Mayora Indah MYOR IJ Buy - Indonesia superior multinational company
MYOR is one of the biggest and fastest-growing FMCG exporters among listed firms in Indonesia
Food Beverages n Tobacco SH SC JW 1K 29th Oct, 2025
Maintain Buy with higher TP of IDR2,200
Free nutritious meal program beneficiary
Manageable margin level
Recommend Buy with higher TP of IDR2,200
| Year-end 31 Dec | FY24 | FY25F | FY26F | FY27F | |||
| Currency (IDR) | Actual | Old | New | Old | New | Old | New |
| Revenue (bn) | 8,874 | 8,564 | 8,564 | 9,439 | 9,439 | 10,500 | 10,500 |
| Reported net profit (bn) | 1,137 | 1,119 | 1,230 | 1,307 | 1,412 | 1,513 | 1,639 |
| Normalised net profit (bn) | 1,137 | 1,119 | 1,230 | 1,307 | 1,412 | 1,513 | 1,639 |
| FD normalised EPS | 109.31 | 107.63 | 118.28 | 125.71 | 135.79 | 145.48 | 157.58 |
| FD norm. EPS growth (%) | -2.8 | -1.5 | 8.2 | 16.8 | 14.8 | 15.7 | 16.0 |
| FD normalised P/E (x) | 12.4 | – | 11.5 | – | 10.0 | – | 8.6 |
| EV/EBITDA (x) | 8.7 | – | 7.7 | – | 6.7 | – | 5.8 |
| Price/book (x) | 1.9 | – | 1.7 | – | 1.6 | – | 1.4 |
| Dividend yield (%) | 2.8 | – | 3.0 | – | 3.5 | – | 4.1 |
| ROE (%) | 16.3 | 14.6 | 15.9 | 15.5 | 16.5 | 16.3 | 17.2 |
| Net debt/equity (%) | net cash | net cash | net cash | net cash | net cash | net cash | net cash |
Income statement (IDRbn) | |||||||||||||||||||
Year-end 31 Dec | FY23 | FY24 | FY25F | FY26F | FY27F | ||||||||||||||
Revenue | 8,303 | 8,874 | 8,564 | 9,439 | 10,500 | ||||||||||||||
Cost of goods sold | -5,611 | -5,852 | -5,770 | -6,359 | -7,061 | ||||||||||||||
Gross profit | 2,692 | 3,022 | 2,795 | 3,080 | 3,439 | ||||||||||||||
SG&A | -1,235 | -1,623 | -1,319 | -1,424 | -1,572 | ||||||||||||||
Employee share expense | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Operating profit | 1,456 | 1,399 | 1,475 | 1,656 | 1,867 | ||||||||||||||
EBITDA | 1,602 | 1,533 | 1,667 | 1,863 | 2,086 | ||||||||||||||
Depreciation | -146 | -134 | -192 | -206 | -219 | ||||||||||||||
Amortisation | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
EBIT | 1,456 | 1,399 | 1,475 | 1,656 | 1,867 | ||||||||||||||
Net interest expense | 23 | 37 | 73 | 91 | 98 | ||||||||||||||
Associates & JCEs | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Other income | 28 | 71 | 67 | 108 | 186 | ||||||||||||||
Earnings before tax | 1,507 | 1,507 | 1,615 | 1,855 | 2,151 | ||||||||||||||
Income tax | -321 | -353 | -378 | -435 | -504 | ||||||||||||||
Net profit after tax | 1,186 | 1,154 | 1,237 | 1,420 | 1,647 | ||||||||||||||
Minority interests | -17 | -17 | -7 | -8 | -9 | ||||||||||||||
Other items | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Preferred dividends | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Normalised NPAT | 1,169 | 1,137 | 1,230 | 1,412 | 1,639 | ||||||||||||||
Extraordinary items | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Reported NPAT | 1,169 | 1,137 | 1,230 | 1,412 | 1,639 | ||||||||||||||
Dividends | -416 | -398 | -430 | -494 | -574 | ||||||||||||||
Transfer to reserves | 753 | 739 | 799 | 918 | 1,065 | ||||||||||||||
Valuations and ratios | |||||||||||||||||||
Reported P/E (x) | 12.1 | 12.4 | 11.5 | 10.0 | 8.6 | ||||||||||||||
Normalised P/E (x) | 12.1 | 12.4 | 11.5 | 10.0 | 8.6 | ||||||||||||||
FD normalised P/E (x) | 12.1 | 12.4 | 11.5 | 10.0 | 8.6 | ||||||||||||||
Dividend yield (%) | 2.9 | 2.8 | 3.0 | 3.5 | 4.1 | ||||||||||||||
Price/cashflow (x) | 6.1 | 11.2 | 9.5 | 9.9 | 8.3 | ||||||||||||||
Price/book (x) | 2.1 | 1.9 | 1.7 | 1.6 | 1.4 | ||||||||||||||
EV/EBITDA (x) | 8.5 | 8.7 | 7.7 | 6.7 | 5.8 | ||||||||||||||
EV/EBIT (x) | 9.4 | 9.6 | 8.7 | 7.6 | 6.5 | ||||||||||||||
Gross margin (%) | 32.4 | 34.1 | 32.6 | 32.6 | 32.8 | ||||||||||||||
EBITDA margin (%) | 19.3 | 17.3 | 19.5 | 19.7 | 19.9 | ||||||||||||||
EBIT margin (%) | 17.5 | 15.8 | 17.2 | 17.5 | 17.8 | ||||||||||||||
Net margin (%) | 14.1 | 12.8 | 14.4 | 15.0 | 15.6 | ||||||||||||||
Effective tax rate (%) | 21.3 | 23.4 | 23.4 | 23.4 | 23.4 | ||||||||||||||
Dividend payout (%) | 35.6 | 35.0 | 35.0 | 35.0 | 35.0 | ||||||||||||||
ROE (%) | 19.0 | 16.3 | 15.9 | 16.5 | 17.2 | ||||||||||||||
ROA (pretax %) | 25.4 | 24.6 | 24.1 | 25.2 | 25.6 | ||||||||||||||
Growth (%) | |||||||||||||||||||
Revenue | 8.4 | 6.9 | -3.5 | 10.2 | 11.2 | ||||||||||||||
EBITDA | 12.4 | -4.3 | 8.8 | 11.7 | 12.0 | ||||||||||||||
Normalised EPS | 21.7 | -2.8 | 8.2 | 14.8 | 16.0 | ||||||||||||||
Normalised FDEPS | 21.7 | -2.8 | 8.2 | 14.8 | 16.0 | ||||||||||||||
Source: Company data, Verdhana estimates | |||||||||||||||||||
Cashflow statement (IDRbn) | |||||||||||||||||||
Year-end 31 Dec | FY23 | FY24 | FY25F | FY26F | FY27F | ||||||||||||||
EBITDA | 1,602 | 1,533 | 1,667 | 1,863 | 2,086 | ||||||||||||||
Change in working capital | -330 | 1,281 | 1,483 | -199 | -157 | ||||||||||||||
Other operating cashflow | 1,028 | -1,551 | -1,654 | -241 | -226 | ||||||||||||||
Cashflow from operations | 2,300 | 1,263 | 1,495 | 1,422 | 1,702 | ||||||||||||||
Capital expenditure | -232 | -248 | -559 | -532 | -548 | ||||||||||||||
Free cashflow | 2,067 | 1,014 | 936 | 890 | 1,154 | ||||||||||||||
Reduction in investments | -48 | -54 | -10 | -13 | -14 | ||||||||||||||
Net acquisitions | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Dec in other LT assets | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Inc in other LT liabilities | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Adjustments | -220 | -311 | 94 | -156 | -85 | ||||||||||||||
CF after investing acts | 1,799 | 650 | 1,020 | 721 | 1,055 | ||||||||||||||
Cash dividends | -312 | -416 | -398 | -430 | -494 | ||||||||||||||
Equity issue | -63 | 0 | 0 | 0 | 0 | ||||||||||||||
Debt issue | -598 | 0 | 0 | 0 | 0 | ||||||||||||||
Convertible debt issue | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Others | 100 | 26 | -22 | -48 | -100 | ||||||||||||||
CF from financial acts | -873 | -390 | -420 | -479 | -594 | ||||||||||||||
Net cashflow | 926 | 260 | 600 | 242 | 461 | ||||||||||||||
Beginning cash | 1,249 | 2,174 | 2,434 | 3,035 | 3,277 | ||||||||||||||
Ending cash | 2,174 | 2,434 | 3,035 | 3,277 | 3,738 | ||||||||||||||
Ending net debt | -2,173 | -2,433 | -3,033 | -3,275 | -3,736 | ||||||||||||||
Balance sheet (IDRbn) | |||||||||||||||||||
As at 31 Dec | FY23 | FY24 | FY25F | FY26F | FY27F | ||||||||||||||
Cash & equivalents | 2,174 | 2,434 | 3,035 | 3,277 | 3,738 | ||||||||||||||
Marketable securities | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Accounts receivable | 767 | 912 | 866 | 943 | 1,040 | ||||||||||||||
Inventories | 1,431 | 1,390 | 1,358 | 1,478 | 1,624 | ||||||||||||||
Other current assets | 39 | 134 | 133 | 146 | 163 | ||||||||||||||
Total current assets | 4,411 | 4,870 | 5,391 | 5,843 | 6,565 | ||||||||||||||
LT investments | 329 | 383 | 393 | 406 | 420 | ||||||||||||||
Fixed assets | 2,346 | 2,461 | 2,828 | 3,154 | 3,483 | ||||||||||||||
Goodwill | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Other intangible assets | 8 | 9 | 9 | 9 | 9 | ||||||||||||||
Other LT assets | 429 | 739 | 645 | 801 | 886 | ||||||||||||||
Total assets | 7,524 | 8,461 | 9,266 | 10,213 | 11,363 | ||||||||||||||
Short-term debt | 2 | 2 | 2 | 2 | 2 | ||||||||||||||
Accounts payable | 465 | 555 | 525 | 530 | 588 | ||||||||||||||
Other current liabilities | 247 | 346 | 376 | 381 | 426 | ||||||||||||||
Total current liabilities | 713 | 903 | 902 | 912 | 1,016 | ||||||||||||||
Long-term debt | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Convertible debt | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Other LT liabilities | 124 | 132 | 152 | 177 | 208 | ||||||||||||||
Total liabilities | 837 | 1,034 | 1,054 | 1,090 | 1,225 | ||||||||||||||
Minority interest | 86 | 88 | 92 | 104 | 117 | ||||||||||||||
Preferred stock | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Common stock | 566 | 566 | 566 | 566 | 566 | ||||||||||||||
Retained earnings | 6,062 | 6,783 | 7,564 | 8,463 | 9,465 | ||||||||||||||
Proposed dividends | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Other equity and reserves | -28 | -10 | -10 | -10 | -10 | ||||||||||||||
Total shareholders' equity | 6,601 | 7,339 | 8,120 | 9,019 | 10,021 | ||||||||||||||
Total equity & liabilities | 7,524 | 8,461 | 9,266 | 10,213 | 11,363 | ||||||||||||||
Liquidity (x) | |||||||||||||||||||
Current ratio | 6.18 | 5.39 | 5.97 | 6.40 | 6.46 | ||||||||||||||
Interest cover | – | – | – | – | – | ||||||||||||||
Leverage | |||||||||||||||||||
Net debt/EBITDA (x) | net cash | net cash | net cash | net cash | net cash | ||||||||||||||
Net debt/equity (%) | net cash | net cash | net cash | net cash | net cash | ||||||||||||||
Per share | |||||||||||||||||||
Reported EPS (IDR) | 112.44 | 109.31 | 118.28 | 135.79 | 157.58 | ||||||||||||||
Norm EPS (IDR) | 112.44 | 109.31 | 118.28 | 135.79 | 157.58 | ||||||||||||||
FD norm EPS (IDR) | 112.44 | 109.31 | 118.28 | 135.79 | 157.58 | ||||||||||||||
BVPS (IDR) | 634.80 | 705.81 | 780.91 | 867.37 | 963.73 | ||||||||||||||
DPS (IDR) | 40.00 | 38.26 | 41.40 | 47.53 | 55.15 | ||||||||||||||
Activity (days) | |||||||||||||||||||
Days receivable | 32.0 | 34.6 | 37.9 | 35.0 | 34.5 | ||||||||||||||
Days inventory | 100.1 | 88.2 | 86.9 | 81.4 | 80.2 | ||||||||||||||
Days payable | 35.6 | 31.9 | 34.2 | 30.3 | 28.9 | ||||||||||||||
Cash cycle | 96.6 | 90.9 | 90.6 | 86.1 | 85.7 | ||||||||||||||
Source: Company data, Verdhana estimates | |||||||||||||||||||
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).
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| Rating Remains | Buy |
| Target price Increased from IDR 2,000 | IDR 2,200 |
| Closing price 27 October 2025 | IDR 1,360 |
| Implied upside | +61.8% |
| Market Cap (USD mn) | 946.0 |
| ADT (USD mn) | 0.3 |
M cap (USDmn) | 946.0 |
Free float (%) | 24.6 |
3-mth ADT (USDmn) | 0.3 |
(%) | 1M | 3M | 12M |
Absolute (IDR) | 4.6 | 3.8 | -26.9 |
Absolute (USD) | 5.3 | 1.9 | -31.2 |
Rel to Jakarta Stock Exchange Composite Index | 4.4 | -3.8 | -32.4 |
Sandy Ham (sandy.ham@verdhana.id)
Samuel Christian (samuel.christian@verdhana.id)
Jody Wijaya (jody.wijaya@verdhana.id)
saya
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