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

Thematic (Sector/Industry)

<ul><li>Cabinet formation: coalition completed. The names of Minister and Vice Minister announced in President Prabowo’s cabinet comprise representation of political parties (ex-PDIP) and existing ministers under Pres. Jokowi, including MoF Mrs. Sri Mulyani.</li><li>In our view, the latter should cement a positive outlook for Indonesia’s stability while the overall cabinet posture shall ensure the delivery of programs continuity.</li><li>ACES (Buy, TP Rp1,100): strong SSSG continues at 8.8% in Sep24. ACES is our analyst’s top pick in the retail sector. </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.

Cabinet formation: coalition completed. The names of Minister and Vice Minister announced in President Prabowo’s cabinet comprise representation of political parties (ex-PDIP) and existing ministers under Pres. Jokowi, including MoF Mrs. Sri Mulyani.In our view, the latter should cement a positive outlook for Indonesia’s stability while the overall cabinet posture shall ensure the delivery of programs continuity.ACES (Buy, TP Rp1,100): strong SSSG continues at 8.8% in Sep24. ACES is our analyst’s top pick in the retail sector. 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.

BRIDS Market Pulse : Chart of the week – Foreign Equity Flow Returned to JCI

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

BRIDS Market Pulse : Chart of the week – Foreign Equity Flow Returned to JCI

The names of Minister and Vice Minister announced in President Prabowo’s cabinet comprise representation of political parties (ex-PDIP) and...

BRI Danareksa Research

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