Indonesian retailers still managed to record average top-line growth

RETAIL Jody Wijaya Sandy Ham Samuel Christian

MIDI’s top line expanded by 15% y-y, driven by strong performance ex-Java (+23% y-y).

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

AMRT’s sales growth in 2024 remained solid at +10% y-y,

CONSUMER RELATED AMRT AMRT JK AMRT IJ Jody Wijaya Sandy Ham Samuel Christian

For decades, East Asian popular culture, including K-pop, K-dramas, and anime, has thrived domestically.

GENERAL CONSUMER Jody Wijaya Sandy Ham Samuel Christian

Based on our conversations with investors, many are concerned about the overall Indonesia consumer demand outl

RETAIL Jody Wijaya Sandy Ham Samuel Christian

We anticipate limited upside surprises in the retailers’ 4Q24F results,

RETAIL Jody Wijaya Sandy Ham Samuel Christian

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

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

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

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

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

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