Indonesia: Cisarua Mountain Dairy, Greenland Hong Kong Holdings and more

• Cisarua Mountain Dairy (CMRY IJ) booked spectacular FY2021 results with +120% YoY growth in both dairy and consumer food plus better margins due to scale and product mix benefits.
• The company continues to spend aggressively on sales and promotions ahead of new capacity coming online which will help to sustain growth, whilst also expanding exposure to general trade. 
• Cisarua Mountain Dairy (CMRY IJ) looks like a multi-year growth story in the making with a strong handle on rising commodity prices and emphasis on growing share in UHT milk.

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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