IPO of Garuda Metalindo on the Indonesia Stock Exchange

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%
Puradelta LestariDMAS	232	238	-2.52%	N/A	0.00%	0.87%
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%
Combined Total	8,343	8,410	-0.80%			1.68%

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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