Kalbe Farma (KLBF IJ) (Buy) - The new era of consumer health
SH SC JWWe have tracked the progress of KLBF consumer health’s brand...
GENERAL CONSUMER Kalbe Farma KLBF KLBF JK KLBF IJ Sandy Ham Samuel Christian Jody Wijaya
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Cisarua Mountain Dairy (CMRY IJ) (Buy) - Growth beyond industry
SH SC JWWe upgrade our NPAT forecasts by +4.3%/4.6% for FY25F/FY26F...
GENERAL CONSUMER Cisarua Mountain Dairy CMRY CMRY JK CMRY IJ Sandy Ham Samuel Christian Jody Wijaya
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Indonesia Consumer - 3Q25F FMCG results preview: Inflection point
SH SC JWOur survey of 23 FMCG firms suggests that consumption in 3Q25F...
CONSUMER RELATED Indonesia Consumer Sandy Ham Samuel Christian Jody Wijaya
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Indonesia Consumer - Acceleration of government’s free nutritious meal program
SH SC JWWe expect a jump in terms of the number of kitchens (SPPG) opening in Aug-25...
CONSUMER RELATED Indonesia Consumer Sandy Ham Samuel Christian Jody Wijaya
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Sumber Alfaria Trijaya (AMRT IJ) (Buy) - Quietly outperforming
JW SH SCAlfamart's SSSG in 2Q25 declined by 3% y-y, marking the first negative quarterly...
CONSUMER RELATED Sumber Alfaria Trijaya AMRT AMRT JK AMRT IJ Jody Wijaya Sandy Ham Samuel Christian
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Mayora Indah (MYOR IJ) (Buy) - FMCG innovation champion
SH SC JWMYOR has consistently innovated to expand its market share domestically and abroad...
CONSUMER RELATED Mayora Indah MYOR MYOR JK MYOR IJ Sandy Ham Samuel Christian Jody Wijaya
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Indonesia Consumer - 2Q25 results review: FMCGs’ bottoming-out phase
SH SC JWWe have been observing that middle-income-class consumers largely continue...
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Indonesia FMCG - 2Q25F preview: In-home consumption persists
SH SC JWBased on our market survey of FMCG producers, we believe that...
CONSUMER RELATED Indonesia FMCG Sandy Ham Samuel Christian Jody Wijaya
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Unilever Indonesia (UNVR IJ) (Neutral) - A long road ahead
SH SC JWBased on our observations over the past 1.5 years, we conclude that...
GENERAL CONSUMER UNVR UNVR JK UNVR IJ Sandy Ham Samuel Christian Jody Wijaya
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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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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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Aspirasi Hidup Indonesia (ACES IJ) (Buy) - Positive on ex-Java expansion
JW SH SCWhile top-line weakness was anticipated due to...
CONSUMER RELATED ACES ACES JK ACES IJ Jody Wijaya Sandy Ham Samuel Christian
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Sumber Alfaria Trijaya (AMRT IJ) (Buy) - Promising start to the year
JW SH SCAMRT started the year with a solid set of results...
CONSUMER RELATED AMRT AMRT JK AMRT IJ Jody Wijaya Sandy Ham Samuel Christian