After closing 105 Lawson store-in-store (SIS) locations in 9M24,

Retail MIDI MIDI JK MIDI IJ Jody Wijaya Sandy Ham Samuel Christian

While Mitra Adiperkasa’s (MAPI) 3Q24 y-y sales growth remained strong at +17%,

Retail MAPI MAPI JK MAPI IJ Jody Wijaya Sandy Ham Samuel Christian

We hosted Verdhana Indonesia Conference 2024 – Passing the Baton on 4-8 November 2024.

Equity Strategy Jupriadi Tan Gerald Hugo Nicholas Santoso Erwin Wijaya Sandy Ham Jody Wijaya Samuel Christian Michael Wildon Edward Prima Felix Justin

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

Overall, the results were in line with our expectations, as we believe that 2Q24 marked the lowest margin poin

Retail MAPA MAPA JK MAPA IJ Jody Wijaya Sandy Ham Samuel Christian

Overall listed FMCG firms’ sales growth hovered at 10.9% y-y in 3Q24 (vs 3.9% in 3Q23),

Food Beverage FMCG Sandy Ham Jody Wijaya 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

Our survey on wholesalers and distributors of 15 large FMCG firms suggests that 3Q24F sales performance remain

Food and Beverage Sandy Ham Jody Wijaya Samuel Christian

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

Aspirasi Hidup Indonesia (ACES IJ, Neutral) — We estimate a robust 11%/13% y-y increase in both sales/net prof

Retail Jody Wijaya Sandy Ham 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

We continue to like the six FMCG stocks (out of 12 under our coverage) in the order of

Food Beverage 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