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: 30 Nov 2018
IPOs on the IDX up to 7 July 2015
CompanyP: 30 Nov 2018P: 29 Nov 2018Gain/LossP/E ttmYield %Gain/Loss YTD
Bank Yudha BhaktiBBYB284290-2.07%N/A0.00%-17.92%
Mitra Keluarga KaryasehatMIKA1,5901,5105.30%N/A0.00%-10.67%
Mitra Energi PersadaKOPI7407400.00%N/A0.00%0.00%
PP Properti Tbk.PPRO115125-8.00%N/A0.00%-39.15%
Puradelta LestariDMAS1561560.00%N/A0.00%-8.77%
Mega Manunggal PropertyMMLP5255200.96%N/A0.00%-10.26%
Merdeka Copper GoldMDKA2,8402,8400.00%N/A0.00%26.79%
Bukaka Teknik Utama Tbk.BUKK1,7501,800-2.78%N/A0.00%12.90%
Garuda Metalindo Tbk.BOLT975985-1.02%N/A0.00%-2.99%
Combined Total8,9758,9660.10%4.29%

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
 January           76,427           96,718          103,609           94,194
 February           86,486          103,278          111,824           88,741
 March           87,917           95,996          113,067           99,410
 April           87,144          102,257          106,124           81,600
 May           95,541           99,697           96,872           79,383
 June          101,746          104,268          110,614
 July          102,511          112,178           91,334
 August           76,445           77,964           96,652
 September          102,100          115,974          102,572
 October          106,754          112,039          105,222
 November          103,703          111,841           91,327
 December           89,456           97,706           78,802
 Total         1,116,230
        1,229,916
        1,208,019          443,328

Source: Gaikindo

Indonesian Motorcycle Production:

   January-April
        2014
 January-April
        2015
    Change
• Total Motorcycle Production
     2,699,761      2,206,914      -18.3%
 - Honda      1,677,087      1,480,323      -11.7%  
 - Yamaha       875,100       654,986      -25.2%
 - Suzuki       103,263        23,029      -77.7%
 - Kawasaki        40,262        43,458       +7.9%
 - TVS         4,049         5,118      +26.4%

Source: Indonesian Motorcycle Industry Association (AISI)

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