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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Sumber Alfaria Trijaya (AMRT IJ) (Buy) - Resetting expectations
JW SH SCAMRT’s sales growth in 2024 remained solid at +10% y-y,
CONSUMER RELATED AMRT AMRT JK AMRT IJ Jody Wijaya Sandy Ham 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
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Indonesia Retailers - Cultural exports as a form of influence
JW SH SCFor decades, East Asian popular culture, including K-pop, K-dramas, and anime, has thrived domestically.
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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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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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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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Aspirasi Hidup Indonesia (ACES IJ) (Buy) - A follow up to “Finding a second wind"
JW SH SCIn our recent report, “Finding a second wind”, we highlighted ACES' ability to overcome significant challenges
Consumer Related ACES ACES JK ACES IJ Jody Wijaya Sandy Ham Samuel Christian
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Sumber Alfaria Trijaya (AMRT IJ) (Buy) - Resilience in the face of adversity
JW SH SCConcerns have arisen about AMRT's profitability margins following market speculation of potential changes to t
Consumer Related AMRT AMRT JK AMRT IJ Jody Wijaya Sandy Ham Samuel Christian
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Sumber Alfaria Trijaya (AMRT IJ) (Buy) - 3Q24 within expectations
JW SH SCWe believe the overall 3Q24 results were in line with our estimates. Historically,
Consumer Related AMRT AMRT JK AMRT IJ Jody Wijaya Sandy Ham Samuel Christian
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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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Aspirasi Hidup Indonesia ACES IJ -Neutral- Finding a second wind
JW SH SCOver its nearly 30-year history, ACES has faced numerous challenges, including intense competition and the dis
Consumer Related ACES JK ACES IJ Jody Wijaya Sandy Ham Samuel Christian