Indonesia FMCG - 1Q25F preview: growing despite challenges
SH JW SCWe estimate that the FMCG firms under our...
We estimate that the FMCG firms under our...
Indonesian retailers still managed to record average top-line growth
Overall, FMCG firms’ 4Q24 earnings were mostly in line with market expectations.
The company recorded +4% y-y Indonesia sales growth in 4Q24,
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CLEO booked strong 4Q24 sales growth of 23% y-y,
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MIDI’s top line expanded by 15% y-y, driven by strong performance ex-Java (+23% y-y).
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AMRT’s sales growth in 2024 remained solid at +10% y-y,
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We estimate KLBF to record a sales CAGR of +7.5% (2018-2024F),
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We write this report to respond to investors’ concerns about Chinese FMCG companies competing in Indonesia.
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,
ULTJ recorded high A&P-to-sales ratios of 9.2%/15.9%
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Based on our conversations with investors, many are concerned about the overall Indonesia consumer demand outl
CMRY booked a +25% NPAT CAGR over the 2021-2024 period,
We believe the middle-income class continues to prefer value-for-money FMCG products,