Our on-the-ground surveys reveal that the free nutritious meal program...
FOOD AND BEVERAGE Ultrajaya Milk Industry And Trading ULTJ ULTJ JK ULTJ IJ Sandy Ham Samuel Christian Jody Wijaya
We upgrade our NPAT forecast by 21%/22%/13% for FY25F/26F27F on...
FOOD AND BEVERAGE Mulia Boga Raya KEJU KEJU JK KEJU IJ Sandy Ham Samuel Christian Jody Wijaya
We estimate ULTJ’s sales to still decline by...
FOOD AND BEVERAGE Ultrajaya Milk Industry And Trading ULTJ ULTJ JK ULTJ IJ Sandy Ham Samuel Christian Jody Wijaya
We project SIDO to record +4.3% y-y sales growth in 2H25F...
FOOD AND BEVERAGE Industri Jamu Dan Farmasi Sido Muncul SIDO SIDO JK SIDO IJ Sandy Ham Samuel Christian Jody WIjaya
We expect the current sluggish buying power conditions for Indonesia consumers...
FOOD AND BEVERAGE ICBP ICBP JK ICBP IJ Sandy Ham Samuel Christian Jody Wijaya
We are bullish on the palm oil sector, supported by five key factors...
FOOD AND BEVERAGE INDF INDF JK INDF IJ Sandy Ham Samuel Christian Jody Wijaya
KEJU sales grew +9% y-y in 1Q25...
FOOD AND BEVERAGE KEJU KEJUJK KEJU IJ Sandy Ham Jody Wijaya Samuel Christian
We project ICBP to book low-single-digit sales...
FOOD AND BEVERAGE ICBP ICBP JK ICBP IJ Sandy Ham Jody Wijaya Samuel Christian
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.
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
