The Indonesia Stock Exchange (IDX) welcomed Garuda Metalindo as the ninth company that listed on the IDX so far in 2015. The listing was a success as shares of the company, traded under ticker symbol BOLT, rose 50 percent during its trading debut. Garuda Metalindo is a manufacturer of bolts and nuts for the automotive industry and currently owns two factories in Tangerang and Kapuk (Java). Clients of the company include Astra Honda Motor, Kawasaki Motor, Krama Yudha Tiga Berlian Motor, and Suzuki Indomobil Motor.
The company offered approximately 468.75 million new shares, or 20 percent of Garuda Metalindo’s total equity, at an offering price of IDR 550 per share (which was at the lower end of the company’s initial indicative range), hence raising around IDR 258 billion (USD $19 million). Between IDR 100 billion and IDR 200 billion of these proceeds will be used for debt repayment. The remainder will be used to enhance production capacity by modernizing the company’s factories.
Financial Director Erwin Wijaya said that Garuda Metalindo’s revenue had fallen 15 percent (y/y) in the first half of 2015 due to sluggish growth in the nation’s car and motorcycle industries. Wijaya hopes to see better performance in the second half of the year on the back of recent revised regulations. Last month, Bank Indonesia announced that down payment requirements for cars and motorcycles had been eased. Effective per 18 June 2015, Indonesian consumers who use credit to purchase a passenger car need to pay a minimum down payment of 25 percent (from 30 percent previously), while the minimum down payment for commercial vehicles remains 20 percent. The minimum down payment for the purchase of a motorcycle was reduced to 20 percent (from 25 percent previously).
RHB OSK Securities acted as underwriter for Garuda Metalindo’s initial public offering (IPO).
After the IPO the Garuda Metalindo’s share ownership composition is as follows: Garuda Multi Investama (57.6 percent), Herman Wijaya (12.8 percent), Hendra Widjaja (4.8 percent), Ervin Wijaya (4.8 percent), and the public (20 percent).
Last Update: 29 Mar 2021
IPOs on the IDX up to 7 July 2015
|Company||P: 29 Mar 2021||P: 28 Mar 2021||Gain/Loss||P/E ttm||Yield %||Gain/Loss YTD|
|Bank Yudha BhaktiBBYB||498||494||0.81%||N/A||0.00%||40.68%|
|Mitra Keluarga KaryasehatMIKA||2,720||2,750||-1.09%||N/A||0.00%||4.62%|
|Mitra Energi PersadaKOPI||565||565||0.00%||N/A||0.00%||13.00%|
|PP Properti Tbk.PPRO||75||77||-2.60%||N/A||0.00%||-19.35%|
|Mega Manunggal PropertyMMLP||358||376||-4.79%||N/A||0.00%||24.31%|
|Merdeka Copper GoldMDKA||2,300||2,330||-1.29%||N/A||0.00%||-2.13%|
|Bukaka Teknik Utama Tbk.BUKK||880||870||1.15%||N/A||0.00%||-11.11%|
|Garuda Metalindo Tbk.BOLT||715||710||0.70%||N/A||0.00%||-10.63%|
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
The Indonesian Automotive Manufacturers Association (Gaikindo) expects to see flat growth regarding Indonesian car sales in 2015 (about 1.1 million).
Indonesian Car Sales (CBU):
|Month||Sold Cars 2012||Sold Cars 2013||Sold Cars 2014||Sold Cars 2015|
Indonesian Motorcycle Production:
|• Total Motorcycle Production
Source: Indonesian Motorcycle Industry Association (AISI)