The company recorded +4% y-y Indonesia sales growth in 4Q24,

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

CLEO booked strong 4Q24 sales growth of 23% y-y,

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

AMRT’s sales growth in 2024 remained solid at +10% y-y,

CONSUMER RELATED AMRT AMRT JK AMRT IJ Jody Wijaya Sandy Ham Samuel Christian

We 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

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

For decades, East Asian popular culture, including K-pop, K-dramas, and anime, has thrived domestically.

GENERAL CONSUMER Jody Wijaya Sandy Ham Samuel Christian

4W sales rebounded in February 2025, driven by IIMS (Indonesia International Motor Show) expo;

AUTOS AND AUTO PARTS Jupriadi Tan David Tjahjadi Gerald Hug

We have observed strong FMCG sales value growth in rural areas,

GENERAL CONSUMER Sandy Ham Jody Wijaya Samuel Christian

ULTJ recorded high A&P-to-sales ratios of 9.2%/15.9%

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

CMRY booked a +25% NPAT CAGR over the 2021-2024 period,

GENERAL CONSUMER Sandy Ham Jody Wijaya Samuel Christian

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

CONSUMER RELATED Sandy Ham Jody Wijaya Samuel Christian

ASII booked relatively in-line results, with FY24F top line growing by 4.5%

AUTOS AND AUTO PARTS Jupriadi Tan David Tjahjadi Gerald Hugo

We believe the government’s commitment to alleviate

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

We analyze Astra’s investments over the past seven years – which have largely been unfruitful,

AUTOS AND AUTO PARTS ASII ASII JK ASII IJ Jupriadi Tan David Tjahjadi Gerald Hugo

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