In today’s briefing:
- Ultrajaya Milk (ULTJ IJ) – Dairy and Tea Recovery in Motion
Ultrajaya Milk (ULTJ IJ) – Dairy and Tea Recovery in Motion
- Ultrajaya Milk (ULTJ IJ) 4Q2023 and FY2023 confirmed a recovery on both its dairy and carton tea segments, with strong growth and a normalisation of raw material costs boosting margins.
- ULTJ continue to focus on new product launches in dairy and carton tea and growing its distribution network with its new distrbution centre at MM1200 under pilot testing.
- Prospects for FY2024 look healthy with expanding distribution and a number of new products helping to drive growth. Valuations look reasonable versus listed competitor Cisarua Mountain Dairy (CMRY IJ).
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