbanized
Macroeconomic growth; Indonesia's middle class is expanding and GDP per capita rises accordingly
A lack of investments in public transportation makes taxis an attractive alternative

The points above imply that the potential clientele for taxis is growing not only because the - already large - population of Indonesia is expanding but also because cities, where taxis operate, are expanding due to the continuing process of urbanization. These cities lack a well organized public transportation system. Public transportation in Indonesia is cheap but usually uncomfortable. Given that the country is characterized by an expanding middle class, more and more people can afford to use taxi services.

Contact Details

Jalan Sukarjo Wiryopranoto No. 11
Jakarta 11160
Phone: +62 21 2650 7000
Fax: +62 21 2650 7001