In today’s briefing:
- Ultrajaya Milk (ULTJ IJ) – Back on Track with Dairy and Tea
Ultrajaya Milk (ULTJ IJ) – Back on Track with Dairy and Tea
- Ultrajaya Milk (ULTJ IJ) remains a core proxy for the under-penetration of dairy products in Indonesia, which stands at less than half of Thailand in terms of per capita consumption.
- Ultrajaya has seen a strong rebound in sales this year for its UHT milk sales but material pressure persisted in 1H2023 but will abate in 2H2023 improving margins.
- Its carton tea products are seeing a strong rebound and a new distribution warehouse in Cikarang will improve distribution. Ultrajaya‘s growth trajectory is resuming and valuations are attractive.
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