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
-
-
Indonesia Retail - Mini-market retailers’ SSSG remains strong
JW SH SCBased on our conversations with investors, many are concerned about the overall Indonesia consumer demand outl
-
Cisarua Mountain Dairy (CMRY IJ) (Buy) - A standout in consistency and growth
SH JW SCCMRY booked a +25% NPAT CAGR over the 2021-2024 period,
-
Mayora Indah (MYOR IJ) (Buy) - All-time high sales + market share
SH JW SCWe believe the middle-income class continues to prefer value-for-money FMCG products,
-
Indofood CBP Sukses Makmur (ICBP IJ) (Buy) - Consistent double-digit core profit growth
SH JW SCWe believe the government’s commitment to alleviate
FOOD AND BEVERAGE ICBP ICBP JK ICBP IJ Sandy Ham Jody Wijaya Samuel Christian
-
Mulia Boga Raya (KEJU IJ) (Neutral) - Significant earnings estimate hike
SH JW SCWe 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
-
Indonesia Retailers - Indonesia retailers 4Q24F preview
JW SH SCWe anticipate limited upside surprises in the retailers’ 4Q24F results,
-
Indonesia FMCG - 4Q24 results preview and Jan-25 sales run-rate
SH JW SCWe believe competitive pricing and strong branding remain the best catalysts to succeed in the Indonesia FMCG
-
Cisarua Mountain Dairy (CMRY IJ) (Buy) - Plenty source for growth
SH JW SCCMRY has largely covered modern trade (MT) stores in Indonesia,
General Consumer CMRY CMRY JK CMRY IJ Sandy Ham Jody Wijaya Samuel Christian
-
Kalbe Farma (KLBF IJ) (Buy) - Brand transformation in progress
SH JW SCWe 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
-
Anchor Report: Indonesia Consumer - Follow the money
SH JW SCIn this report, we analyze three crucial elements to determine our top picks in the Indonesia Consumer sector:
-
Indonesia Healthcare - Opportunities in the medical devices sector
SH JW SCBased on our conversation with industry players and data from Indonesia Association of Medical Devices Manufac
Health care Pharmaceuticals Sandy Ham Jody Wijaya Samuel Christian
-
Midi Utama Indonesia (MIDI IJ) (Buy) - Cleaning up Lawson
JW SH SCAfter closing 105 Lawson store-in-store (SIS) locations in 9M24,
Retail MIDI MIDI JK MIDI IJ Jody Wijaya Sandy Ham Samuel Christian
-
Mitra Adiperkasa (MAPI IJ) (Buy) - Expecting short-term pressure
JW SH SCWhile 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
-
Indonesia Equity Strategy - Passing the Baton – Full takeaways
JT GH NS EW SH JW SC MW EP FJWe 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