External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

Indofood Sukses Makmur Tbk P / Equity Bottom-Up

<ul><li>Strong volume growth from ICBP and Bogasari, higher CPO prices, and lower fertilizer costs supported INDF's solid 9M24 performance.</li><li>We project FY24/25F core profit growth of 5.8% and 9.3% yoy, driven by ICBP and robust performance in the agribusiness division. </li><li>We expect INDF will benefit from lower fertilizer costs until 1H25. We maintain a Buy rating with a higher TP of Rp8,800 (FY25F PE of 6.6x).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strong volume growth from ICBP and Bogasari, higher CPO prices, and lower fertilizer costs supported INDF's solid 9M24 performance.We project FY24/25F core profit growth of 5.8% and 9.3% yoy, driven by ICBP and robust performance in the agribusiness division. We expect INDF will benefit from lower fertilizer costs until 1H25. We maintain a Buy rating with a higher TP of Rp8,800 (FY25F PE of 6.6x).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indofood Sukses Makmur - CPO Price Stability and Volume Growth Underpin FY24-25F Outlook

<ul><li>Following the solid 9M24 results, we raise our FY24-25F revenue growth forecast to 8% yoy, primarily driven by stronger volume expectation.</li><li>We also expect demand from overseas markets, coupled with stable margins, to support FY24/25F core profit growth of 7%/11% yoy.</li><li>Maintain Buy rating with a higher TP of Rp14,000. We expect positive momentum to continue into 4Q24 and 1Q25, backed by Eid festivities.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Following the solid 9M24 results, we raise our FY24-25F revenue growth forecast to 8% yoy, primarily driven by stronger volume expectation.We also expect demand from overseas markets, coupled with stable margins, to support FY24/25F core profit growth of 7%/11% yoy.Maintain Buy rating with a higher TP of Rp14,000. We expect positive momentum to continue into 4Q24 and 1Q25, backed by Eid festivities.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indofood CBP Sukses Makmur - Positive Outlook for FY24-25F Intact...

<ul><li>2Q24/1H24 core profit beat was driven by solid volume growth, especially from Noodles in both domestic and overseas markets. </li><li>We raise a 4.9%/3.2% upward revision due to higher volume and margins; expect high margins to sustain amid soft input prices.</li><li>With an undemanding valuation and steady core profit growth, we reiterate our Buy rating with higher TP of Rp13,400 (FY25F PE of 13.8x).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

2Q24/1H24 core profit beat was driven by solid volume growth, especially from Noodles in both domestic and overseas markets. We raise a 4.9%/3.2% upward revision due to higher volume and margins; expect high margins to sustain amid soft input prices.With an undemanding valuation and steady core profit growth, we reiterate our Buy rating with higher TP of Rp13,400 (FY25F PE of 13.8x).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indofood CBP Sukses Makmur - 1H24 Earnings Beat from Solid Volume Growth Across Markets

<ul><li>We expect ICBP and the Distribution division to drive FY24F performance, supporting estimated top line growth of 5.7% yoy. </li><li>With the expectation of stable CPO and wheat prices, we expect robust margins to be maintained in FY24F.</li><li>We forecast FY24-25F core profit growth of 3.9% yoy and 7.2% yoy; maintain Buy rating with maintained TP at Rp8,000.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect ICBP and the Distribution division to drive FY24F performance, supporting estimated top line growth of 5.7% yoy. With the expectation of stable CPO and wheat prices, we expect robust margins to be maintained in FY24F.We forecast FY24-25F core profit growth of 3.9% yoy and 7.2% yoy; maintain Buy rating with maintained TP at Rp8,000.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indofood Sukses Makmur  - Still a Sound Value Proposition

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Kantar reported that household spending in Indonesia increased by +7.0% YoY in 3Q24, reaching IDR6 mn (vs IDR5.6 mn in 3Q23), driven by fresh food and FMCG.</li><li>Additionally, value per trip and spending volume also increased by +6.0% YoY and +2.0% YoY, respectively.</li><li>This growth indicates an uptick in consumption, especially among lower and upper-income groups in 3Q24, in line with manageable inflation due to the moderation of key staple prices, such as rice, flour and eggs. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kantar reported that household spending in Indonesia increased by +7.0% YoY in 3Q24, reaching IDR6 mn (vs IDR5.6 mn in 3Q23), driven by fresh food and FMCG.Additionally, value per trip and spending volume also increased by +6.0% YoY and +2.0% YoY, respectively.This growth indicates an uptick in consumption, especially among lower and upper-income groups in 3Q24, in line with manageable inflation due to the moderation of key staple prices, such as rice, flour and eggs. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer Sectoral Update December 17, 2024

Indonesia

PT Indofood Sukses Makmur Tbk and its subsidiaries manufacture instant noodles, wheat flour, baby food, food seasonings, coffee, cooking oil, and snacks.

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Indofood Sukses Makmur Tbk P (INDF IJ)

Indofood Sukses Makmur - CPO Price Stability and Volume Growth Underpin FY24-25F Outlook

Strong volume growth from ICBP and Bogasari, higher CPO prices, and lower fertilizer costs supported INDF's solid 9M24 performance.

BRI Danareksa Research

Indofood CBP Sukses Makmur - Positive Outlook for FY24-25F Intact...

Following the solid 9M24 results, we raise our FY24-25F revenue growth forecast to 8% yoy, primarily driven by stronger volume expectation.

BRI Danareksa Research

Indofood CBP Sukses Makmur - 1H24 Earnings Beat from Solid Volume Growth Across Markets

2Q24/1H24 core profit beat was driven by solid volume growth, especially from Noodles in both domestic and overseas markets.

BRI Danareksa Research

Indofood Sukses Makmur - Still a Sound Value Proposition

We expect ICBP and the Distribution division to drive FY24F performance, supporting estimated top line growth of 5.7% yoy. With the expectation of...

BRI Danareksa Research

Consumer Sectoral Update December 17, 2024

Kantar reported that household spending in Indonesia increased by +7.0% YoY in 3Q24, reaching IDR6 mn (vs IDR5.6 mn in 3Q23), driven by fresh food...

MNC Sekuritas

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