We believe the middle-income class continues to prefer value-for-money FMCG products,

CONSUMER RELATED Sandy Ham Jody Wijaya Samuel Christian

We believe the government’s commitment to alleviate

FOOD AND BEVERAGE ICBP ICBP JK ICBP IJ Sandy Ham Jody Wijaya Samuel Christian

We 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

We believe competitive pricing and strong branding remain the best catalysts to succeed in the Indonesia FMCG

FOOD And BEVERAGE Sandy Ham Jody Wijaya Samuel Christian

CMRY has largely covered modern trade (MT) stores in Indonesia,

General Consumer CMRY CMRY JK CMRY IJ Sandy Ham Jody Wijaya Samuel Christian

We 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

Based on our conversation with industry players and data from Indonesia Association of Medical Devices Manufac

Health care Pharmaceuticals Sandy Ham Jody Wijaya Samuel Christian

Overall listed FMCG firms’ sales growth hovered at 10.9% y-y in 3Q24 (vs 3.9% in 3Q23),

Food Beverage FMCG Sandy Ham Jody Wijaya Samuel Christian

Our survey on wholesalers and distributors of 15 large FMCG firms suggests that 3Q24F sales performance remain

Food and Beverage Sandy Ham Jody Wijaya Samuel Christian

We 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

Indonesia is a young nation (110mn population are below 40yrs, based on BPS) as well as social media-savvy (th

Consumer Related Sandy Ham Jody Wijaya Samuel Christian

We continue to like the six FMCG stocks (out of 12 under our coverage) in the order of

Food Beverage Sandy Ham Jody Wijaya Samuel Christian

ICBP’s share price has performed well in the past three months (3M: +23% vs JCI 12.5%),

Food and Beverage ICBP JK ICBP IJ Sandy Ham Jody Wijaya

Our analysis of FMCG and retail sales data of companies we track across Indonesia suggests that Sulawesi,

General Consumer Sandy Ham Jody Wijaya Samuel Christian

Indonesia listed FMCG firms have performed quite well relative to other ASEAN peers in terms of sales and earn

Food and Beverage Sandy Ham Jody Wijaya Samuel Christian