In today’s briefing:
- Cisarua Mountain Dairy (CMRY IJ) – Fuelled by General Trade and Miss Cimory
Cisarua Mountain Dairy (CMRY IJ) – Fuelled by General Trade and Miss Cimory
- Cisarua Mountain Dairy (CMRY IJ) remains one of Indonesia’s most interesting high-quality consumer staples companies, with strong brands in both premium dairy products and premium packaged foods.
- The company grew total sales by 76% YoY for 9M2022, with dairy products growing 51% YoY and packaged foods by 125% YoY driven by increasing capacity to serve burgeoning demand.
- Margins have been impacted by rising raw material prices but powdered milk prices have been falling which should mean margins recover but all the same 9M2022 net profit rose 1.5x.
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