Yuanta Indonesia Morning Journal - 25 Jul 2023

INDUSTRY
• State budget in surplus up to 1H23
• Automotive outlook as a driver for tire industry
• 1H23 Tobacco Excise Tax Revenue Down 12.6% YoY

CORPORATE
• BIRD purchase 2,700 vehicles in 1H23
• HOKI maintains a target revenue of 10% YoY in FY23
• UNVR’s net income falls slightly beneath our estimates
• GOOD to intensify domestic market and release new product lines
• BBTN to spin off sharia unit in 1Q24
• PANI booked IDR1.1tn marketing sales in 1H23