Pt Adi Sarana Armada

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Adi Sarana Armada

PT Adi Sarana Armada Tbk (ASSA) is one of Indonesia's leading transportation services companies, providing transportation solutions that encompass car rentals for individuals and corporations, logistic transporter, and driver management services. At end-2015, the company managed over 17,991 vehicles and 2,738 drivers, serving more than 1,000 corporations across most major cities in Indonesia.

Industry Sector	Infrastructure, Utilities and Transportation
Industry Sub Sector	Transportation Services
Established	17 December 1999
Listed	12 November 2012
Listed Company Code	ASSA
Listed Shares	3,397,500,000
Dividend	Yes
Major Shareholders (>5%)	Adi Dinamika Investindo (25.08%)Daya Adicipta Mustika (19.17%) Prodjo Sunarjanto (9.91%)
Key Subsidiaries	Duta Mitra SolusindoAdi Sarana Lelang Adi Sarana Logistik

Stock Quote Adi Sarana Armada - ASSA:

Business Summary

Adi Sarana Armada provides long-term rental services, short-term rental services and car pooling. The company has three business segments:

• ASSA Logistics; provides integrated logistics services for transportation management• ASSA Driver Services; provides qualified drivers for vehicles rented from ASSA Rent or ASSA Logistics• ASSA Galeri Mobil; engages in the buying and selling of high-quality used cars (wholesale and retail)

Adi Sarana Armada's Financial Highlights:

	2012	2013	2014	2015	2016	2017
Net Sales	793.9	1,018.9	1,140.3	1,392.6	1,570.4	1,689.8
Gross Profit	265.7	345.7	349.2	414.4	456.1	516.8
Net Income	29.5	92.0	43.0	34.2	62.1	103.2
Operational Income	175.3	218.9	195.6	228.0	273.0	313.0
EBITDA	369.5	464.5
Total Assets	2,109.0	2,172.2	2,507.3	2,893.0	3,029.8	3,307.4
Total Liabilities	1,376.0	1,347.2	1,669.9	2,038.4	2,126.2	2,321.6
Earnings per Share¹	14	27	13	10	18	30
Dividend per Share¹					4	7

^{in billion IDR rupiah unless otherwise stated}^{¹ in IDR rupiah}^{Source: Adi Sarana Armada Annual Report 2017}

Adi Sarana Armada's main business operations cover:

operating business services, comprising vehicle rental services/transportation and related businesses (but not limited to) such as fleet management services, handling, repairs and maintenance services, and consultation services for transportation.
operating export and import businesses, inter-island or regional and local for any type of inventories (but not limited to) such as cars, vehicles, spare-parts, and accessories, conducted by the company or through other parties by getting commission and become a supplier, dealer, distributor and agent/representative of foreign or domestic companies.
engaging business in land transportation, including passenger transportation by means of buses, sedan, and other land vehicles, transporting goods, delivery, transportation management, expedition and warehouses.

Projection Adi Sarana Armada's Future Corporate Earnings:

	2018	2019F	2020F	2021F	2022F
Net Revenue	1,863.0	2,335.0	3,378.0	4,515.0	6,819.0
EBITDA	787.0	903.0	1,219.0	1,482.0	1,843.0
Net Profit	144.0	107.0	172.0	204.0	290.0
P/E Ratio (x)	18.9	25.3	15.8	13.3	9.4
P/BV (x)	2.4	1.9	1.4	1.3	1.0