Indonesia FMCG - 1Q26F preview: Strong sales-to-market
SH SC JW NYBased on our analysis of 14 FMCG manufacturers under our coverage...
CONSUMER RELATED Indonesia FMCG Sandy Ham Samuel Christian Jody Wijaya Nayla Yasmin
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Indonesia Retailers - Strong profits, soft demand
JW SH NY SCRetailers delivered mediocre same-store sales growth (SSSG) in 4Q25...
RETAIL Indonesia Retailers Jody Wijaya Sandy Ham Nayla Yasmin Samuel Christian
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Map Aktif Adiperkasa (MAPA IJ) (Buy) - Executing well despite a tough backdrop
JW SH NY SCMAPA delivered very strong earnings growth in 4Q25...
RETAIL Map Aktif Adiperkasa MAPA MAPA JK MAPA IJ Jody Wijaya Sandy Ham Nayla Yasmin Samuel Christian
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Mitra Adiperkasa (MAPI IJ) (Buy) - Holding up for now
JW SH NY SCMAPI delivered strong 4Q25 earnings growth...
RETAIL Mitra Adiperkasa MAPI MAPI JK MAPI IJ Jody Wijaya Sandy Ham Nayla Yasmin Samuel Christian
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Erajaya Swasembada (ERAA IJ) (Buy) - Execution in focus as growth normalizes
JW SH NY SCERAA delivered strong earnings growth in 4Q25...
RETAIL Erajaya Swasembada ERAA ERAA JK ERAA IJ Jody Wijaya Sandy Ham Nayla Yasmin Samuel Christian
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Sumber Alfaria Trijaya (AMRT IJ) (Buy) - Resilient amidst challenges
JW SH NY SCAMRT delivered strong earnings growth in 4Q25...
CONSUMER RELATED Sumber Alfaria Trijaya AMRT AMRT JK AMRT IJ Jody Wijaya Sandy Ham Nayla Yasmin Samuel Christian
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Midi Utama Indonesia (MIDI IJ) (Buy) - Recovery underway, growth to follow
JW SH NY SCMIDI delivered strong earnings growth in 4Q25...
RETAIL Midi Utama Indonesia MIDI MIDI JK MIDI IJ Jody Wijaya Sandy Ham Nayla Yasmin Samuel Christian
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Ultrajaya Milk Industry & Trading (ULTJ IJ) (Buy) - Surge in dairy sales
SH SC JW NYULTJ recorded a significant increase in...
FOOD AND BEVERAGE Ultrajaya Milk Industry And Trading ULTJ ULTJ JK ULTJ IJ Sandy Ham Samuel Christian Jody WIjaya Nayla Yasmin
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Triputra Agro Persada (TAPG IJ) (Buy) - Multi-year growth trajectory
SH SCWe expect TAPG to book higher production growth in 2026...
AGRI-RELATED Triputra Agro Persada TAPG TAPG JK TAPG IJ Sandy Ham Samuel Christian
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Indonesia consumer - Strong start for FMCG
SH JW SC NYOur industry survey encompassing 15 large FMCG...
CONSUMER RELATED Indonesia consumer Sandy Ham Jody Wijaya Samuel Christian Nayla Yasmin
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Anchor Report: Indonesia Consumer - Fight for relevance
SH JW SC NYWe believe consumer sector is the least regulated...
CONSUMER RELATED Indonesia Consumer Sandy Ham Jody Wijaya Samuel Christian Nayla Yasmin
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Indonesia Poultry - Potential rise in DOC GPS import quota a m-term earnings risk
JW SH NY SCWhile the government’s proposed increase in day-old-chick (DOC)...
CONSUMER RELATED Indonesia Poultry Jody Wijaya Sandy Ham Nayla Yasmin Samuel Christian
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Anchor Report: Indonesia Equity Strategy - Turning over a new leaf
JT GH SH JW MW EW SC DT FJ NYThe MSCI Indonesia Index has declined by 20% since September 2024...
EQUITY STRATEGY Indonesia Equity Strategy Jupriadi Tan Gerald Hugo Sandy Ham Jody Wijaya Michael Wildon Erwin Wijaya Samuel Christian David Tjahjadi Felix Justin Nayla Yasmin
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Daya Intiguna Yasa (MDIY IJ) (Buy) - Unlocking the archipelago
JW SH NY SCOur analysis suggests that only a few retailers have...
RETAIL Daya Intiguna Yasa MDIY MDIY JK MDIY IJ Jody Wijaya Sandy Ham Nayla Yasmin Samuel Christian
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Sumber Alfaria Trijaya (AMRT IJ) (Buy) - Downtrading wave strengthens
JW SH NY SCIndonesia’s mini-market y-y sales growth came in...
CONSUMER RELATED Sumber Alfaria Trijaya AMRT AMRT JK AMRT IJ Jody Wijaya Sandy Ham Nayla Yasmin Samuel Christian