Consumer: Expect Solid Core Profit Growth on Better Margins, Revenue Growth May Remain Soft
We estimate sector’s 2Q24 core profit to grow at a healthy doubledigit rate, but expect weak rev. growth (2.8% yoy/ -15.8% qoq)
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Consumer: Room for Growth Is Still in Store (OVERWEIGHT)
We maintain our sector OW rating and expect ICBP (TP Rp13,000) and MYOR (TP Rp3,500) to fare better under a soft recovery scenario.
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Consumer: Festive events in 1H24 and higher social aid to cushion soft recovery in FY24 (OVERWEIGHT)
We expect more provision for social aid and the festive events in 1H24 to cushion soft purchasing power recovery amid modest wage hikes.
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Macro Strategy & Flows Trackers: More Signals
The main takeaways from the most recent Fed Beige Book suggest moderating economic growth in recent months, implying a Fed pause.
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Macro and Flows Tracker - Not All Is Well
The global manufacturing sector depicted some positive signs in July, with more countries reporting stronger activity, including Indonesia
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