Ultrajaya Milk Industry & Trading (ULTJ IJ) (Buy) - ULTJ defends its market leadership in UHT milk
SH JW SCULTJ recorded high A&P-to-sales ratios of 9.2%/15.9%
FOOD AND BEVERAGE ULTJ ULTJ JK ULTJ IJ Sandy Ham Jody Wijaya Samuel Christian
ULTJ recorded high A&P-to-sales ratios of 9.2%/15.9%
FOOD AND BEVERAGE ULTJ ULTJ JK ULTJ IJ Sandy Ham Jody Wijaya Samuel Christian
We believe the government’s commitment to alleviate
FOOD AND BEVERAGE ICBP ICBP JK ICBP IJ Sandy Ham Jody Wijaya Samuel Christian
We raise our FY24F and FY25F earnings by 22% and 15%, respectively,
FOOD AND BEVERAGE KEJU KEJU JK KEJU IJ Sandy Ham Jody Wijaya Samuel Christian
We believe competitive pricing and strong branding remain the best catalysts to succeed in the Indonesia FMCG
Overall listed FMCG firms’ sales growth hovered at 10.9% y-y in 3Q24 (vs 3.9% in 3Q23),
Our survey on wholesalers and distributors of 15 large FMCG firms suggests that 3Q24F sales performance remain
We continue to like the six FMCG stocks (out of 12 under our coverage) in the order of
ICBP’s share price has performed well in the past three months (3M: +23% vs JCI 12.5%),
Indonesia listed FMCG firms have performed quite well relative to other ASEAN peers in terms of sales and earn
Our survey with distributors and wholesalers indicated that CLEO’s sales growth
The Minister of Health (MoH) plans to implement the Nutri-Grade labelling system for beverages
Based on our survey of FMCG wholesalers and distributors, we reckon that ULTJ booked very strong sales growth