Daya Intiguna Yasa (MDIY IJ) (Buy) - Unlocking the archipelago
JW SH NY SCOur analysis suggests that only a few retailers have...
RETAIL Daya Intiguna Yasa MDIY MDIY JK MDIY IJ Jody Wijaya Sandy Ham Nayla Yasmin Samuel Christian
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Sumber Alfaria Trijaya (AMRT IJ) (Buy) - Downtrading wave strengthens
JW SH NY SCIndonesia’s mini-market y-y sales growth came in...
CONSUMER RELATED Sumber Alfaria Trijaya AMRT AMRT JK AMRT IJ Jody Wijaya Sandy Ham Nayla Yasmin Samuel Christian
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Indonesia Retailers - 3Q25 review: Lackluster quarter, as expected
JW SH NY SCIn our 3Q25F earnings preview of 13 October...
RETAIL Indonesia Retailers Jody Wijaya Sandy Ham Nayla Yasmin Samuel Christian
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Indonesia FMCG - 3Q25 results review: six consumer trends continue
SH SC JWOverall sales showed a better growth trajectory...
CONSUMER RELATED Indonesia FMCG Sandy Ham Samuel Christian Jody Wijaya
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Ultrajaya Milk Industry & Trading (ULTJ IJ) (Buy) - The rise of plain milk
SH SC JWOur 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
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Kalbe Farma (KLBF IJ) (Buy) - The new era of consumer health
SH SC JWWe have tracked the progress of KLBF consumer health’s brand...
GENERAL CONSUMER Kalbe Farma KLBF KLBF JK KLBF IJ Sandy Ham Samuel Christian Jody Wijaya
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Mulia Boga Raya (KEJU IJ) (Buy) - Growing versatile cheese
SH SC JWWe 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
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Cisarua Mountain Dairy (CMRY IJ) (Buy) - Growth beyond industry
SH SC JWWe upgrade our NPAT forecasts by +4.3%/4.6% for FY25F/FY26F...
GENERAL CONSUMER Cisarua Mountain Dairy CMRY CMRY JK CMRY IJ Sandy Ham Samuel Christian Jody Wijaya
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Indonesia Retailers - 3Q25F earnings preview: Still waiting for the spark
JW SH SCWe continue to expect modest earnings delivery for the Indonesia...
RETAIL Indonesia Retailers Jody Wijaya Sandy Ham Samuel Christian
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Indonesia Consumer - 3Q25F FMCG results preview: Inflection point
SH SC JWOur survey of 23 FMCG firms suggests that consumption in 3Q25F...
CONSUMER RELATED Indonesia Consumer Sandy Ham Samuel Christian Jody Wijaya
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Ultrajaya Milk Industry & Trading (ULTJ IJ) (Buy) - Recover and expand
SH SC JWWe 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
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Industri Jamu Dan Farmasi Sido Muncul (SIDO IJ) (Buy) - Less downside risk
SH SC JWWe 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
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Indonesia Poultry - Eggs in the right basket
JW SH SCIndonesia’s poultry sector stands to benefit from a convergence...
CONSUMER RELATED Indonesia Poultry Jody Wijaya Sandy Ham Samuel Christian
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Erajaya Swasembada (ERAA IJ) (Buy) - Eyeing the next catalyst
JW SH SCErajaya (ERAA) delivered its best-ever quarterly sales and net profit in 2Q25...
RETAIL Erajaya Swasembada ERAA ERAA JK ERAA IJ Jody Wijaya Sandy Ham Samuel Christian
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Indonesia Consumer - Acceleration of government’s free nutritious meal program
SH SC JWWe expect a jump in terms of the number of kitchens (SPPG) opening in Aug-25...
CONSUMER RELATED Indonesia Consumer Sandy Ham Samuel Christian Jody Wijaya