In today’s briefing:
- Multi Bintang Indonesia (MLBI IJ): Q2 2024 Mediocre, But Dividend Yield At 8% for 70% ROCE Company
- Morning Views Asia: Adani Ports & Special Economic Zone, Indika Energy, New World Development
Multi Bintang Indonesia (MLBI IJ): Q2 2024 Mediocre, But Dividend Yield At 8% for 70% ROCE Company
- Multi Bintang Indonesia (MLBI IJ) reported Q2 2024 revenues/profits of -4.4%/-5.4% YoY. Q2 FY24 was a significant improvement over Q1 FY24, when revenues were down 10.7% YoY.
- The company is controlling costs by keeping SG&A down by 100 bps to maintain EBITDA margins over 50%. Net cash is now at 8% of the market capitalization.
- We believe that the company will be able to pay 500/Rph of dividends in FY24, implying an 8.3% dividend yield. Trading at 12x PE, we find this idea compelling.
Morning Views Asia: Adani Ports & Special Economic Zone, Indika Energy, New World Development
Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.
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