In today’s briefing:
- PT Nippon Indosari Corpindo (ROTI IJ) – New Products Gaining Traction
- Matahari Department Store (LPPF IJ) – Private Label Revamp
- Morning Views Asia: Pakuwon Jati, Pertamina Geothermal Energy PT
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PT Nippon Indosari Corpindo (ROTI IJ) – New Products Gaining Traction
- PT Nippon Indosari Corpindo (ROTI IJ) booked a strong set of numbers for 1H2024 as it benefitted from a pick up outside Java plus a good showing from modern trade.
- ROTI launched several new products in IH2024 both at the premium as well as at the more affordable level. It is also targeting a younger demographic with revamped packaging.
- Management points towards a more positive 2H2024 with stronger growth outside Java and a lower return rate as new products gain traction with lower costs. Valuations are attractive versus history.
Matahari Department Store (LPPF IJ) – Private Label Revamp
- Matahari Department Store (LPPF IJ) reported a slightly weaker 1H2024 due to a slower performance over Lebaran and afterwards but remains confident in its ongoing initiatives to drive future growth.
- The company will not open any new stores in the 2H2024 as it focuses on reservations and driving its private labels, including Suko and Nevada, and consignment vendors.
- Matahari continues to drive its omnichannel sales and build on its membership penetration to better target sales. Valuations remain attractive on 4.2x FY2025E PER with a 13% dividend yield.
Morning Views Asia: Pakuwon Jati, Pertamina Geothermal Energy PT
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.