Nippon Indosari Corpindo - FY24 Outlook: Focusing on Profitability
Post the tepid FY23 results, ROTI aims to focus on profitability in 2024 onward amid fewer catalysts for purchasing power in 2Q24 onward
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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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