In today’s briefing:
- Multi Bintang (MLBI IJ): Recovery Story With High Cash Flow Generation and Dividend Pay Out
Multi Bintang (MLBI IJ): Recovery Story With High Cash Flow Generation and Dividend Pay Out
- Multi Bintang Indonesia (MLBI IJ) is Indonesia’s leading beer company, with a marketshare of 50% by volume. The company is 89% owned by Heineken.
- The company has maintained an average 5 Yr/10 Yr ROCE of over 72%/82% and paid out 80-100% of its profits as dividends. It is also net cash.
- The stock boasts a 6.5%-7% dividend yield and trades at 14-15x PE if profits normalize due to increased tourism in Indonesia, where we believe most of the demand is.
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