Mayora Indah (MYOR IJ) (Buy) - Sales beating the high base
SH JW SCOur industry survey indicated that MYOR’s 1Q25F...
CONSUMER RELATED MYOR MYOR JK MYOR IJ Sandy Ham Jody Wijaya Samuel Christian
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Cisarua Mountain Dairy (CMRY IJ) (Buy) - Kanzler sales at all-time high
SH JW SCCMRY’s 1Q25 earnings result was in line...
GENERAL CONSUMER CMRY CMRY JK CMRY IJ Sandy Ham Jody Wijaya Samuel Christian
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Unilever Indonesia (UNVR IJ) (Reduce) - Fundamental issue remains
SH JW SCUNVR’s 1Q25 result was in line with our estimate...
GENERAL CONSUMER UNVR UNVR JK UNVR IJ Sandy Ham Jody Wijaya Samuel Christian
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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