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Bisnis Indonesia - Prospek sektoral: Emiten translog bidik cuan mudik
14 March 2024
By Rizqi Rajendra
Bisnis, Jakarta – The 2024 homecoming period is a long-awaited momentum for issuers in the transportation and logistics sector to boost their financial performance. However, the IDX Transportation & Logistics (IDXTRANS) index is still in the red.
The IDXTRANS index has corrected by 1.67% throughout 2024 to reach 1,574.77 as of Tuesday (13/3). This performance has been impacted by the decline in stock prices of several issuers in the transportation and logistics sector, which significantly affects the index.
For example, shares of PT Blue Bird Tbk (BIRD) has corrected by 2.23% year-to-date (YtD) to Rp1,750. Besides that, shares of PT Samudera Indonesia Tbk (SMDR) plummeted by 5% to Rp304, shares of PT Indomobil Multi Jasa Tbk (IMJS) weakened by 11.43% to Rp248, and shares of PT AirAsia Indonesia Tbk (CMPP) decreased by 6.4% YtD to Rp117 per share.
An analyst from Kiwoom Sekuritas, Vicky Rosalinda, said that the 2024 homecoming period could be a catalyst for the transportation sector, albeit with a limited impact.
“The Eid long holiday is expected to positively impact the IDXTRANS index as many individuals will carry out homecoming to celebrate Eid,” Vicky said to Bisnis on Wednesday (13/3).
Kiwoom Sekuritas is providing the buy on weakness recommendation for BIRD shares with a target price of Rp1,825 and the trading buy recommendation for ASSA shares with a target price of Rp850 per share.
Similarly, Pilarmas Investindo Sekuritas Associate Director of Research and Investment Maximilanus Nico Demus said that transportation and logistics was a sector that benefits from the Eid momentum. Furthermore, public purchasing power and consumption have remained stable following the safely conducted and conducive 2024 elections.
“It is a positive catalyst as Eid will boost consumption. Transactions in particular will increase, especially in the consumer goods and retail sector,” Nico explained to Bisnis on Wednesday (13/3).
Furthermore, he said that e-commerce, such as Shopee, Tokopedia, Blibli, and Bukalapak, would increase transactions, ultimately boosting transportation and logistics for delivery.
Given these sentiments, Nico Demus highlighted several transportation sector options worth observing for investors, namely ASSA, GIAA, and WEHA.
Several issuers in the transportation sector have devised strategies to optimise their opportunity to profit from the homecoming tradition during the 2024 Eid period.
Recently, PT AirAsia Indonesia Tbk (CMPP) took strategic measures to anticipate a surge in passengers. These measures include the provision of at least 160 to 250 extra flights to accommodate the demand during the Eid period from 3 to 18 April 2024.
AirAsia Indonesia President Director Veranita Yosephine said that her company would provide 350,000 seats during the 2024 Eid period. This number is 23% higher than 2023.
“AirAsia Indonesia is supporting the government in controlling the high enthusiasm of the people who want to carry out homecoming by increasing the capacity of its fleet,” Veranita said in her official statement on Tuesday (12/3).
Meanwhile, PT Garuda Indonesia (Persero) Tbk (GIAA) and its subsidiary, PT Citilink Indonesia, are preparing more than 1.4 million seats for the 2024 Eid homecoming period.
Garuda Indonesia President Director, Irfan Setiaputra, stated that the Garuda Indonesia Group currently offers 706,706 seats. These seats are serviced by a fleet consisting of B777-300 ER, A330-300, A330-200, and B737-800NG aircraft.
Meanwhile, Citilink will prepare at least 710,660 seats that are serviced by their A320 and ATR aircrafts. Irfan noted that the current number of seats represented an 18% increase compared to the peak season during the 2023 Eid period, which saw approximately 1.2 million seats.
He said that the optimisation of the flight capacity was also supported by the operation of extra flights.
“Garuda Indonesia is planning to operate at least 170 extra flights, while Citilink will operate around 16 extra flights,” Irfan said in his official statement on Wednesday (13/3).
Irfan further explained that GIAA planned to add at least 27,500 additional seats on both domestic and international routes. These extra seats will be allocated to routes operated by Garuda Indonesia and Citilink, focusing on popular destinations such as Padang, Solo, Palembang, Semarang, Yogyakarta, Surabaya, Denpasar, and Makassar.
PT Adi Sarana Armada Tbk (ASSA) is also targeting to profit from the 2024 Eid period, in line with the potential increase in homecoming mobility and goods delivery.
expressed optimism that the 2024 Eid momentum would enhance the company's performance across various business lines, including used cars, vehicle rentals, and logistics.
According to him, the Eid holiday period is usually when car demand increases in line with the homecoming momentum.
“In anticipation of increased demand and prices as Eid approaches, we have stocked up on cars,” Prodjo said to Bisnis.
In terms of the logistics business line, Prodjo said that, historically, the Eid momentum tended to encourage individuals to shop online. This positively impacts the last mile delivery business line.
On another occasion, Adrianto (Andre) Djokosoetono, President Director of PT Blue Bird Tbk (BIRD), mentioned that the company has readied a fleet of taxis, rental cars, buses, and shuttles to capitalise on the expected rise in people's mobility during this year's Eid holiday.
