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

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

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

We believe the government’s commitment to alleviate

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

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

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

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

Our survey on wholesalers and distributors of 15 large FMCG firms suggests that 3Q24F sales performance remain

Food and Beverage Sandy Ham Jody Wijaya Samuel Christian

We continue to like the six FMCG stocks (out of 12 under our coverage) in the order of

Food Beverage Sandy Ham Jody Wijaya Samuel Christian

ICBP’s share price has performed well in the past three months (3M: +23% vs JCI 12.5%),

Food and Beverage ICBP JK ICBP IJ Sandy Ham Jody Wijaya

Indonesia listed FMCG firms have performed quite well relative to other ASEAN peers in terms of sales and earn

Food and Beverage Sandy Ham Jody Wijaya Samuel Christian

Our survey with distributors and wholesalers indicated that CLEO’s sales growth

Food and Beverage Sandy Ham Jody Wijaya Samuel Christian

The Minister of Health (MoH) plans to implement the Nutri-Grade labelling system for beverages

Food and Beverage Sandy Ham Jody Wijaya Samuel Christian

Based on our survey of FMCG wholesalers and distributors, we reckon that ULTJ booked very strong sales growth

Food Beverage ULTJ Sandy Ham Jody Wijaya Samuel Christian