Finding your tire size is simple. When you're looking at your tire, your sidewall should look similar to one of these two options. Start entering the first number as highlighted below. How to Find Your Tire Size Finding your size is simple. Once you are at your vehicle, write down the following highlighted numbers located on your sidewall in the order shown below. Example: The size of the tire below is 215/60/16. Example: The size of the tire below is 35/12.5/17. Continue Search by Size Find your tire size instead You can usually find your vehicle's version/option in one of the following places. Example: The version/option of a Honda Accord EX V6 is EX V6. BACK OR SIDE OF CAR Continue Search with Vehicle Can't find your version/option? Try searching by your vehicle's tire size instead.Once you are at your vehicle, write down the following highlighted numbers located on your sidewall in the order shown below. Not all tires fit every vehicle or tire size.

If you change your vehicle or tire size, the tire in your cart will be removed.Was this review helpful? Was this review helpful? You must log in or register You must log in or register to read Pedal to the metal — investments ramping up Already have a subscription? I'm a returning customer(Editor’s note: There is much greater liquidity on the Indonesia exchange under the ticker GJTL) PT Gajah Tunggal TBK (OTC:PTGJF) is one of the largest integrated tire manufacturers in Indonesia. PTGJF sells its tires under its own brands such as 'GT Radial' and is also an Original Equipment (OE) tire supplier to automobile manufacturers such as Toyota and Mitsubishi. PTGJF's export sales (previously a key revenue growth driver) have fallen for two consecutive quarters. We expect the company's export revenues to face further headwinds in 4Q16, in line with the 17% fall in Indonesia tire exports observed in 11M16. Mid-term, we expect PTGJF to face significant competition in its key export market (America) as large tire players have announced significant expansion plans in the country.

Even though its domestic market is expected to grow at a CAGR of >13% from 2016 to 2021, the stiff competition in the Indonesian tire market is likely to significantly erode the benefits to PTGJF, evident from the fact that the company has been increasing its advertising expenses and discounts/rebates to customers to generate sales in 2016. Secondly, rising raw material prices and a strengthening US$ (majority of PTGJF's raw materials costs are denominated in US$) are likely to lower the company's margins as we opine PTGJF will not be able to pass on the cost increases rapidly in view of the stiff competition and also the fact that the company has recalled 251k tires from North America due to a manufacturing anomaly. Lastly, PTGJF faces significant refinancing risks and future interest expenses will likely increase, considering that the company is seeking to refinance its US$ bond with onshore IDR financing. Established in 1951 and listed on the Indonesian Stock Exchange since 1991, PTGJF is one of the largest integrated Indonesian tire manufacturers.

The company's largest shareholder is the Nursalim/Liem family (via Denham Pte Ltd.), with a 49.5% stake. motorcycle repair fairfield ctMichelin (OTCPK:MGDDF) also holds a 10% stake. motorbike shops pattaya thailandPTGJF is the leader in the Indonesian bias replacement tire and the Indonesian motorcycle replacement tire markets with approximately 50% and 48% market shares, respectively. triumph ace cafe leather motorcycle jacketThe company manufactures and sells radial tires (for passenger cars), bias tires (for commercial vehicles), motorcycle tires, and other tire-related products such as tire cords and synthetic rubber. motorcycle dealer bloomfield michigan

PTGJF has three operating segments, namely tire, tire cord, and synthetic rubber. used motorcycle parts lethbridgeWithin the tires segment, the company manufactures and sells radial tires, bias tires, and motorcycle tires, with daily capacities of 55k pieces, 14.5k pieces and 90k pieces, respectively. motorcycle shops in punta gorda floridaTires accounted for approximately 95% of PTGJF's FY15 sales. As part of its vertical integration strategy, PTGJF also manufactures tire cords (annual capacity of 40k tonnes) and synthetic rubber (annual capacity of 75k tonnes) as raw materials for its tire manufacturing. These are also sold to third parties. PTGJF sells its tires under its own brands such as 'GT Radial' and is also an Original Equipment tire supplier to automobile manufacturers such as Toyota (NYSE:TM) and Mitsubishi (OTCPK:MMTOF).

The company is supported by a large distribution network in Indonesia and overseas and is present in over 25 cities in Indonesia, and uses an extensive international sales network that spans over 80 countries to reach its international customers. PTGJF's sales in the international tire market are supported by manufacturing arrangements with other manufacturers like Michelin. Michelin is the only customer who accounts for >10% of net revenues in the company. Headwinds expected in the export markets (previously its key revenue growth driver) Since 1Q16, overseas revenue has fallen for two consecutive quarters, from quarterly sales of US$111m in March 2016 to US$100m in September 2016. This is in stark contrast to 2015, when quarterly export sales increased from US$95m in March 2015 to US$114m in September 2015. We expect PTGJF's exports business to face further headwinds in 4Q16, in line with the trends observed in the broader industry. Moreover, PTGJF has recently recalled its products in October 2016 due to a manufacturing anomaly, which we opine would affect its brand adversely in the short-run.

Intense competition to offset the benefits from the growing Indonesian tire markets The Indonesian tire market is very competitive with global players (such as Bridgestone, Goodyear (NYSE:GT) and Hankook (OTC:HAOOF)) and domestic players (including PTGJF and Multistrada Arah Sarana) engaged in stiff competition, which has partially contributed to the lower utilization rates of PTGJF's facilities over the years. The stiff competition in the industry is likely to continue and could potentially exacerbate further as one of its key competitor, Hankook Indonesia, have expanded aggressively. Increasing capacity and stiff competition could result in minimal benefits of a growing Indonesian tire market for PTGJF. Moreover, should Indonesia tire exports fall further, tire players could look to the domestic markets and further intensify the competition. We opine that competition has begun to stiffen (which the company has also acknowledged) as PTGJF has increasingly spent more on A&P as well as incentives, rebates and bonuses (in absolute amounts and as a percentage of sales).

Going forward, we expect competition to remain stiff, particularly as the new capacities come into production. Rising raw material prices to adversely affect margins PTGJF has benefited from the collapse in oil and rubber prices in the last few years, as the company was able to enjoy lower raw materials cost. In 2015, raw materials account for 65% of total production cost, of which natural rubber, synthetic rubber and carbon black (a petroleum derivative) comprise the majority. Going forward, prices of natural rubber are expected to rise significantly due to expectations of buoyant demand from China as well as rubber supply shortfall till 2018 due to falling yields. In addition, rising crude oil prices will translate to higher synthetic rubber and carbon black prices. These have also been communicated by Continental to its investors in a January 2017 presentation (provided below). As a result of rising raw material prices, we expect margins to be affected adversely as we believe PTGJF will not be able to pass on the cost increases rapidly, considering that the company has recalled 251k tires from North America due to a manufacturing anomaly that could lead to tire cracks and thus will be unlikely to hike prices to further antagonize its customers.

Refinancing risk ahead and potentially higher interest expenses going forward PTGJF has a US$500m bond due in February 2018, which accounts for the bulk of the company's capital structure. With cash balances of US$53m (as of September 2016) and LTM September 2016 FCF of only US$11m, the company is unlikely able to repay its debt and will need to seek refinancing for its bond. With the downgrade of PTGJF Corporate Family Rating by Moody's to B3 from B2 (with negative outlook), we opine that future interest expenses will increase, particularly as the company seeks to refinance the bond with onshore funding in a rising interest rate environment. As a comparison, the US and Indonesian 10-year government bonds are yielding 2.40% and 7.53%, respectively as of 14th January 2017. Stronger US$ to impact PTGJF's margins negatively As a significant portion (>50%) of PTGJF's raw material costs are denominated in US$, the expected strengthening of US$ in 2017 will affect margins as input costs will be higher in IDR terms.

In contrast, >50% of its revenues are from the domestic market (58% of LTM September 2016 sales). Thus, PTGJF financials will likely be affected adversely by the rising US$. Moreover, a weaker IDR will also result in unrealized FX losses pertaining to PTGJF's US$500m bond (prior to refinancing) as its liabilities become greater in IDR terms. PTGJF's core net margins (i.e. net margins excluding FX effects) have been on a consistent downtrend in the last five years, from 10.7% in 2012 to 1.8% in LTM September 2016. Taking into consideration the various points of our thesis, we opine that net margins will fall further. Based on our estimated Core FY17E EPS (i.e. EPS excluding FX effects) of IDR74 and average peers' FY17E PE of 10.9x, we have estimated a fair value price of IDR803, implying a downside of 29%. We are taking a 12 months time frame for the thesis to play out as the market will need confirmation of poor PTGJF's financials before the share price readjusts, the reason being that the company is not widely covered.