Sarimelati Kencana

Sarimelati Kencana, the operator of Pizza Hut Restaurant and Pizza Hut Delivery, offered 604.4 million shares, equivalent to 20 percent of the company's total paid-up capital, to the public through the corporate move. Its IPO price was set at IDR 1,100 per share. Hence, it raised IDR 664.81 billion (approx. USD $47.5 million) through the IPO. CGS-CIMB Sekuritas Indonesia, CLSA Sekuritas Indonesia, and Mandiri Sekuritas acted as underwriters.

Around 65 percent of the IPO proceeds will be used to boost capital expenditures. This involves the expansion of its restaurant network as well as the renovation of existing restaurants. Over the next two years Sarimelati Kencana plans to open 124 new restaurants. In 2017 the company had already opened 51 branches. Thus, investment in the expansion of its restaurant network is the company's key strategy to seek rising sales and profit.

Joe Sasanto, Director of Sarimelati Kencana, said 75 percent of these new restaurants will involve new Pizza Hut Delivery branches, while the remaining 25 percent involve Pizza Hut Restaurants. He added that a Pizza Hut Delivery branch - which is basically only used by people to order take away pizzas - is much easier to open because it is smaller than a Pizza Hut Restaurant. Thus, it also requires less capital to open one.

Location-wise, most of the new branches (75 percent) will be established in cities on the island of Java. The remaining 25 percent of stores will be opened in cities outside Java.

The remaining 35 percent of IPO proceeds will be used for the payment of partial loan facilities from banks or other financial institutions.

Guna Timur Raya

Meanwhile, logistics services provider Guna Timur Raya offered 150 million new shares, equivalent to 34.48 percent of the company's total paid-up capital, to the public through the IPO on the Indonesia Stock Exchange. The IPO price was set at IDR 230 per share, thus it raised a total of IDR 34.5 billion (approx. USD $2.5 million) through the corporate move. UOB Kay Hian Sekuritas acted as underwriter.

The company is set to use 94 percent of the IPO proceeds for the purchase of 70 new trucks (specifically for the down payment of these trucks), while the remaining 6 percent goes to the company's working capital budget (covering matters such as salary and benefits payments, and office expenses). Currently, Guna Timur Raya's fleet already consists of more than 100 trucks.

At the company's trading debut Budi Gunawan, President Director of Guna Timur Raya, said "we realize that this [IPO] is not the end point but only the starting point of our journey to become a transportation services company that is recognized nationally, regionally, and internationally."

So far in 2018 fourteen companies have been added to the Indonesia Stock Exchange: telecommunication construction services company LCK Global Kedaton, coal miner Borneo Olah Sarana Sukses, helicopter transportation services company Jaya Trishindo, solar panel manufacturer Sky Energy Indonesia, trade, transportation and logistics services provider Indah Prakasa Sentosa, telecommunication support services company Gihon Telekomunikasi Indonesia, chemical manufacturing company Tridomain Performance Materials, property developer Dafam Property Indonesia, financial institutions Bank Tabungan Pensiunan Nasional Syariah and Bank BRISyariah, investment company Charnic Capital, sanitary ware company Surya Pertiwi, hospital operators Royal Prima and Medikaloka Hermina, pizza hut operator Sarimelati Kencana, and transportation services provider Guna Timur Raya.

Last Update: 23 Oct 2018
IPOs on the Indonesia Stock Exchange up to 23 May 2018
CompanyP: 23 Oct 2018P: 22 Oct 2018Gain/LossP/E ttmYield %Gain/Loss YTD
LCK Global KedatonLCKM3163160.00%N/A0.00%1.28%
Borneo Olah Sarana SuksesBOSS2,5802,590-0.39%N/A0.00%330.00%
Jaya TrishindoHELI9293-1.08%N/A0.00%-50.80%
Sky Energy IndonesiaJSKY8708700.00%N/A0.00%45.00%
Indah Prakasa Sentosa Tbk.INPS2,0502,0500.00%N/A0.00%395.17%
Gihon Telekomunikasi Indonesia Tbk.GHON1,2001,260-4.76%N/A0.00%-31.62%
Tridomain Performance Materials Tbk.TDPM312316-1.27%N/A0.00%-8.77%
Dafam Property Indonesia Tbk.DFAM1,3201,330-0.75%N/A0.00%576.92%
Charnic Capital Tbk.NICK1401400.00%N/A0.00%-58.82%
Bank Tabungan Pensiunan Nasional Syariah Tbk.BTPS1,6851,6800.30%N/A0.00%15.41%
Bank BRIsyariah Tbk.BRIS5555550.00%N/A0.00%1.83%
Surya Pertiwi Tbk.SPTO9008901.12%N/A0.00%-24.37%
Royal Prima Tbk.PRIM1,0951,0950.00%N/A0.00%46.00%
Medikaloka Hermina Tbk.HEAL3,2303,1901.25%N/A0.00%1.89%
Sarimelati Kencana Tbk.PZZA940945-0.53%N/A0.00%-14.93%
Guna Timur Raya Tbk.TRUK118119-0.84%N/A0.00%-65.70%
Combined Total17,40317,439-0.21%30.76%

Green colour indicates upward movement Red colour indicates downward movement P = price; E = earnings; D = dividend; Yield = D/P "N/A" indicates P/E < 0 (negative earnings) "-" indicates E,D,P or YTD is not available

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