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ZYRX - Strong Growth Outlook
- ZYRX is local IoT and ICT manufacturing company well known for its low costs yet reliable products under the brand of Zyrex. The company posted 191% top-line growth in FY21, and expecting a stable ~40% growth in 22F/23F, accompanied with stable profitability margin.
- ZYRX is blessed by strong demand from B2G sales, central govt' procurement contract jumped from IDR3 tn in FY21 to IDR6.3 tn in 22F, excluding aggregate demand from local govt. The company expects solid B2G demand to continue over the next few years.
- The company currently under discussion for strategic cooperation to strengthen its B2C sales starting in 23F. Contribution from B2C expected to reach 24%/29% in 23F/24F, respectively, up from >2% in FY21.