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

FOOD And BEVERAGE Sandy Ham Jody Wijaya Samuel Christian

CMRY has largely covered modern trade (MT) stores in Indonesia,

General Consumer CMRY CMRY JK CMRY IJ Sandy Ham Jody Wijaya Samuel Christian

We 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

We maintain a neutral outlook for the auto sector. FY24 sales reached the lowest level since 2011

Autos Auto Parts Jupriadi Tan David Tjahjadi Gerald Hugo

We cut our FY24F/25F/26F earnings estimates for DRMA by 6.5%/9.0%/9.3% on likely subdued 4W wholesales in 2024

AUTOS AUTO PARTS DRMA DRMA JK DRMA IJ Jupriadi Tan David Tjahjadi Gerald Hugo

GJAW 2024, as the third automotive expo this year, underscored the changing dynamics of Indonesia’s automotive

Autos Auto Parts Jupriadi Tan Gerald Hugo

The wholesales of 4W market in 10M24 remained weak, with sales volume down 15% yoy to 710k units.

Autos Autos Parts Jupriadi Tan Gerald Hugo

In 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

Concerns 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

Indonesia’s automotive and transport sector has reported relatively strong results for 9M24 despite weak 4W s

Autos Auto Parts Jupriadi Tan 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

ASII reported 3Q24 results, with revenue at IDR86tn (+10% y-y) and NPAT of IDR10tn (+21% y-y),

Autos Auto Parts ASII ASII JK ASII IJ Jupriadi Tan Gerald Hugo

We 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

We introduce the Nusantara Series, an in-depth market research that leverages our surveys and channel checks a

Autos Auto Parts Jupriadi Tan Gerald Hugo

Indonesia's 9M24 4W sales reached IDR232tn (-12% y-y), with 633k units sold (-16% y-y) at an ASP of IDR368mn (

Autos Auto Parts Jupriadi Tan Gerald Hugo