We write this report to respond to investors’ concerns about Chinese FMCG companies competing in Indonesia.

FOOD AND BEVERAGE Sandy Ham Jody Wijaya Samuel Christian

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

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We believe Indonesia’s logistics market is a potentially lucrative segment that is still underpenetrated.

Transport Logistics FMCG Jupriadi Tan David Tjahjadi Gerald Hugo

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

Despite the anticipated rate cut cycle, we believe Indonesia banks have limited room to lower their cost of fu

Equity Strategy Jupriadi Tan Erwin Wijaya

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

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

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

Consumer AMRT JK AMRT IJ Jody Wijaya Sandy Ham Samuel Christian

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

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The Minister of Health (MoH) plans to implement the Nutri-Grade labelling system for beverages

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