The JCI has declined by 11% over the past three months, owing to market concerns about consumers’ weak purchas

EQUITY STRATEGY Jupriadi Tan Gerald Hugo

CMRY has largely covered modern trade (MT) stores in Indonesia,

General Consumer CMRY CMRY JK CMRY IJ Sandy Ham Jody Wijaya Samuel Christian

We estimate KLBF booked 7-8% y-y sales growth in 4Q24F, driven by its pharma and consumer health divisions.

General Consumer KLBF KLBF JK KLBF IJ Sandy Ham Jody Wijaya Samuel Christian

In this report, we analyze three crucial elements to determine our top picks in the Indonesia Consumer sector:

Consumer Related Sandy Ham Jody Wijaya Samuel Christian

In line with insights from our Anchor Report on purchasing power,

Equity Strategy Jupriadi Tan Gerald Hugo

In our recent report, “Finding a second wind”, we highlighted ACES' ability to overcome significant challenges

Consumer Related ACES ACES JK ACES IJ Jody Wijaya Sandy Ham Samuel Christian

Concerns have arisen about AMRT's profitability margins following market speculation of potential changes to t

Consumer Related AMRT AMRT JK AMRT IJ Jody Wijaya Sandy Ham Samuel Christian

We believe the overall 3Q24 results were in line with our estimates. Historically,

Consumer Related AMRT AMRT JK AMRT IJ Jody Wijaya Sandy Ham Samuel Christian

We introduce the Nusantara Series, an in-depth market research that leverages our surveys and channel checks a

Autos Auto Parts Jupriadi Tan Gerald Hugo

We believe Mayora’s 3Q24F GPM will likely be lower than market expectation due to the full impact of higher co

Consumer Related MYOR JK MYOR IJ Sandy Ham Jody Wijaya Samuel Christian

Over its nearly 30-year history, ACES has faced numerous challenges, including intense competition and the dis

Consumer Related ACES JK ACES IJ Jody Wijaya Sandy Ham Samuel Christian

Indonesia is a young nation (110mn population are below 40yrs, based on BPS) as well as social media-savvy (th

Consumer Related Sandy Ham Jody Wijaya Samuel Christian

AMRT has consistently outperformed its FMCG peers in terms of sales growth over the past decade

Consumer AMRT JK AMRT IJ Jody Wijaya Sandy Ham Samuel Christian

Our analysis of FMCG and retail sales data of companies we track across Indonesia suggests that Sulawesi,

General Consumer Sandy Ham Jody Wijaya Samuel Christian

As mentioned in our previous reports, Indonesia local FMCG companies have

Consumer UNVR JK UNVR IJ Sandy Ham Jody Wijaya Samuel Christian