Sariguna Primatirta (CLEO IJ) (Buy) - Strong earnings growth momentum
SH JW SC NYWe expect a strong 2026F NPAT growth rate for...
FOOD AND BEVERAGE Sariguna Primatirta CLEO CLEO JK CLEO IJ Sandy Ham Samuel Christian Jody Wijaya Nayla Yasmin
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Indofood CBP Sukses Makmur (ICBP IJ) (Buy) - The catalyst in the chaos
SH SC JW NYThe war in the Middle East has been shattering logistics...
FOOD AND BEVERAGE Indofood CBP Sukses Makmur ICBP ICBP JK ICBP IJ Sandy Ham Samuel Christian Jody Wijaya Nayla Yasmin
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Ultrajaya Milk Industry & Trading (ULTJ IJ) (Buy) - Decade of dairy
SH SC JW NYULTJ remains the market leader in the Indonesia...
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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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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Ultrajaya Milk Industry & Trading (ULTJ IJ) (Buy) - The rise of plain milk
SH SC JWOur on-the-ground surveys reveal that the free nutritious meal program...
FOOD AND BEVERAGE Ultrajaya Milk Industry And Trading ULTJ ULTJ JK ULTJ IJ Sandy Ham Samuel Christian Jody Wijaya
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Mulia Boga Raya (KEJU IJ) (Buy) - Growing versatile cheese
SH SC JWWe upgrade our NPAT forecast by 21%/22%/13% for FY25F/26F27F on...
FOOD AND BEVERAGE Mulia Boga Raya KEJU KEJU JK KEJU IJ Sandy Ham Samuel Christian Jody Wijaya
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Ultrajaya Milk Industry & Trading (ULTJ IJ) (Buy) - Recover and expand
SH SC JWWe estimate ULTJ’s sales to still decline by...
FOOD AND BEVERAGE Ultrajaya Milk Industry And Trading ULTJ ULTJ JK ULTJ IJ Sandy Ham Samuel Christian Jody Wijaya
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Industri Jamu Dan Farmasi Sido Muncul (SIDO IJ) (Buy) - Less downside risk
SH SC JWWe project SIDO to record +4.3% y-y sales growth in 2H25F...
FOOD AND BEVERAGE Industri Jamu Dan Farmasi Sido Muncul SIDO SIDO JK SIDO IJ Sandy Ham Samuel Christian Jody WIjaya
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Indofood CBP Sukses Makmur (ICBP IJ) (Buy) - Challenging time
SH SC JWWe expect the current sluggish buying power conditions for Indonesia consumers...
FOOD AND BEVERAGE ICBP ICBP JK ICBP IJ Sandy Ham Samuel Christian Jody Wijaya
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Indofood Sukses Makmur (INDF IJ) (Buy) - Palm oil plantation drives valuation re-rating
SH SC JWWe are bullish on the palm oil sector, supported by five key factors...
FOOD AND BEVERAGE INDF INDF JK INDF IJ Sandy Ham Samuel Christian Jody Wijaya
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Mulia Boga Raya (KEJU IJ) (Buy) - Complete product line stabilizes growth
SH JW SCKEJU sales grew +9% y-y in 1Q25...
FOOD AND BEVERAGE KEJU KEJUJK KEJU IJ Sandy Ham Jody Wijaya Samuel Christian
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Indofood CBP Sukses Makmur (ICBP IJ) (Buy) - Core earnings resilience
SH JW SCWe project ICBP to book low-single-digit sales...
FOOD AND BEVERAGE ICBP ICBP JK ICBP IJ Sandy Ham Jody Wijaya Samuel Christian
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Indofood CBP Sukses Makmur (ICBP IJ) (Buy) - Resilient performance
SH JW SCThe company recorded +4% y-y Indonesia sales growth in 4Q24,
FOOD AND BEVERAGE ICBP ICBPJK ICBP IJ Sandy Ham Jody Wijaya Samuel Christian
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Sariguna Primatirta (CLEO IJ) (Buy) - Excellent performance continues
SH JW SCCLEO booked strong 4Q24 sales growth of 23% y-y,
FOOD AND BEVERAGE CLEO CLEO JK CLEO IJ Sandy Ham Jody Wijaya Samuel Christian
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Indonesia FMCG - Five weaknesses of Chinese FMCG companies in Indonesia
SH JW SCWe write this report to respond to investors’ concerns about Chinese FMCG companies competing in Indonesia.