Selamat Sempurna (SMSM IJ) (Buy) - Solid growth track record
JT DT GHSelamat Sempurna (SMSM) posted FY25 revenue of IDR5,339bn (+3.4% y-y)...
AUTOS AND AUTO PARTS Selamat Sempurna SMSM SMSM JK SMSM IJ Jupriadi Tan David Tjahjadi Gerald Hugo
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Sumber Alfaria Trijaya (AMRT IJ) (Buy) - Resilient amidst challenges
JW SH NY SCAMRT delivered strong earnings growth in 4Q25...
CONSUMER RELATED Sumber Alfaria Trijaya AMRT AMRT JK AMRT IJ Jody Wijaya Sandy Ham Nayla Yasmin Samuel Christian
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Indonesia Autos - Off the low base – sales up 10% yoy
JT DTFebruary 2026 4W data confirmed a firm industry recovery...
AUTOS AND AUTO PARTS Indonesia Autos Jupriadi Tan David Tjahjadi
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Ultrajaya Milk Industry & Trading (ULTJ IJ) (Buy) - Surge in dairy sales
SH SC JW NYULTJ recorded a significant increase in...
FOOD AND BEVERAGE Ultrajaya Milk Industry And Trading ULTJ ULTJ JK ULTJ IJ Sandy Ham Samuel Christian Jody WIjaya Nayla Yasmin
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Indonesia consumer - Strong start for FMCG
SH JW SC NYOur industry survey encompassing 15 large FMCG...
CONSUMER RELATED Indonesia consumer Sandy Ham Jody Wijaya Samuel Christian Nayla Yasmin
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Anchor Report: Indonesia Consumer - Fight for relevance
SH JW SC NYWe believe consumer sector is the least regulated...
CONSUMER RELATED Indonesia Consumer Sandy Ham Jody Wijaya Samuel Christian Nayla Yasmin
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Indonesia autos - 2025 review and 2026 preview
JT DT GHIn Indonesia, four-wheeler (4W) demand is structurally
AUTOS AND AUTO PARTS Indonesia autos Jupriadi Tan David Tjahjadi Gerald Hugo
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Indonesia Poultry - Potential rise in DOC GPS import quota a m-term earnings risk
JW SH NY SCWhile the government’s proposed increase in day-old-chick (DOC)...
CONSUMER RELATED Indonesia Poultry Jody Wijaya Sandy Ham Nayla Yasmin Samuel Christian
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Astra Otoparts (AUTO IJ) (Buy) - Jack of all trades
JT DT GHWe revise up AUTO’s earnings by 7%/10%/8% for FY25F/Fy6F27F.
AUTOS AND AUTO PARTS Astra Otoparts AUTO AUTO JK AUTO IJ Jupriadi Tan David Tjahjadi Gerald Hugo
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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 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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Astra Otoparts (AUTO IJ) (Buy) - 3Q25: Record revenue and profit
JT DT GHAUTO delivered its strongest quarter to date, recording a record...
AUTOS AND AUTO PARTS Astra Otoparts AUTO AUTO JK AUTO IJ Jupriadi Tan David Tjahjadi Gerald Hugo
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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