Indonesia Consumer - 3Q25F FMCG results preview: Inflection point
SH SC JWOur survey of 23 FMCG firms suggests that consumption in 3Q25F...
CONSUMER RELATED Indonesia Consumer 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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Indonesia Poultry - Eggs in the right basket
JW SH SCIndonesia’s poultry sector stands to benefit from a convergence...
CONSUMER RELATED Indonesia Poultry Jody Wijaya Sandy Ham Samuel Christian
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Erajaya Swasembada (ERAA IJ) (Buy) - Eyeing the next catalyst
JW SH SCErajaya (ERAA) delivered its best-ever quarterly sales and net profit in 2Q25...
RETAIL Erajaya Swasembada ERAA ERAA JK ERAA IJ Jody Wijaya Sandy Ham Samuel Christian
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Indonesia Consumer - Acceleration of government’s free nutritious meal program
SH SC JWWe expect a jump in terms of the number of kitchens (SPPG) opening in Aug-25...
CONSUMER RELATED Indonesia Consumer Sandy Ham Samuel Christian Jody Wijaya
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Map Aktif Adiperkasa (MAPA IJ) (Buy) - Overseas drives margin afloat
JW SH SCMAPA recorded its slowest 1H y-y sales growth on record, with 1H25...
RETAIL Map Aktif Adiperkasa MAPA MAPA JK MAPA IJ Jody Wijaya Sandy Ham Samuel Christian
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Midi Utama Indonesia (MIDI IJ) (Buy) - Turning the page from Lawson
JW SH SCFollowing the Lawson (unlisted) divestment in mid-May 2025, MIDI no longer...
RETAIL Midi Utama Indonesia MIDI MIDI JK MIDI IJ Jody Wijaya Sandy Ham Samuel Christian
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Sumber Alfaria Trijaya (AMRT IJ) (Buy) - Quietly outperforming
JW SH SCAlfamart's SSSG in 2Q25 declined by 3% y-y, marking the first negative quarterly...
CONSUMER RELATED Sumber Alfaria Trijaya AMRT AMRT JK AMRT IJ Jody Wijaya Sandy Ham Samuel Christian
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Mayora Indah (MYOR IJ) (Buy) - FMCG innovation champion
SH SC JWMYOR has consistently innovated to expand its market share domestically and abroad...
CONSUMER RELATED Mayora Indah MYOR MYOR JK MYOR IJ Sandy Ham Samuel Christian Jody Wijaya
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Indonesia Consumer - 2Q25 results review: FMCGs’ bottoming-out phase
SH SC JWWe have been observing that middle-income-class consumers largely continue...
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Triputra Agro Persada (TAPG IJ) (Buy) - Strong combination of higher price + productivity
SH SC NGWe believe CPO prices will remain strong going forward...
AGRI RELATED TAPG TAPG JK TAPG IJ Sandy Ham Samuel Christian Nicholas Goei
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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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Indonesia FMCG - 2Q25F preview: In-home consumption persists
SH SC JWBased on our market survey of FMCG producers, we believe that...
CONSUMER RELATED Indonesia FMCG Sandy Ham Samuel Christian Jody Wijaya