Midi Utama Indonesia (MIDI IJ) (Buy) - Recovery in motion
JW SH SCMIDI’s top line expanded by 15% y-y, driven by strong performance ex-Java (+23% y-y).
RETAIL MIDI MIDI JK MIDI IJ Jody Wijaya Sandy Ham Samuel Christian
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Indonesia Retail - Mini-market retailers’ SSSG remains strong
JW SH SCBased on our conversations with investors, many are concerned about the overall Indonesia consumer demand outl
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Indonesia Retailers - Indonesia retailers 4Q24F preview
JW SH SCWe anticipate limited upside surprises in the retailers’ 4Q24F results,
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Midi Utama Indonesia (MIDI IJ) (Buy) - Cleaning up Lawson
JW SH SCAfter closing 105 Lawson store-in-store (SIS) locations in 9M24,
Retail MIDI MIDI JK MIDI IJ Jody Wijaya Sandy Ham Samuel Christian
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Mitra Adiperkasa (MAPI IJ) (Buy) - Expecting short-term pressure
JW SH SCWhile Mitra Adiperkasa’s (MAPI) 3Q24 y-y sales growth remained strong at +17%,
Retail MAPI MAPI JK MAPI IJ Jody Wijaya Sandy Ham Samuel Christian
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Map Aktif Adiperkasa (MAPA IJ) (Buy) - Emerging stronger
JW SH SCOverall, the results were in line with our expectations, as we believe that 2Q24 marked the lowest margin poin
Retail MAPA MAPA JK MAPA IJ Jody Wijaya Sandy Ham Samuel Christian
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Indonesia Retailers - Discretionary retail 3Q24F preview
JW SH SCAspirasi Hidup Indonesia (ACES IJ, Neutral) — We estimate a robust 11%/13% y-y increase in both sales/net prof
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Midi Utama Indonesia MIDI IJ - Buy - Strategic move for a more agile MIDI
JW SH SCJA~DI, an Indonesian acronym for "Jajan di Alfamidi" (meaning “Snacking at Alfamidi”), is a pilot
Retail MIDI JK MIDI IJ Jody Wijaya Sandy Ham Samuel Christian
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Map Aktif Adiperkasa MAPA IJ - Buy - Lowest margin for the year
JW SH SC2Q24 result miss due to lower GPM; but it should be bottom GPM for the year
Retail MAPA JK MAPA IJ Jody Wijaya Sandy Ham Samuel Christian
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Indonesia Retailers - Limited surprises as expected
JW SH SC2Q24 review: ERAA upbeat and ACES downbeat were the only surprises Overall results were largely in line