Indonesia Equity Strategy - Results recap 9M24: picking winners

Results recap 9M24: picking winners

We compile Indonesia equities’ 9M24 results and provide a bottom-up assessment of which ones were above/in-line/below Bloomberg consensus estimates. Indeed, our consolidated calculations suggest that 9M24 revenue growth was +5% y-y. Consolidated profit, however, only grew +2% y-y. We continue to favor FMCGs as our sector top pick given solid revenues and net profit growth. For other sectors, we prefer to analyze through the bottom-up appraisal and see how they’ve performed to find value picks.

Revenue and profit recap — margin squeeze/fighting for market share?

Revenues: Sectors that have the highest revenue growth include FMCGs (excluding UNVR IJ [Reduce]), retailers, hospitals, and logistics.

Net profit: Sectors that deliver strong net profit growth include FMCGs, logistics, retailers, and properties. We view that the reason why net profit growth wasn’t as strong as revenue growth is due to companies experiencing margin squeeze or sacrificing margins to win market share.

Given the weak purchasing power in the country, we do not rule out the possibility of a government stimulus for the mid- and low-income segment and thus could provide a potential upside for FMCGs.

Outlook — still weak purchasing power

We view the purchasing power in Indonesia as still weak — and thus may need a booster from the government. Indeed, Indonesia GDP growth in the 3Q24 at 4.95% was below consensus and — lowest since 3Q23 and below the psychological level of 5%.

Stock pick — picking winners

As discussed in our previous anchor report pulse check, we evaluate the country’s purchasing power and conclude that there are areas of both stability and vulnerability. As such, from a stock-picking perspective, we continue to favor winners from each sector through a bottom-up analysis. Our top picks among large caps such as BBCA, AMRT, MYOR, ICBP, HEAL, NCKL (all rated Buy), while for small-mid caps we favor CLEO, ASSA, MIDI (all rated Buy).

Fig. 1: Sectoral topline growth - favouring FMCGs, retailers, healthcare and logistics

Source: Bloomberg Finance L.P., Verdhana research

Fig. 2: Sectoral net profit growth - favouring FMCGs, retailers, healthcare and logistics

Source: Bloomberg Finance L.P., Verdhana research

Fig. 3: Revenue – per companies and remarks (1 of 2)

Revenue IDR bn	2Q23	3Q23	2Q24	3Q24	QoQ	YoY	9M23	9M24	YoY	Remarks
BBCA	23,372	25,051	26,270	27,849	6%	11%	73,394	80,521	10%	In-line
BBRI	40,718	42,931	41,885	44,704	7%	4%	123,924	131,338	6%	Above
BMRI	34,694	35,203	37,168	37,126	0%	5%	102,499	109,349	7%	In-line
BBNI	13,955	14,218	13,537	16,279	20%	14%	41,874	43,123	3%	Below
BTPS	1,325	1,350	1,239	1,219	-2%	-10%	3,949	3,709	-6%	Below
PNBN	2,655	2,350	2,780	2,880	4%	23%	7,634	8,318	9%	Below
BDMN	4,677	4,833	5,047	5,610	11%	16%	14,227	15,624	10%	In-line
BNGA	5,009	4,485	4,453	4,800	8%	7%	14,481	14,067	-3%	In-line
BTPN	3,483	3,486	4,819	5,324	10%	53%	10,318	13,578	32%	In-line
ARTO	473	419	434	447	3%	7%	1,343	1,284	-4%	Below
BRIS	4,760	4,861	5,192	5,838	12%	20%	14,401	16,117	12%	In-line
Banks	135,122	139,187	142,823	152,076	6%	9%	408,043	437,028	7%

TLKM	37,388	37,760	37,863	36,927	-2%	-2%	111,238	112,219	1%	In-line
ISAT	12,730	12,788	14,141	13,836	-2%	8%	37,462	41,812	12%	In-line
TOWR	2,912	2,943	3,107	3,295	6%	12%	8,719	9,449	8%	In-line
TBIG	1,662	1,673	1,710	1,713	0%	2%	4,953	5,127	4%	In-line
MTEL	2,074	2,143	2,244	2,368	6%	10%	6,273	6,818	9%	In-line
TMT	56,766	57,307	59,065	58,139	-2%	1%	168,646	175,425	4%

ASII	79,413	78,520	78,758	86,362	10%	10%	240,913	246,329	2%	In-line
DRMA	1,298	1,505	1,220	1,467	20%	-3%	4,245	4,022	-5%	In-line
MPMX	3,309	3,413	3,806	4,153	9%	22%	10,508	11,842	13%	Above
SMSM	1,200	1,285	1,194	1,468	23%	14%	3,764	3,818	1%	In-line
AUTO	4,409	4,702	4,597	4,972	8%	6%	14,085	14,167	1%	In-line
BIRD	1,046	1,137	1,207	1,336	11%	17%	3,229	3,664	13%	In-line
WINS	230	310	326	351	8%	13%	777	969	25%	In-line
Auto and Transport	90,905	90,872	91,108	100,109	10%	10%	277,522	284,811	3%

UNVR	9,687	10,214	8,964	8,373	-7%	-18%	30,506	27,417	-10%	Below
MYOR	6,367	8,075	7,462	9,416	26%	17%	22,894	25,639	12%	In-line
MLBI	761	769	728	937	29%	22%	2,270	2,326	2%	In-line
KLBF	7,310	7,382	7,965	7,910	-1%	7%	22,561	24,238	7%	In-line
INDF	25,544	27,802	26,505	29,647	12%	7%	83,888	86,944	4%	In-line
ICBP	15,335	16,829	17,039	18,525	9%	10%	51,307	55,486	8%	In-line
SIDO	746	708	843	730	-13%	3%	2,361	2,627	11%	In-line
ROTI	883	1,014	972	1,051	8%	4%	2,837	2,975	5%	Below
ULTJ	1,906	1,979	2,147	2,138	0%	8%	6,118	6,583	8%	In-line
CMRY	1,947	1,964	2,247	2,221	-1%	13%	5,742	6,637	16%	In-line
CLEO	520	528	670	681	2%	29%	1,504	1,978	32%	In-line
KEJU	212	256	268	332	24%	29%	732	939	28%	Above
FMCGs	61,531	67,304	66,847	73,590	10%	9%	202,215	216,372	7%

ACES	1,933	1,859	2,067	2,056	-1%	11%	5,494	6,116	11%	In-line
AMRT	27,667	26,191	29,894	28,998	-3%	11%	80,025	88,217	10%	In-line
RALS	1,080	476	837	448	-46%	-6%	2,140	2,114	-1%	Below
MAPI	8,132	8,198	9,205	9,623	5%	17%	23,792	27,616	16%	In-line
MAPA	3,246	3,614	4,194	4,533	8%	25%	9,584	12,420	30%	In-line
LPPF	2,408	1,128	1,780	1,164	-35%	3%	4,980	4,917	-1%	In-line
MIDI	4,608	4,276	4,991	4,902	-2%	15%	12,924	14,686	14%	In-line
ERAA	14,104	13,919	16,467	15,491	-6%	11%	42,816	48,608	14%	In-line
Retailers	63,179	59,660	69,433	67,215	-3%	13%	181,755	204,693	13%

GGRM	26,120	25,897	23,754	23,875	1%	-8%	81,749	73,893	-10%	In-line
WIIM	1,209	1,339	1,163	1,210	4%	-10%	3,720	3,431	-8%	Below
HMSP	29,189	31,142	28,710	30,651	7%	-2%	87,297	88,468	1%	In-line
Cigarettes	56,518	58,379	53,627	55,736	4%	-5%	172,765	165,792	-4%

Source: Bloomberg Finance L.P., Verdhana research

Fig. 4: Revenue – per companies and remarks (2 of 2)

Revenue IDR bn	2Q23	3Q23	2Q24	3Q24	QoQ	YoY	9M23	9M24	YoY	Remarks
MIKA	1,021	1,108	1,209	1,166	-4%	5%	3,157	3,619	15%	In-line
SILO	2,628	2,964	2,990	3,107	4%	5%	8,246	9,123	11%	In-line
HEAL	1,339	1,538	1,638	1,682	3%	9%	4,230	5,027	19%	In-line
PRDA	545	549	545	566	4%	3%	1,612	1,598	-1%	Below
Healthcare	5,533	6,160	6,382	6,522	2%	6%	17,245	19,367	12%

BSDE	2,122	2,310	3,572	2,720	-24%	18%	7,308	10,067	38%	In-line
CTRA	2,339	2,120	2,721	2,080	-24%	-2%	6,589	7,117	8%	In-line
PWON	1,512	1,673	1,731	1,525	-12%	-9%	4,569	4,786	5%	Below
Properties	5,973	6,103	8,024	6,325	-21%	4%	18,467	21,970	19%

HRUM	2,965	2,321	5,415	5,655	4%	144%	9,702	15,287	58%	In-line
ADRO	24,599	23,211	24,069	22,390	-7%	-4%	75,379	69,335	-8%	Below
PTBA	8,901	8,879	10,233	11,013	8%	24%	27,738	30,656	11%	Above
ITMG	9,200	8,152	9,175	9,175	0%	13%	27,632	26,106	-6%	Below
INDY	11,490	9,667	10,306	8,894	-14%	-8%	34,756	28,196	-19%	Above
ADMR	3,379	3,972	5,445	3,542	-35%	-11%	10,924	13,340	22%	In-line
Coal	60,534	56,202	64,644	60,669	-6%	8%	186,130	182,919	-2%

INCO	4,435	4,311	4,194	3,482	-17%	-19%	14,191	11,322	-20%	In-line
ANTM	10,068	9,238	14,569	20,012	37%	117%	30,899	43,201	40%	In-line
Metals	14,502	13,549	18,763	23,494	25%	73%	45,090	54,523	21%

ESSA	1,204	996	1,274	1,189	-7%	19%	3,518	3,633	3%	Below
MEDC	8,368	8,556	9,579	9,720	1%	14%	25,292	28,121	11%	Above
AKRA	8,896	10,123	8,839	9,962	13%	-2%	29,977	28,612	-5%	In-line
ELSA	2,717	3,122	3,210	3,335	4%	7%	8,983	9,652	7%	In-line
O&G	21,185	22,797	22,902	24,205	6%	6%	67,770	70,018	3%

ARNA	566	616	589	700	19%	14%	1,842	1,922	4%	In-line
AVIA	1,726	1,656	1,716	1,784	4%	8%	5,164	5,405	5%	In-line
IMPC	646	697	690	981	42%	41%	2,087	2,415	16%	In-line
SMGR	8,097	10,629	8,036	9,884	23%	-7%	27,661	26,295	-5%	In-line
INTP	3,724	4,958	4,041	5,196	29%	5%	12,928	13,320	3%	In-line
Building Mat	14,759	18,555	15,072	18,546	23%	0%	49,681	49,357	-1%

ASSA	1,243	1,071	1,186	1,274	7%	19%	3,460	3,641	5%	Above
ASLC	156	165	198	236	19%	44%	453	618	36%	Above
Logistics	1,398	1,236	1,385	1,510	9%	22%	3,914	4,260	9%

JSMR	4,478	5,157	7,023	7,294	4%	41%	14,081	20,366	45%	In-line
Infra	4,478	5,157	7,023	7,294	4%	41%	14,081	20,366	45%

JPFA	12,394	13,612	13,723	13,631	-1%	0%	37,767	41,280	9%	In-line
CPIN	16,328	16,237	17,049	16,757	-2%	3%	47,129	49,719	5%	In-line
Poultry	28,722	29,848	30,772	30,388	-1%	2%	84,896	90,999	7%

TAPG	1,847	2,266	2,165	2,166	0%	-4%	6,039	6,242	3%	In-line
LSIP	980	1,039	921	1,123	22%	8%	2,923	2,924	0%	In-line
AALI	4,630	6,291	5,513	5,974	8%	-5%	15,682	16,287	4%	In-line
DSNG	2,291	2,207	2,473	2,469	0%	12%	6,564	7,172	9%	In-line
CPO	9,747	11,803	11,072	11,731	6%	-1%	31,208	32,626	5%
Total	630,853	644,119	668,942	697,547	4.3%	8.3%	1,929,427	2,030,526	5.2%

Source: Bloomberg Finance L.P., Verdhana research

Fig. 5: Net profit – growth and remarks per company (1 of 2)

NPAT Rp bn	2Q23	3Q23	2Q24	3Q24	QoQ	YoY	9M23	9M24	YoY	Remarks
BBCA	12,660	12,230	13,997	14,198	1%	16%	36,420	41,074	13%	In-line
BBRI	13,920	14,571	13,816	15,363	11%	5%	43,993	45,065	2%	Below
BMRI	12,672	13,832	13,848	15,467	12%	12%	39,064	42,018	8%	In-line
BBNI	5,081	5,452	6,096	5,617	-8%	3%	15,753	17,039	8%	In-line
BTPS	328	251	288	218	-24%	-13%	1,004	771	-23%	Below
PNBN	1,150	676	589	930	58%	38%	2,416	2,206	-9%	Above
BDMN	690	1,053	624	877	41%	-17%	2,561	2,332	-9%	In-line
BNGA	1,652	1,669	1,726	1,687	-2%	1%	4,902	5,094	4%	Above
BTPN	656	632	697	754	8%	19%	2,094	1,994	-5%	In-line
ARTO	23	10	28	36	27%	267%	50	86	71%	Below
BRIS	1,364	1,378	2,236	1,713	-23%	24%	4,200	5,656	35%	In-line
Banks	50,195	51,754	53,945	56,859	5%	10%	152,456	163,334	7%

TLKM	6,332	6,743	5,708	5,914	4%	-12%	19,499	17,675	-9%	In-line
ISAT	979	879	1,440	1,143	-21%	30%	2,787	3,878	39%	Above
TOWR	807	866	808	842	4%	-3%	2,426	2,447	1%	Above
TBIG	357	430	381	437	15%	2%	1,118	1,167	4%	Below
MTEL	521	408	543	468	-14%	15%	1,430	1,532	7%	Below
TMT	8,996	9,326	8,880	8,804	-1%	-6%	27,260	26,700	-2%

ASII	8,730	8,242	8,392	9,998	19%	21%	25,691	25,854	1%	Above
DRMA	130	174	104	175	68%	1%	520	412	-21%	In-line
MPMX	133	157	163	114	-30%	-28%	422	441	5%	In-line
SMSM	208	265	230	274	19%	3%	695	719	4%	In-line
AUTO	369	510	539	515	-4%	1%	1,312	1,528	17%	Above
BIRD	136	108	147	173	18%	60%	367	436	19%	Above
WINS	13	27	183	95	-48%	256%	43	313	635%	Above
Auto and Transport	9,719	9,484	9,758	11,344	16%	20%	29,049	29,705	2%

UNVR	1,354	1,430	1,018	543	-47%	-62%	4,189	3,010	-28%	Below
MYOR	492	807	606	298	-51%	-63%	2,026	2,015	-1%	In-line
MLBI	254	235	239	318	33%	35%	693	763	10%	In-line
KLBF	673	536	848	573	-32%	7%	2,065	2,378	15%	Below
INDF	1,717	1,517	1,404	4,906	249%	224%	7,083	8,761	24%	Above
ICBP	1,771	1,335	1,186	4,612	289%	245%	7,060	8,149	15%	Above
SIDO	148	138	218	170	-22%	23%	587	778	33%	In-line
ROTI	70	111	71	104	47%	-6%	230	249	8%	Below
ULTJ	256	328	350	126	-64%	-62%	939	881	-6%	Below
CMRY	325	345	416	353	-15%	3%	967	1,156	20%	In-line
CLEO	70	71	105	116	11%	63%	200	336	68%	In-line
KEJU	6	17	31	47	52%	177%	61	125	106%	Above
FMCGs	5,780	5,440	5,473	11,624	112%	114%	21,910	25,592	17%

ACES	144	183	161	208	30%	14%	486	574	18%	In-line
AMRT	837	578	904	605	-33%	5%	2,190	2,399	10%	In-line
RALS	216	8	141	5	-97%	-39%	255	253	-1%	Above
MAPI	639	445	485	401	-17%	-10%	1,475	1,300	-12%	Below
MAPA	390	375	305	515	68%	37%	1,025	1,102	7%	Above
LPPF	583	- 53	300	- 4	-101%	-93%	631	622	-1%	In-line
MIDI	142	131	166	142	-14%	8%	391	467	20%	Above
ERAA	223	36	268	268	0%	640%	495	791	60%	Above
Retailers	3,174	1,703	2,731	2,139	-22%	26%	6,947	7,507	8%

GGRM	1,325	1,169	330	67	-80%	-94%	4,457	992	-78%	Below
WIIM	136	195	57	60	6%	-69%	441	208	-53%	Below
HMSP	1,590	2,455	1,070	1,908	78%	-22%	6,205	5,224	-16%	In-line
Cigarettes	3,051	3,819	1,456	2,035	40%	-47%	11,104	6,424	-42%

Source: Bloomberg Finance L.P., Verdhana research

Fig. 6: Net profit – growth and remarks per company (2 of 2)

NPAT Rp bn	2Q23	3Q23	2Q24	3Q24	QoQ	YoY	9M23	9M24	YoY	Remarks
MIKA	222	233	312	272	-13%	17%	686	873	27%	In-line
SILO	254	356	301	321	7%	-10%	859	635	-26%	In-line
HEAL	93	146	152	125	-18%	-15%	349	468	34%	In-line
PRDA	77	87	77	79	3%	-9%	236	194	-18%	In-line
Healthcare	647	822	841	797	-5%	-3%	2,130	2,170	2%

BSDE	317	568	896	369	-59%	-35%	1,769	2,702	53%	In-line
CTRA	366	402	546	248	-55%	-38%	1,181	1,277	8%	In-line
PWON	503	388	515	816	58%	110%	1,487	1,663	12%	Below
Properties	1,186	1,359	1,957	1,433	-27%	5%	4,437	5,641	27%

HRUM	713	- 670	596	493	-17%	-174%	1,589	1,104	-30%	In-line
ADRO	6,234	5,333	6,623	6,119	-8%	15%	18,435	18,677	1%	In-line
PTBA	1,613	1,004	1,242	1,198	-4%	19%	3,779	3,230	-15%	In-line
ITMG	1,863	1,528	1,105	-	-100%	-100%	6,131	2,082	-66%	In-line
INDY	463	62	15	203	1282%	225%	1,409	536	-62%	Above
ADMR	1,181	1,344	2,173	1,275	-41%	-5%	3,796	5,288	39%	In-line
Coal	12,067	8,602	11,753	9,288	-21%	8%	35,139	30,918	-12%

INCO	1,055	812	509	257	-49%	-68%	4,397	865	-80%	Below
ANTM	227	959	1,312	651	-50%	-32%	2,849	2,201	-23%	Above
Metals	1,282	1,771	1,821	908	-50%	-49%	7,246	3,066	-58%

ESSA	13	89	170	196	16%	120%	149	528	254%	Above
MEDC	561	1,900	2,489	742	-70%	-61%	3,691	4,372	18%	In-line
AKRA	424	679	408	466	14%	-31%	1,710	1,469	-14%	Below
ELSA	135	157	260	108	-58%	-31%	407	551	36%	Above
O&G	1,133	2,825	3,326	1,513	-55%	-46%	5,957	6,921	16%

ARNA	98	109	98	113	15%	3%	353	316	-10%	In-line
AVIA	390	334	362	352	-3%	6%	1,140	1,160	2%	In-line
IMPC	92	128	118	130	10%	2%	341	397	17%	In-line
SMGR	305	848	30	218	635%	-74%	1,714	719	-58%	Below
INTP	327	569	197	621	216%	9%	1,267	1,056	-17%	In-line
Building Mat	1,212	1,987	805	1,434	78%	-28%	4,815	3,649	-24%

ASSA	18	49	57	84	47%	73%	118	213	80%	Above
ASLC	3	7	9	16	76%	134%	11	40	273%	Above
Logistics	21	55	66	100	51%	80%	129	253	96%

JSMR	651	719	1,727	953	-45%	33%	1,868	3,300	77%	Above
Infra	651	719	1,727	953	-45%	33%	1,868	3,300	77%

JPFA	332	855	814	617	-24%	-28%	937	2,096	124%	Above
CPIN	1,138	1,297	1,057	619	-41%	-52%	2,676	2,387	-11%	In-line
Poultry	1,470	2,152	1,872	1,236	-34%	-43%	3,613	4,483	24%

TAPG	175	634	596	651	9%	3%	1,103	1,617	47%	Above
LSIP	55	291	329	205	-38%	-30%	458	803	76%	In-line
AALI	143	433	271	300	11%	-31%	801	801	0%	In-line
DSNG	148	141	278	357	29%	153%	503	861	71%	In-line
CPO	520	1,499	1,473	1,513	3%	1%	2,864	4,082	43%
Total	101,104	103,316	107,885	111,979	3.8%	8.4%	316,923	323,746	2.2%

Source: Bloomberg Finance L.P., Verdhana research

Fig. 7: 9M24 – topline growth per companies

Source: Bloomberg Finance L.P., Verdhana research

INVESTMENT RATINGS
A rating of ‘Buy’, indicates that the analyst expects the stock to outperform the Benchmark over the next 12 months. A rating of ‘Neutral’, indicates that the analyst expects the stock to perform in line with the Benchmark over the next 12 months. A rating of ‘Reduce’, indicates that the analyst expects the stock to underperform the Benchmark over the next 12 months. A rating of ‘Suspended’, indicates that the rating, target price, and estimates have been suspended temporarily to comply with applicable regulations and/or firm policies. Securities and/or companies that are labelled as ‘Not Rated’ or ‘No Rating’ are not in regular research coverage. Benchmark is Indonesia Composite Index (‘IDX Composite’). A ‘Target Price’, if discussed, indicates the analyst’s forecast for the share price with a 12-month time horizon, reflecting in part of the analyst’s estimates for the company’s earnings, and may be impeded by general market and macroeconomic trends, and by other risks related to the company or the market in general.

GENERAL DISCLOSURE/DISCLAIMER
This report is prepared by PT Verdhana Sekuritas Indonesia (“PTVSI”) a securities company registered in Indonesia, supervised by Indonesia Financial Services Authority (OJK) and a member of the Indonesia Stock Exchange (IDX).

This report is intended for client of PTVSI only and no part of this document may be (i) copied, photocopied or duplicated in any form or by any means or (ii) redistributed without the prior written consent of PTVSI.

The research set out in this report is based on information obtained from sources believed to be reliable, but PTVSI do not make any representation or warranty as to its accuracy, completeness or correctness. The information in this report is subject to change without notice, its accuracy is not guaranteed, it may be incomplete or condensed and it may not contain all material information concerning the company (or companies) referred to in this report. Any information, valuations, opinions, estimates, forecasts, ratings or targets herein constitutes a judgment as of the date of this report is published, and there is no assurance that future results or events will be consistent.

This report is not to be construed as an offer or a solicitation of an offer to buy or sell any securities or financial products. PTVSI and its associates, its directors, and/or its employees may from time to time have interests in the securities mentioned in this report or it may or will engage in any securities transaction or other capital market services for the company (companies) mentioned herein.

ANALYST CERTIFICATION
The research analyst primarily responsible for the content of this report and certifies that the views about the companies including their securities expressed in this report accurately reflect his/her personal views. The analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report.

RESTRICTIONS ON DISTRIBUTION

By accepting this report, the recipient hereof represents and warrants that you are entitled to receive such report in accordance with the restrictions and agrees to be bound by the limitations contained herein. Neither this report nor any copy hereof may be distributed except in compliance with applicable Indonesian capital market laws and regulations.

Research Analysts

Gerald Hugo (gerald.hugo@verdhana.id)

Jupriadi Tan (jupriadi.tan@verdhana.id)

Tags: Equity Strategy, Gerald Hugo, Jupriadi Tan

Indonesia Equity Strategy - Results recap 9M24: picking winners

Results recap 9M24: picking winners

Fig. 1: Sectoral topline growth - favouring FMCGs, retailers, healthcare and logistics

Fig. 2: Sectoral net profit growth - favouring FMCGs, retailers, healthcare and logistics

Fig. 3: Revenue – per companies and remarks (1 of 2)

Fig. 4: Revenue – per companies and remarks (2 of 2)

Fig. 5: Net profit – growth and remarks per company (1 of 2)

Fig. 6: Net profit – growth and remarks per company (2 of 2)

Fig. 7: 9M24 – topline growth per companies

Fig. 8: Quarterly – revenue growth by sector breakdown

Fig. 9: Banks’ interest income growth trend quarterly

Fig. 10: Telco/tower revenue growth quarterly trend. Strongest include TOWR, MTEL, ISAT

Fig. 11: Autos/transport revenue growth quarterly trend. Strongest include MPMX, SMSM, BIRD

Fig. 12: FMCG revenue growth – quarterly trend. Strongest include MYOR, ICBP, CLEO, CMRY

Fig. 13: Retailers revenue growth – quarterly trend. Strongest growth in MAPA, MIDI, MAPI, AMRT

Fig. 14: Healthcare revenue growth – quarterly trend

Fig. 15: Coal and metal mining revenue growth – quarterly trend

Fig. 16: Properties – revenue growth trend on quarterly basis

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Indonesia Equity Strategy - Results recap 9M24: picking winners

Fig. 1: Sectoral topline growth - favouring FMCGs, retailers, healthcare and logistics

Fig. 2: Sectoral net profit growth - favouring FMCGs, retailers, healthcare and logistics

Fig. 3: Revenue – per companies and remarks (1 of 2)

Fig. 4: Revenue – per companies and remarks (2 of 2)

Fig. 5: Net profit – growth and remarks per company (1 of 2)

Fig. 6: Net profit – growth and remarks per company (2 of 2)

Fig. 7: 9M24 – topline growth per companies

Fig. 8: Quarterly – revenue growth by sector breakdown

Fig. 9: Banks’ interest income growth trend quarterly

Fig. 10: Telco/tower revenue growth quarterly trend. Strongest include TOWR, MTEL, ISAT

Fig. 11: Autos/transport revenue growth quarterly trend. Strongest include MPMX, SMSM, BIRD

Fig. 12: FMCG revenue growth – quarterly trend. Strongest include MYOR, ICBP, CLEO, CMRY

Fig. 13: Retailers revenue growth – quarterly trend. Strongest growth in MAPA, MIDI, MAPI, AMRT

Fig. 14: Healthcare revenue growth – quarterly trend

Fig. 15: Coal and metal mining revenue growth – quarterly trend

Fig. 16: Properties – revenue growth trend on quarterly basis

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