Cisarua Mountain Dairy (CMRY IJ) (Buy) - Double-digit growth amidst economic slowdown
SH JW SCWe observed that middle-income consumers are moving...
GENERAL CONSUMER CMRY CMRY JK CMRY IJ Sandy Ham Jody Wijaya Samuel Christian
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Kalbe Farma (KLBF IJ) (Buy) - Proven brand transformation
SH JW SCAs highlighted in our 23 March note (Repositioning, revamping, and reallocating)...
GENERAL CONSUMER Kalbe Farma KLBF KLBF JK KLBF IJ Sandy Ham Jody Wijaya Samuel Christian
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Indonesia Consumer - New stimulus packages to boost consumption
SH JW SCThe government will launch six new major stimulus packages to boost consumption by this June...
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Indonesia Consumer - Indonesia’s narrowing divide
SH JW SCWe believe reducing the income gap between rich and poor is the ultimate goal...
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Indonesia Consumer - 1Q25 review: Shifting to in-home consumption
SH JW SCBased on a same-store sales growth (SSSG) data trend comparison...
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Mulia Boga Raya (KEJU IJ) (Buy) - Complete product line stabilizes growth
SH JW SCKEJU sales grew +9% y-y in 1Q25...
FOOD AND BEVERAGE KEJU KEJUJK KEJU IJ Sandy Ham Jody Wijaya Samuel Christian
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Indofood CBP Sukses Makmur (ICBP IJ) (Buy) - Core earnings resilience
SH JW SCWe project ICBP to book low-single-digit sales...
FOOD AND BEVERAGE ICBP ICBP JK ICBP IJ Sandy Ham Jody Wijaya Samuel Christian
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Mayora Indah (MYOR IJ) (Buy) - Sales beating the high base
SH JW SCOur industry survey indicated that MYOR’s 1Q25F...
CONSUMER RELATED MYOR MYOR JK MYOR IJ Sandy Ham Jody Wijaya Samuel Christian
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Cisarua Mountain Dairy (CMRY IJ) (Buy) - Kanzler sales at all-time high
SH JW SCCMRY’s 1Q25 earnings result was in line...
GENERAL CONSUMER CMRY CMRY JK CMRY IJ Sandy Ham Jody Wijaya Samuel Christian
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Unilever Indonesia (UNVR IJ) (Reduce) - Fundamental issue remains
SH JW SCUNVR’s 1Q25 result was in line with our estimate...
GENERAL CONSUMER UNVR UNVR JK UNVR IJ Sandy Ham Jody Wijaya Samuel Christian
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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