Financial Analysts Statements

  • Sinarmas Group - Sinarmas Sekuritas (August 2012)

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    Trisula booked a 1.2% growth in revenue mainly driven by retail division (+32% yoy) while garment division reported slightly negative growth (-2.5% yoy) due to slowdown of exports to European countries and the United States and real estate/property grew by 2.5%. The current ongoing crisis in the Eurozone and the United States has dented consumer confidence and retail spending prompting many designers/ retailers to reduce orders as they cope with declining sales revenue and to minimize inventory. However, TRIS, through TRIMAS (a subsidiary specialized in Japanese markets), managed to boost its exports sale to Japan by 45% with higher Average Selling price (ASP) thus lifting profitability for this division.

  • Phillip Capital – Phillip Securities Indonesia (May 2012)

    Key strengths for Trisula International:

    • Established retail fashion brand
    • Well-diversified distribution channels
    • Wide international client base
    • Defined product segmentation
    • Attractive PE ratio
  • Phillip Capital – Phillip Securities Indonesia (May 2012)

    TI’s products are distributed at prominent department stores in Indonesia, among others Seibu, Sogo, Metro, Debenhams, Centro, Matahari, Yogya, Pasaraya, and Sarinah. Besides distributing products at department stores, TI also operates stand-alone shops located in Jakarta and in several major cities in the country. With the goal of setting more focus on retail distribution, in 2004 the company established Transindo Global Fashion, PT. (TGF).

    By December 2011, Transindo Global Fashion has operated 165 outlets throughout the country. In early 2011, TI launched a new brand “UniAsia”, a uniform clothing brand targeting civil and corporate markets. In early 2012, the company tapped into men’s casual wear market by launching Man Club brand. Trisula International plans to own and operate a total of 350 outlets by December 2015, with estimated 800 – 1,000 employees.

  • Phillip Capital – Phillip Securities Indonesia (May 2012)

    Currently (May 2012) there are more than 700 shopping centers in Indonesia, 130 of which are located in Jakarta. Trisula International currently owns and operates 165 outlets, which is equal to around 6,500 m2 of sales area.

  • Phillip Capital – Phillip Securities Indonesia (May 2012)

    As the company engages in retail fashion industry, the fast growing population in Indonesia provides large potential customer base for the company.

    Indonesia is currently the fourth most populous country after China, India and the United States. Around 65% of the country’s population is concentrated in Java. The total population in Indonesia was last reported at 237.6 million people in 2010 from 93.1 million in 1960, changing 155 per cent during the last 50 years. 75% of Trisula International’s products are distributed in Java and Bali islands, while 17% of the products are distributed in Sumatera, 4% in Sulawesi, and 4% in Kalimantan.

  • Phillip Capital – Phillip Securities Indonesia (May 2012)

    China’s industrial tendency shift from labor-intensive industries to capital-intensive industries provides garment industry in Indonesia with great opportunities, as the labor-intensive garment production can move to factories in Indonesia.

    The company is able to expand its business to international markets through its subsidiaries Trisula Garmindo Manufacturing and Trimas Sarana Garment Industry, both of which have been operating for more than 10 years with 95% of the products exported.

    Trisula Garmindo Manufacturing and Trimas Sarana Garment Industry produces clothings under prominent brands, among others Hugo Boss, Marks & Spencer, Next, Burton, Perry Ellis, Penguin – Grand Slam, Hart Shaffner Marx, and Hush Puppies.

    Trisula International has wide exposure to Japanese market. The company’s end customers in Japan include brand names such as Aoki, Aoyama, Cecile, Uny, Aonaka, Nagasakiya, Ohnisi, Xebio, Tawaraya, Emininent, Mizuno, Koyanagi, 

    Izumiya, Haward, and Renown Inc.

    Having wide exposures in international markets, the company has the opportunity to bring internationally known clothing brands to Indonesia’s domestic market. The exposure also gives the company opportunities to adopt product knowledge from its international peers and applied it to its own brands.

  • Phillip Capital – Phillip Securities Indonesia (May 2012)

    Matahari Department Store (MDS) is one of the leading department stores in Indonesia. MDS has been operating for over 53 years and now has 104 stores across Indonesia. Trisula International’s product JOBB, has been one of the best selling brand at MDS outlets. In 2007, JOBB ranked 10th among its competitors at MDS out lets, and in 2011 it climbed to 5th among its rival brands, as JOBB sales consistently rose each year.