ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/industri-jamu-dan-farmasi-sido-muncul-tbk-pt" target="_blank" data-smartkarma-citation="entities:6033:1" rel="noopener">Sido Muncul (SIDO IJ)</a> booked a solid set of 9M2024 results with some seasonal slowdown in 3Q2024 but prospects remain healthy as the rainy season has begun to boost consumption. </li>
<li>The company is seeing strong revenue growth across herbal &amp; supplements, F&amp;B (mainly energy drinks) and pharma, with improving margins, and exceptionally strong export growth. </li>
<li>
<a href="https://www.smartkarma.com/entities/industri-jamu-dan-farmasi-sido-muncul-tbk-pt" target="_blank" data-smartkarma-citation="entities:6033:1" rel="noopener">Sido Muncul</a> saw an increase in its cash conversion caused by a strategic stocking of raw materials at favourable prices which should boost margins. Valuations are attractive at 15x PER. </li>
</ul>



Sido Muncul (SIDO IJ) booked a solid set of 9M2024 results with some seasonal slowdown in 3Q2024 but prospects remain healthy as the rainy season has begun to boost consumption. 
The company is seeing strong revenue growth across herbal &amp; supplements, F&amp;B (mainly energy drinks) and pharma, with improving margins, and exceptionally strong export growth. 

Sido Muncul saw an increase in its cash conversion caused by a strategic stocking of raw materials at favourable prices which should boost margins. Valuations are attractive at 15x PER. 


Sido Muncul (SIDO IJ) - Stocking Up for Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/industri-jamu-dan-farmasi-sido-muncul-tbk-pt" target="_blank" data-smartkarma-citation="entities:6033:1" rel="noopener">Sido Muncul</a>'s recent results reflect a sharp recovery in its core herbal and F&amp;B business as increased sales volumes have brought scale benefits to its iconic products. </li>
<li>The company saw recovery in both sales and profits, with margins improving considerably  in 4Q2023 due to increased volumes and lower raw material prices. </li>
<li>Tolak Angin remains an iconic brand catering to all demographics with 70% leadership of its category, with Kuku Bima being the leader in powdered energy drinks. Valuations appealing versus history. </li>
</ul>



Sido Muncul's recent results reflect a sharp recovery in its core herbal and F&amp;B business as increased sales volumes have brought scale benefits to its iconic products. 
The company saw recovery in both sales and profits, with margins improving considerably  in 4Q2023 due to increased volumes and lower raw material prices. 
Tolak Angin remains an iconic brand catering to all demographics with 70% leadership of its category, with Kuku Bima being the leader in powdered energy drinks. Valuations appealing versus history. 


Sido Muncul (SIDO IJ) - Iconic Modern Jamu

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

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.

<ul><li>SIDO reported outstanding performance in 2Q24, with revenue coming in at IDR843.1 bn (- 20.0% QoQ/+12.9% YoY).</li><li>The QoQ decrease was due to seasonality, while the YoY growth was driven by higher volume across all segments.</li><li>Segment-wise, Herbal, the largest contributor (57.7%), exhibited an +8.1% YoY growth, while FnB (38.0%) grew by +21.2% YoY and Pharmacy (17.6%) advanced by +12.3% YoY. </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.

SIDO reported outstanding performance in 2Q24, with revenue coming in at IDR843.1 bn (- 20.0% QoQ/+12.9% YoY).The QoQ decrease was due to seasonality, while the YoY growth was driven by higher volume across all segments.Segment-wise, Herbal, the largest contributor (57.7%), exhibited an +8.1% YoY growth, while FnB (38.0%) grew by +21.2% YoY and Pharmacy (17.6%) advanced by +12.3% YoY. 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.

SIDO IJ - MNC Sekuritas Equity Report July 30, 2024

<ul><li>SIDO reported outstanding performance in 2Q24. 2Q24 net profit surged to IDR218.0 bn (-44.2% QoQ/+47.5% YoY), translating to an NPM of 25.9% (vs 19.8% in 2Q23), hitting an all-time high (ATH) if we exclude the covid-19 period.</li><li>The accelerated La Nina cycle is expected to amplify demand for the "Tolak Angin" product, a key driver of Herbal segment growth.</li><li>Interestingly, we found a correlation between stock prices and sea surface temperatures (SST) as a proxy for the El Nino-La Nina cycle.</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.

SIDO reported outstanding performance in 2Q24. 2Q24 net profit surged to IDR218.0 bn (-44.2% QoQ/+47.5% YoY), translating to an NPM of 25.9% (vs 19.8% in 2Q23), hitting an all-time high (ATH) if we exclude the covid-19 period.The accelerated La Nina cycle is expected to amplify demand for the "Tolak Angin" product, a key driver of Herbal segment growth.Interestingly, we found a correlation between stock prices and sea surface temperatures (SST) as a proxy for the El Nino-La Nina cycle.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.

Sido Ij - Continued Underlying Momentum: La Nina 2H24

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

<ul>
<li>
<a href="https://www.smartkarma.com/entities/industri-jamu-dan-farmasi-sido-muncul-tbk-pt" target="_blank" data-smartkarma-citation="entities:6033:1" rel="noopener">Sido Muncul (SIDO IJ)</a> had a poor Q2-Q3 numbers, and investors sold off. </li>
<li>The recent uptick is driven by revenue growth and cost cutting exercises (mainly in wages) that improve margins.  </li>
<li>Productivity may not stay at the same level thus Q2 24 numbers are key. Take your win first. </li>
</ul>



Sido Muncul (SIDO IJ) had a poor Q2-Q3 numbers, and investors sold off. 
The recent uptick is driven by revenue growth and cost cutting exercises (mainly in wages) that improve margins.  
Productivity may not stay at the same level thus Q2 24 numbers are key. Take your win first. 


Indonesia

PT Industri Jamu Dan Farmasi Sido Muncul Tbk manufactures and produces herbal products. The Company's products consist of medicinal herbs, energy drinks, sweets and other beverages.

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Sido Muncul (SIDO IJ)