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.
511 Views
Equity Strategy: FY24 Outlook: The Road to JCI 8,000
JCI’s 13x PE implies room for a rerating if growth improves, while Indonesia’s resilient economic growth offers downside protection.
323 Views
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.
320 Views
Mayora Indah (MYOR IJ) - Attractive FY24F Growth on Stronger Sales & Sustainable Margins
Following MYOR’s 9M23 earnings beat, we slightly raise our FY23-25F forecast and TP to IDR3,500 (from IDR3,300 prev.) as we expect MYOR will...
403 Views
El Nino Impact - Beating The Heat
The realization of a strong El Nino would create yield disruption for CPO and other soft commodity products. Our analysis shows that during the...
241 Views