IPO BLOG Trimitra Trans Persada | Perusahaan Logistik Milik Konglo Yang Growthnya Ciamik!

Summary

In this video, the host discusses the IPO of PT Bilog, a logistics and transportation company. The company has experienced significant growth, with increasing revenue and net profits over the years. The IPO plans to raise funds for expansion, including investing in cold storage facilities and purchasing trucks. The company is controlled by Indonesian conglomerate Joko Susanto, making the IPO particularly interesting. The host highlights the company's strong financials, good valuation, and low-risk investment potential, making it an appealing opportunity for investors looking for growth and stable dividends.

Takeaways

• 😀 Bilog is a logistics company originally established as PT Trimitra Transpersada in 2009, rebranded in 2018, and expanded into integrated logistics with cold storage services in 2022.
• 📈 The company has shown consistent growth in revenue and net profit year over year, indicating strong business performance.
• 💰 Bilog plans to distribute up to 50% of its net profit as dividends, making it a potentially stable investment for those seeking consistent returns.
• 🏢 The majority of Bilog's revenue (90%) comes from related parties, highlighting the importance of its affiliate network in driving income.
• 🚛 Bilog’s fleet includes light, medium, and heavy trucks used for general and cold goods transport, contributing to its diverse logistics services.
• 💡 The IPO of Bilog is closely tied to Joko Susanto, a major Indonesian conglomerate owner of companies like Alfamart and Alfamidi, giving it strong industry backing.
• 🔑 Bilog's IPO offering is 563 million shares, representing 16.67% of its capital, with an offering price range of IDR 240–270 per share.
• 🏗️ IPO funds will primarily be used to expand Bilog's subsidiary SSA, focusing on the construction of cold storage facilities in key locations.
• 🔎 Despite no lock-up period, the IPO is considered relatively safe since the controlling shareholders are unlikely to flood the market immediately.
• 📉 Bilog’s IPO is valued at a relatively low price-to-earnings (PE) ratio of 7.25x to 8.16x, making it an attractive investment option in the logistics sector.

Q & A

What is the primary business of Bilog, and how has it evolved over the years?

Bilog, initially established as PT Trimitra Transpersada in 2009, started with vehicle rentals under the TTP brand. In 2017, it transformed into a land logistics transportation company focused on B2B clients. In 2018, it rebranded to Sobat Maya, later becoming Bilog, and expanded its business by adding light truck assets throughout Indonesia.

What are the key elements of Bilog's business transformation in 2018?

In 2018, Bilog rebranded to its current name and tagline, 'Indonesia logistics transport anytime anywhere.' The company expanded its business by adding light truck assets and focusing on providing transportation services for cold goods. This transformation also involved implementing an ERP system in 2019.

What are the significant changes in Bilog’s operations from 2020 to 2022?

From 2020 onwards, Bilog changed its tagline to 'Accelerate your business.' In 2022, it established PT Simpan Sini Aja (SSA), a subsidiary that focuses on cold storage services, thus diversifying its business into integrated logistics and cold storage management.

What is the source of most of Bilog’s income?

Around 90% of Bilog's income comes from related parties. Only a small portion of their income is generated from third parties.

How does Bilog’s dividend policy work?

Bilog plans to distribute a maximum of 50% of the current year’s net profit as dividends. Given the company’s consistent performance, with rising revenues and profits, this policy is considered achievable and reasonable for a growth company like Bilog.

Who are the major shareholders of Bilog, and what is the significance of the company’s ownership structure?

The major shareholders of Bilog are non-individual entities, with the largest ownership being 61% held by PT Sigmantara Alvindo. This structure is important because the company is controlled by Joko Susanto, an influential Indonesian conglomerate known for owning Alpamart and Alpam MIDI.

What are the key factors affecting the IPO of Bilog?

Bilog's IPO offers up to 563 million shares (16.67% of its capital), priced between IDR 240 and IDR 270. The IPO funds will be used for expanding the business, including building cold storage facilities and purchasing additional vehicles. Despite there being no lock-up period, the underwriter BCA Securities is expected to help maintain the price stability.

What is the purpose of the funds raised through Bilog's IPO?

The IPO funds will be allocated as follows: 67% will go towards capital deposits for the SSA subsidiary, funding the construction of cold storage facilities in Tangerang, Pontianak, and Makassar. The remaining 33% will be used to purchase between 75 to 100 light trucks, including cold and dry-type vehicles.

How does Bilog’s financial performance look based on its latest reports?

Bilog's financial performance is positive, with consistent growth in both revenue and net profit from year to year. The company's assets, liabilities, and equity have also shown steady growth, indicating strong financial health.

What is the market valuation of Bilog based on its IPO price range?

At an IPO price of IDR 240, Bilog's PE ratio will be 7.25, and its PBV will be 1.55, with a market cap of IDR 811 billion. If priced at IDR 270, the PE ratio will be 8.16, PBV will be 1.69, and the market cap will rise to IDR 1.2 trillion. This makes Bilog’s IPO relatively cheap compared to its income and market cap.