We believe the overall 3Q24 results were in line with our estimates. Historically,

Consumer Related AMRT AMRT JK AMRT IJ Jody Wijaya Sandy Ham Samuel Christian

Crude palm oil (CPO) prices have recently broken above USD1,000/ton this year,

Agri-Related TAPG TAPG JK TAPG IJ Nicholas Goei Sandy Ham

Our survey on wholesalers and distributors of 15 large FMCG firms suggests that 3Q24F sales performance remain

Food and Beverage Sandy Ham Jody Wijaya Samuel Christian

We believe Mayora’s 3Q24F GPM will likely be lower than market expectation due to the full impact of higher co

Consumer Related MYOR JK MYOR IJ Sandy Ham Jody Wijaya Samuel Christian

Aspirasi Hidup Indonesia (ACES IJ, Neutral) — We estimate a robust 11%/13% y-y increase in both sales/net prof

Retail Jody Wijaya Sandy Ham Samuel Christian

Over its nearly 30-year history, ACES has faced numerous challenges, including intense competition and the dis

Consumer Related ACES JK ACES IJ Jody Wijaya Sandy Ham Samuel Christian

Indonesia is a young nation (110mn population are below 40yrs, based on BPS) as well as social media-savvy (th

Consumer Related Sandy Ham Jody Wijaya Samuel Christian

We continue to like the six FMCG stocks (out of 12 under our coverage) in the order of

Food Beverage Sandy Ham Jody Wijaya Samuel Christian

AMRT has consistently outperformed its FMCG peers in terms of sales growth over the past decade

Consumer AMRT JK AMRT IJ Jody Wijaya Sandy Ham Samuel Christian

ICBP’s share price has performed well in the past three months (3M: +23% vs JCI 12.5%),

Food and Beverage ICBP JK ICBP IJ Sandy Ham Jody Wijaya

Our analysis of FMCG and retail sales data of companies we track across Indonesia suggests that Sulawesi,

General Consumer Sandy Ham Jody Wijaya Samuel Christian

Indonesia listed FMCG firms have performed quite well relative to other ASEAN peers in terms of sales and earn

Food and Beverage Sandy Ham Jody Wijaya Samuel Christian

As mentioned in our previous reports, Indonesia local FMCG companies have

Consumer UNVR JK UNVR IJ Sandy Ham Jody Wijaya Samuel Christian

Based on our survey of distributors and wholesalers, MYOR's domestic sales may have grown

Consumer MYOR JK MYOR IJ Sandy Ham Jody Wijaya Samuel Christian

Our survey with distributors and wholesalers indicated that CLEO’s sales growth

Food and Beverage Sandy Ham Jody Wijaya Samuel Christian