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
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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
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Indonesia FMCG - 3Q24 FMCG review: Strong sales volume seen
SH JW SCOverall listed FMCG firms’ sales growth hovered at 10.9% y-y in 3Q24 (vs 3.9% in 3Q23),
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Indonesia FMCG - 3Q24F preview Strong sales momentum likely
SH JW SCOur survey on wholesalers and distributors of 15 large FMCG firms suggests that 3Q24F sales performance remain
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Mayora Indah MYOR IJ -Buy- Short-term pain long-term gain
SH JW SCWe believe Mayora’s 3Q24F GPM will likely be lower than market expectation due to the full impact of higher co
Consumer Related MYOR JK MYOR IJ Sandy Ham Jody Wijaya Samuel Christian
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Indonesia Consumer - The rise of food service business
SH JW SCIndonesia is a young nation (110mn population are below 40yrs, based on BPS) as well as social media-savvy (th