Equity Research // IPO Summary
PT Anabatic Technologies Information Technology Systems
Indonesia
Anabatic Technologies was founded in 2002 and has now become one of the leading IT solution providers in Indonesia. Among its key customers are several major banks and insurance firms in Indonesia, and it collaborates as well with reseller partners. While in Indonesia the company has 9 branches (in Java, Sumatra and Sulawesi), Anabatic has also expanded its business interests into regional countries, including Singapore (system integrator regional head office), Malaysia (IT distributor), India (South Asia and Middle East Market and resources center and regional implementation support) and the Philippines (system integrator and IT distributor).
Information technology
Integrated IT company
Maxi Liesyaputra
[email protected] + 62-21-299 60 875
th
8 June 2015
Offering Price Number of Shares Target Proceeds
IDR650 - 800 0.64 bn IDR418-514bn
Indicative Timetable 5 – 16 June
Book Building Effective Statement Offering Period
25 June 29 June – 1 July
Allotment
2 July
Distribution & Refund
3 July
Listing
6 July
Use of Proceeds (%) Business development
60
Debt repayment
20
Working capital
20
Shareholders Post IPO (%) PT Artha Investama Jaya
35.18%
Handoko Anindya Tanuadji
12.52%
PT Sam Investama
6.35%
Others
15.95%
Public
30.00%
Page Title
Its business integration is supported by four core units: mission critical system integration (MCSI), IT services outsourcing, business process outsourcing (BPO) and value-added distribution (VAD). For MCSI, Anabatic provides mission critical solutions for sectors such as banking (i.e. Bank Indonesia, Bank Mandiri, Bank BNI and Bank BCA), insurance (i.e Prudential, Manulife), the public sector and cyber-security. Technical support is shared with principal partners Temenos, IBM, Microsoft and SAP. For BPO, Anabatic provides human resources, IT and business process integrated & comprehensive services. Another business is VAD, implemented through provision of high-end IT infrastructure solution to B2B customers, distribution of consumer-grade computer products and gadgets via retail and online channels, and access to training facilities, hardware testing and data/software migration services. Anabatic cooperates with respected partners in its VAD business, including IBM, 2 Oracle, Lenovo. EMC and Huawei.
Continuing business expansion Anabatic has posited strategies for continuing business improvement, i.e. business and service expansion.The company develops new products, creates links with new partners and acquires companies whose unique products complement Anabatic’s own products. Another strategy is to expand its market share, both in Indonesia and in other countries (Singapore, India and the Philippines). Anabatic will also enter markets in new countries where demand matches the company’s products and services. The company also sustains support with customers and principal partners, whose cooperation is very important in furthering the company’s plan to provide superior solutions at a competitive price.
Research and development (R&D) is the key The company is committed to improve its R&D activities in the midst of a fastgrowing and rapidly-changing information technology industry. To implement this, Anabatic faithfully follows current and future technology trends, and also conducts R&D with technology principals to come up with the most powerful and reliable solution designs. The company also pays attention to customers’ needs in refining features and functions of developed applications. New application products will enhance Anabatic’s revenue over the long-run, and may also snare market share. Anabatic supports R&D with a healthy annual R&D budget, all necessary equipment for application development, software development lifecycles and training centers.
Attractive offering IPO price at Rp650-Rp800 per share Anabatic Technologies will offer 30.00% of its issued and paid up capital post IPO, amounting to 0.64bn new shares, priced in the range of Rp650-800 per share and targeting IDR418-514 bn in fresh funds. Based on underwriter guidance, offered price range reflects a PE FY15F 11.4-14.0x, lower than 15.0x average of companies listed in IDX’ computer and service sub-sector PE.
June 8, 2015
PT Anabatic Technologies Tbk
Figure 1: Financial summary
2012 Stable revenue and net income growth during 3 years …
Net Revenue (IDR bn) Gross Profit (IDR bn) Net Income (IDR bn) NPM Total Assets Total Debt Minority interest Shareholders' Equity ROA ROE DER
0.4%
2013
2014
2015F
2016F
2,244 2,482 289 400 33 38 1.46% 1.54% 1,151 1,874 944 1,563 103 104 104 208 2.85% 10.5% 2.04% 31.55% 18.39% 9.1 7.5
2,570 396 60 2.35% 1,975 1,568 138 268 3.06% 22.53% 5.9
3,028 525 104 3.43% 2,615 1,719 152 743 3.98% 14.00% 2.3
3,706 678 151 4.07% 3,124 2,093 167 864 4.83% 17.48% 2.4
8.5%
Source: Company Prospectus, Underwriter estimates
Figure 2: Revenue composition as of FY14
Product selling significantly
dominates
revenue
80.6% 300
0.35
250
0.3 0.25
200
0.2 150
IDR
0.15 100
0.1
Source: Company Prospectus
50
0.05
0
0
2013in Indonesia 2014F 2015F 2016F 2017F 2018F 2019F Figure 3:2012 IT selling IT selling in Indonesia to imporve further
300
0.35
250
0.3 0.25
200
0.2 150
IDR tn
0.15 100
Growth
0.1
50
0.05
0
0 2012
2013
2014F 2015F 2016F 2017F 2018F 2019F
Source: International Business Monitor, Indonesia IT report 2Q15, 2015
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Grow
June 8, 2015
PT Anabatic Technologies Tbk
Figure 4: Revenue and net income growth in 2012 - 2014 2,600
70
2,500
60
Continuous net income growth
50
2,400
40 2,300
Net revenue
30 2,200
Net income
20
2,100
10
2,000
0 2012
2013
2014
Source: Company Prospectus
Figure 5: Gross and net profit margin 2012-2014 Margins improve gradually
18.0%
2.50%
16.0% 2.00%
14.0% 12.0%
1.50%
10.0%
Gross profit margin
8.0%
1.00%
6.0% 4.0%
Net profit margin
0.50%
2.0% 0.0%
0.00% 2012
2013
2014
Source: Company Prospectus
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PT Anabatic Technologies Tbk
June 8, 2015
Sucorinvest rating definition, analysts’ certification, and important disclosure
Ratings for Sectors Overweight Neutral Underweight
: We expect the industry to perform better than the primary market index (JCI) over the next 12 months. : We expect the industry to perform in line with the primary market index (JCI) over the next 12 months. : We expect the industry to underperform the primary market index (JCI) over the next 12 months.
Ratings for Stocks Buy : We expect this stock to give return (excluding dividend) of above 10% over the next 12 months. Hold : We expect this stock to give return of between -10% and 10% over the next 12 months. Sell : We expect this stock to give return of -10% or lower over the next 12 months.
Analyst Certification The research analyst(s) primarily responsible for the preparation of this research report hereby certify that all of the views expressed in this research report accurately reflect their personal views about any and all of the subject securities or issuers. The research analyst(s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report.
Disclaimers This document has been prepared for general circulation based on information obtained from sources believed to be reliable but we do not make any representations as to its accuracy or completeness. PT Sucorinvest Central Gani accepts no liability whatsoever for any direct or consequential loss arising from any use of this document or any solicitations of an offer to buy or sell any securities. PT Sucorinvest Central Gani and its directors, officials and/or employees may have positions in, and may effects transactions in securities mentioned herein from time to time in the open market or otherwise, and may receive brokerage fees or act as principal or agent in dealings with respect to these companies. PT Sucorinvest Central Gani may also seek investment banking business with companies covered in its research reports. As a result investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.
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Sales office & research June 8, 2015
PT Anabatic Technologies Tbk
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Research 1. Maxy Liesyaputra 2. Andy Wibowo Gunawan 3. Vasthi J Permata 4. Inav H Chandra 5. Jefrix Kosiady 6. Achmad Yaki Y
Head of Research Equity Analyst Equity Analyst Equity Analyst Equity Analyst Equity Analyst
Ext
Email
275 103 229 225 215 277
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