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Home arrow Latest News arrow Prospect of SRIL export from RI trade cooperation


				
			
			
Prospect of SRIL export from RI trade cooperation PDF Print E-mail
Written by Maizer   
Wednesday, 23 August 2017

The competition of the textile market in Asia Pacific is becoming more interesting. Because the growth of Indonesian workers' salaries is not as drastic as neighboring countries and can maintain the competitiveness of Indonesian textile and textile products (TPT).

 

Not only that, the export potential looks bright with the United States exit from the Trans Pacific Partnership (TPP) agreement earlier this year. Because Indonesia is hampered by differences in tariffs because it is not a member of the agreement so often lost competitiveness with rival countries Vietnam.

 

With the US exit from the multilateral cooperation, PT Sri Rejeki Isman Tbk (SRIL) can emerge as a big competitor from Indonesia.

 

Moreover, the construction of the SRIL rayon plant has an opportunity to reduce the import dependence of rayon by up to 30%.

 

Analyst Rio Adrianus of Reliance Security sees there is a great possibility for SRIL to strengthen its position in the Asian and European markets along with some of the challenges that Sritex Group has faced in the domestic and US markets.

 

Currently, Indonesian textile products have a tax break of 11% -30% in Europe. But Rio sees if the signing of Comprehensive Economic Partnership Agreement (CEPA) next year, Indonesian textile exports could increase to 19.16%.

 

If there is true agreement through the agreement, then the European market can have a major impact on long-term projections. Within five years, its annual growth forecast could accelerate to 13.6% by 2021.

 

SRIL does have healthy export links with a number of countries. Revenue from Asian export destinations dominates by 53% and followed by Europe by 19%. While the portion to the US and South America as much as 18%.

 

The revenue contribution from the Asian market is mainly supported by exports to China, which is targeted to increase to 15% in the next five years. This figure increased from the 3% target this year by utilizing the salary increase of employees who hit the country's bamboo curtain.

 

"The salary growth hurting Chinese textile companies is more severe than that experienced by Indonesia," said Rio in a report that he released in mid-August.

 

As a result of rising labor costs, China will reduce its dependence on the manufacturing industry and put pressure on the textile industry that in fact provides the minimum wage. This widens the window of opportunity for Indonesia to enter the Asian market.

 

Rio sees until the end of 2017, SRIL has to earn revenue of up to US $ 761.53 million. While until 2018 amounted to US $ 860.53 million. While this year's net income could reach US $ 61.15 million and in 2018 amounted to US $ 76.48 million.

 

To investors Rio recommends buying with target price at Rp 580 per share.

 

Edi Chandren of Citi Research Equities said the position of Sritex as the largest integrated textile manufacturing plant in Southeast Asia shows great potential. Not only that, the expansion he was undergoing potentially increasingly spawn the income margin.

 

"Sritex has completed expansion in its four sector divisions," said Edi. The four sectors are spinning, weaving, finishing and garment. Among these, the sector that generated the most revenue came from spinning of 38-40%, followed by finishing and garment occupying 26% and ending by weaving by 10%.

 

Spinning line aka Sritex yarn production continues to dominate. Because the yarn is a commodity that can be supplied and unlike apparel, the yarn does not recognize the trend. Michael saw from the export side, spinning contributed the most in 55%. In contrast to finished fabric production which is mostly absorbed for further processing.

 

"The weaving sector is the smallest because its fabric production is mostly used for internal," explains Michael Wilson Setjoadi, an analyst with Bahana Sekuritas, to KONTAN on Thursday (24/8).

 

However, what is interesting is the garment side where Sritex also supplies army uniforms to various countries, including the United Arab Emirates, Germany and a number of countries in the EU and NATO regions. Michael sees good corporate controls as guaranteeing the quality of yarn, fabrics and end products and meeting global military clothing standards. The contribution of the military garment sector alone reaches 15% of the textile giant's revenues.

 

 

 

Import of raw materials

 

In terms of raw materials, SRIL's biggest expenditure lies in the procurement of goods. As much as 60% of its raw materials are still imported, all cotton comes from foreign countries while half of rayon and polyester materials are also imported.

 

This issuer has poured up to US $ 250 million to build a rayon factory that can produce 80,000-100,000 tons per year. Sritex does require a very large amount of rayon which reaches 60% of all production materials. The factory that will operate

 

 

 

Prospek ekspor SRIL dari kerja sama dagang RI

 

Persaingan pasar tekstil di Asia Pasifik kian menarik. Pasalnya, pertumbuhan gaji pekerja Indonesia tidak sedrastis negara tetangga dan dapat menjaga daya saing industri tekstil dan produk tekstil (TPT) Indonesia.

 

Tak hanya itu, potensi ekspor terlihat cerah dengan keluarnya Amerika Serikat dari perjanjian Trans Pacific Partnership (TPP) pada awal tahun ini. Pasalnya Indonesia terhambat perbedaan tarif karena bukan anggota perjanjian tersebut sehingga kerap kalah saing dengan negara saingan Vietnam.

 

Dengan keluarnya AS dari kerja sama multilateral tersebut, PT Sri Rejeki Isman Tbk (SRIL) dapat muncul sebagai kompetitor besar dari Indonesia.

 

Tambah lagi, pembangunan pabrik rayon SRIL memiliki kesempatan untuk menekan ketergantungan impor rayon hingga 30%.

 

Analis Rio Adrianus dari Reliance Security melihat terdapat kemungkinan besar bagi SRIL untuk memperkuat posisinya di pasar Asia dan Eropa seiring dengan beberapa tantangan yang telah dihadapi Sritex Group di sektor domestik dan pasar Amerika Serikat.

 

Saat ini produk tekstil Indonesia mengalami hantaman pajak sebesar 11%-30% di Eropa. Namun Rio melihat bila terjadi tandatangan Comprehensive Economic Partnership Agreement (CEPA) tahun depan, ekspor tekstil Indonesia dapat meningkat hingga 19,16%.

 

Bila benar terjadi kesepakatan melalui perjanjian tersebut, maka pasar Eropa dapat memberikan dampak besar pada proyeksi jangka panjang. Dalam lima tahun, prediksi pertumbuhan tahunannya dapat melesat hingga 13,6% pada tahun 2021.

 

SRIL memang memiliki hubungan ekspor yang cukup sehat dengan sejumlah negara. Pendapatan dari tujuan eskpor Asia mendominasi sebesar 53% dan diikuti oleh Eropa sebesar 19%. Sedangkan porsi kepada AS dan Amerika Selatan sebanyak 18%.

 

Kontribusi pendapatan dari pasar Asia terutama didukung oleh ekspor kepada China yang ditargetkan dapat meningkat menjadi 15% dalam lima tahun kedepan. Angka ini meningkat dari target 3% tahun ini dengan memanfaatkan kenaikan gaji karyawan yang melanda negeri tirai bambu tersebut.

 

"Pertumbuhan gaji menyakiti perusahaan tekstil China lebih parah daripada yang dialami Indonesia," papar Rio dalam laporan yang ia rilis pada pertengahan Agustus ini.

 

Walhasil dengan upah buruh yang meningkat, China akan mengurangi ketergantungannya pada industri manufaktur dan memberi tekanan pada industri tekstil yang notabene memberikan upah di minimum. Hal ini memperlebar jendela peluang bagi Indonesia untuk masuk ke pasar Asia.

 

Rio melihat hingga akhir tahun 2017, SRIL memiliki dapat mengecap pendapatan hingga US$ 761,53 juta. Sedangkan hingga 2018 sebesar US$ 860,53 juta. Sedangkan pendapatan bersih tahun ini dapat mencapai US$ 61,15 juta dan pada 2018 sebesar US$ 76,48 juta.

 

Kepada investor Rio merekomendasikan beli dengan target harga di Rp 580 per saham.

 

Edi Chandren dari Citi Research Equities menyatakan posisi Sritex sebagai pabrik manufaktur tekstil terintegrasi paling besar di Asia Tenggara menunjukkan potensi yang besar. Tak hanya itu, ekspansi yang tengah ia jalani berpotensi semakin membiakkan margin pendapatan.

 

"Sritex telah menyelesaikan ekspansi pada empat sektor divisinya," jelas Edi. Keempat sektor tersebut adalah spinning, weaving, finishing dan garment. Diantara semua itu, sektor yang memberikan pendapatan paling besar berasal dari spinning sebesar 38-40%, diikuti oleh finishing dan garment yang menduduki 26% dan diakhir oleh weaving sebesar 10%.

 

Lini spinning alias produksi benang Sritex memang terus mendominasi. Pasalnya benang merupakan komoditas yang dapat dipasok dan tidak seperti pakaian jadi, benang tidak mengenal tren. Michael melihat dari sisi ekspor, spinning memberikan kontribusi terbesar di 55%. Berbeda dengan produksi kain jadi yang kebanyakan diserap untuk diolah lebih lanjut.

 

"Sektor weaving paling kecil karena produksi kainnya sebagian besar digunakan untuk internal," jelas Michael Wilson Setjoadi Analis Bahana Sekuritas kepada KONTAN, Kamis (24/8).

 

Namun demikian, yang menarik adalah dari sisi garmen dimana Sritex juga menyuplai seragam tentara untuk berbagai negara, diantaranya adalah Uni Emirat Arab, Jerman dan sejumlah negara di kawasan Uni Eropa dan NATO. Michael melihat kontrol perusahaan yang bagus telah menjamin kualitas benang, kain dan hasil akhir produk dan menemui standar pakaian militer global. Kontribusi dari sektor garmen militer ini sendiri mencapai kisaran 15% pendapatan sang raksasa tekstil.

 

 

 

Impor bahan baku

 

Dari sisi bahan baku, pengeluaran terbesar SRIL memang terletak pada pengadaan barang. Sebanyak 60% dari bahan bakunya masih berasal dari impor, seluruh bahan katun berasal dari asing sedangkan setengah material rayon dan poliester juga impor.

 

Emiten ini telah menggelontorkan hingga US$ 250 juta untuk membangun pabrik rayon yang dapat memproduksi 80.000-100.000 ton per tahun. Sritex memang membutuhkan rayon dalam jumlah sangat besar yang mencapai 60% seluruh material produksi. Pabrik yang akan beroperasi penuh tahun depan engan ini bakal mampu membantu Sritex Group menekan impor rayon hingga 30%.

 

Michael menyarankan aksi Beli, namun pihak Bahana Sekuritas masih melakukan revisi pada target price. Sedangkan menurut rekomendasi terbaru dari analis MNC Sekuritas Victori Venny,

 
		
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