Tellimer

ID : Adi Sarana Armada - Express growth lifts earnings visibility

ASSA’s express delivery arm, Anteraja, contributed 23% of revenue in FY20, up nearly six times in less than 2 years, and recorded gross profit in 4Q20. Anteraja is on pace to contribute more than 50% of ASSA’s revenue by FY22F, at 34% 3Y CAGR, reaching BE and boosting ROE starting in FY21F. We revise up our SOP-based TP to Rp2,600 to reflect peers’ valuations, which implies 12x FY21F EV/EBITDA. We reiterate our Add call.


Most Viewed See latest
Disclosures

This publication is being distributed by Tellimer solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. The information does not con...

Full Tellimer disclaimers