Indonesia FMCG - 1Q25F preview: growing despite challenges
SH JW SCWe estimate that the FMCG firms under our...
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Indonesia FMCG - 4Q24 results review and 2M25 run rate estimate
SH JW SCOverall, FMCG firms’ 4Q24 earnings were mostly in line with market expectations.
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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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Kalbe Farma (KLBF IJ) (Buy) - Repositioning, revamping, and reallocating
SH JW SCWe estimate KLBF to record a sales CAGR of +7.5% (2018-2024F),
GENERAL CONSUMER KLBF KLBF JK KLBF 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.
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Indonesia Consumer - Indonesia grocery's growth engine
SH JW SCWe have observed strong FMCG sales value growth in rural areas,
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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
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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,
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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,
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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
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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
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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
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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
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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