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Further speculation on potential Multistrada purchase

Following earlier reports from multiple sources that Indonesian tyre manufacturer Mulistrada is for sale, further details of the potential purchase have emerged. We already heard that Hongkong and Shanghai Banking Corporation (HSBC) was said to have been named as advisors relating to the sale, but the latest update is that the floor price for the final bid is at least 600 rupiah per share, reflecting 15.07x price to earning ratio (PER) in 2011. Dealer blog Insider Stories reported its sources as saying: “I heard that the floor price is 600 per share. But, there is an opportunity to raise the bid up to 800 rupiah per share.”

11th August 2011/by Tyrepress Editors

Hankook aiming for 25% of local market through Indonesian plant

In June Hankook Tire held a groundbreaking ceremony for a new tyre plant in Indonesia. While the Korean manufacturer has already shared plans to service the North American and Middle East markets from this facility, executive vice-president Hyun Bum Cho has told Indonesian journalists that it intends to secure a 25 per cent share in the domestic market through output from the plant.

8th August 2011/by Tyrepress Editors

Slight H1 profit increase at Gajah Tunngal

While Indonesia’s PT Gajah Tunggal Tbk is reported to have increased its sales 20.8 per cent year-on-year to Rp 5.8 trillion (£414.0 million) in the first half of 2011, selling costs increased 32 per cent to Rp 5.05 trillion (£289.1 million), leading to a 22.7 per cent drop in gross profit to Rp 768.79 billion (£54.9 million). Operating profit in the first half also declined, by 34 per cent year-on-year to Rp 441.4 billion (£31.5 million). The manufacturer of the GT Radial brand reported net profits of Rp 421.9 billion (£30.1 million) for the six-month period, up 1.4 per cent year-on-year.

1st August 2011/by Tyrepress Editors

GITI arranging US$225 million loan

Six banks have reportedly agreed to support a Deutsche Bank-arranged US$225 million 3.5-year term loan for China’s GITI Tire. According to Thompson Reuters’ ifre.com website, unnamed banking sources shared the information with the publication. No details of what the loan is intended for have yet been released, but it looks likely to be a refinancing tool. GITI has not officially commented on the reports.

13th July 2011/by Tyrepress Editors

Gajah Tunggal profit grows 35% in first quarter

Indonesia’s Gajah Tunggal has reported a net profit of Rp 332 billion (£23.4 million) in the first quarter of 2011, a 35 per cent year-on-year and 182 per cent quarter-on-quarter increase. This result is “well above” Deutsche Bank’s consensus (the bank’s equity research analysts comments that it is equal to 40 per cent of consensus and 43 per cent of its full year 2011 forecast). Much of this growth was, however, from foreign exchange gains and associates. Core net profit, excluding foreign exchange and associates, was Rp 181 billion (£12.8 million) – relatively unchanged from the first quarter of 2010 and a quarter-on-quarter increase of 60 per cent.

9th May 2011/by Tyrepress Editors

Gajah Tunggal 2010 sales up 24% – Deutsche Bank

Indonesia’s PT Gajah Tunggal Tbk is expected to report its fiscal year 2010 results on March 26, 2011. Pre-empting the full release of the company’s financials, DB Equity Research Automotive reports the tyre maker achieved annual sales of Rp 9.9 trillion (£693.6 million), a 24 per cent year-on-year increase. This figure is, the Deutsche Bank analysts comment, three per cent above consensus and five per cent above Deutsche Bank estimates. Gross profit is reported to have increased six per cent year-on-year above 2009’s Rp 1.821 trillion (£127.6 million), implying a full-year gross margin of 17.9 per cent. This margin is, DB Equity Research Automotive notes, “much better than expected” given the steep (around 16 per cent) average increase in natural rubber prices in the fourth quarter of 2010 versus the average in the first nine months of the year.

24th March 2011/by Tyrepress Editors

Giti Tire USA clarifies financial figures

Following the publication of Giti subsidiary Giti Tire Company’s full year 2010 figures, Tom McNamara, vice president of sales for Giti Tire USA, has brought clarification to what these mean in the context of wider business.

According to McNamara, Giti Tire Corporation stated in its 2010 annual report that it had made timely price adjustments following the industry price movement in an effort to mitigate the increase in raw material prices and the effect of fluctuating exchange rates. Some published reports incorrectly attributed the decrease in net profit to not raising selling prices in 2010.

1st March 2011/by Tyrepress Editors

Giti Tire Corporation 2010 earnings down 64 per cent

Giti Tire Corporation (a Giti Group Shanghai listed company) recorded a 64 per cent year-on-year drop in 2010 net profit attributable to shareholders to 54 million yuan. This was despite a 36 per cent year-on-year increase in revenue to 3.61 billion yuan, according to a company filing.

21st February 2011/by Tyrepress Editors

Gajah Tunggal joins Indonesia’s LQ45 stock index

The Indonesia Stock Exchange reports that tyre maker PT Gajah Tunggal Tbk has been added to its LQ45 list as of February 2011. The list recognises 45 companies that have fulfilled a number of criteria, including highest market capitalisation within the last 12 months and highest transaction value in a regular market during the same timeframe. The company’s market growth has also been witnessed in its 2010 financials; for the first time, Indonesia’s largest tyre manufacturer exceeded US$1 billion in net sales.

2nd February 2011/by Tyrepress Editors

Gajah Tunggal Boosts Profits with Increased Sales, Reduced Expenses

Indonesian tyre manufacturer Gajah Tunggal has increased its nine-month operating income (981.3 billion Indonesian rupiahs; £68.6 million) and net income (664.2 billion IDR; £46.4 million) by 29.4 and 10.7 per cent respectively on the back of rising sales in domestic and export sales during 2010’s first three quarters. A report by Bisnis Indonesia said the country’s largest tyre producer scored particularly high sales in the USA, which have risen 42.5 per cent to total 840.7 billion IDR.

1st November 2010/by Tyrepress Editors

Gajah Tunggal Revenues Tipped to Grow 20% in 2011

Revenues at Indonesian tyre maker PT Gajah Tunggal Tbk are expected to grow by 20 per cent next year. An article recently printed by Bisnis Indonesia reports Gajah Tunggal director Catharina Widjaja as saying capacity will be expanded to meet growing demand; four-wheeler radial capacity will grow 5,000 units a day to 45,000, while motorcycle tyre capacity will be increased from 75,000 units a day to 90,000.

10th September 2010/by Tyrepress Editors

Gajah Tunggal Profits Rise 188%

Indonesia’s largest tyre manufacturer, PT Gajah Tunggal Tbk, has reported a 188 per cent increase in net profit during the first half of the current financial year. During the six months to June 30, 2010, the company attained profits of Rp 415 billion (£29.3 million) on the back of revenues equalling Rp 4.8 trillion (£339.8 million), a 27 per cent year-on-year increase. Operating profit jumped 176 per cent to Rp668 billion (£47.3 million) due to a decrease in operating expenses.

2nd August 2010/by Tyrepress Editors

GITI Signs Exclusive Distribution Agreement with Micheldever

GITI Tire group of companies (that is GITI Tire and Indonesian manufacturing arm PT Gajah Tunggal Tbk) have appointed Micheldever Tyre Services as exclusive PCR, LTR and 4×4 distributor for the company’s GT Radial and Runway Enduro tyre brands in the UK and Republic of Ireland. Previously GT Radial and Runway Enduro were distributed by Compass Group.

According to the companies, the agreement was completed recently at a signing ceremony held at the head office of Micheldever Tyre Services, attended by Micheldever CEO Paul Fox, GITI Tire (UK) Ltd general manager Richard Lyons and Tim Chesney managing director of Compass Group. Tim Chesney commented: “We have worked very closely and successfully over many years with the GITI Group; to market and promote the two brands. We believe, for the mutual benefit of all parties, it is now time to hand the baton to Micheldever Tyre Services, a long term customer of Compass Group and the leading tyre distribution and retail company in the UK.”

21st April 2010/by Tyrepress Editors

Report: Gajah Tunggal to Expand Production Plant

Indonesian news sources are reporting that Indonesia's largest tyre manufacturer, PT Gajah Tunggal Tbk, is planning to set up a new tyre plant lift production capacity from 30,000 tyres per day to 45,000. According to one blogger, the company also is preparing to build a new motorcycle tyre plant in a bid to almost triple its production capacity in this sector from 37,000 to 105,000 tyres per day.

21st April 2010/by Tyrepress Editors

GITI UK Appoints Passenger Car Tyre Marketing Manager

GITI Tire (UK) Ltd. has appointed Jenny Leeson as marketing manager – passenger car. Prior to working in the tyre industry, Leeson headed up the marketing department at one of the UK's most successful Mercedes-Benz dealerships. Prior to this she held a marketing position at a housing firm after starting her career at a media and communications company. During this time she gained a CIM Profession Diploma in Marketing, having graduated from university with a BA (Hons) in English Language Studies.

26th March 2010/by Tyrepress Editors