Unilever Indonesia (UNVR IJ) (Neutral) - A long road ahead
SH SC JWBased on our observations over the past 1.5 years, we conclude that...
GENERAL CONSUMER UNVR UNVR JK UNVR IJ Sandy Ham Samuel Christian Jody Wijaya
Based on our observations over the past 1.5 years, we conclude that...
GENERAL CONSUMER UNVR UNVR JK UNVR IJ Sandy Ham Samuel Christian Jody Wijaya
We observed that middle-income consumers are moving...
GENERAL CONSUMER CMRY CMRY JK CMRY IJ Sandy Ham Jody Wijaya Samuel Christian
As highlighted in our 23 March note (Repositioning, revamping, and reallocating)...
GENERAL CONSUMER Kalbe Farma KLBF KLBF JK KLBF IJ Sandy Ham Jody Wijaya Samuel Christian
CMRY’s 1Q25 earnings result was in line...
GENERAL CONSUMER CMRY CMRY JK CMRY IJ Sandy Ham Jody Wijaya Samuel Christian
UNVR’s 1Q25 result was in line with our estimate...
GENERAL CONSUMER UNVR UNVR JK UNVR IJ Sandy Ham Jody Wijaya Samuel Christian
We estimate that the FMCG firms under our...
Overall, FMCG firms’ 4Q24 earnings were mostly in line with market expectations.
We estimate KLBF to record a sales CAGR of +7.5% (2018-2024F),
GENERAL CONSUMER KLBF KLBF JK KLBF IJ Sandy Ham Jody Wijaya Samuel Christian
For decades, East Asian popular culture, including K-pop, K-dramas, and anime, has thrived domestically.
We have observed strong FMCG sales value growth in rural areas,
CMRY booked a +25% NPAT CAGR over the 2021-2024 period,
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
Our analysis of FMCG and retail sales data of companies we track across Indonesia suggests that Sulawesi,
Consumer health is a very crucial division for KLBF, as it possesses the highest margin,
General Consumer Kalbe KLBF JK KLBF IJ Sandy Ham Jody Wijaya Samuel Christian