In today’s briefing:
- Ultrajaya Milk Industry & Trading (ULTJ IJ) – Back on the Boil
- Alam Sutera – Earnings Flash – FY 2021 Results – Lucror Analytics
Ultrajaya Milk Industry & Trading (ULTJ IJ) – Back on the Boil
- Indonesia’s leading UHT milk and carton tea producer Ultrajaya Milk Industry booked a strong set of FY2021 results, with a convincing recovery in 4Q2021, which should carry through into FY2022.
- The company continues to increase raw milk sourcing locally, which will alleviate rising global prices, and it is expanding its distribution network and new products to drive demand.
- Ultrajaya is a market leader in its main product categories, yet trades at half the valuation of recently listed Cisarua Mountain Dairy, which looks excessive with potential upside to valuation.
Alam Sutera – Earnings Flash – FY 2021 Results – Lucror Analytics
ASRI’s FY 2021 results were much better than expected. Marketing sales, revenue and earnings surged, despite the impact of the COVID-19 Delta variant in Q3. FCF turned positive. The company appears to have benefited from the pandemic thanks to soaring demand for landed houses, similar to Lippo Karawaci. While ASRI’s financial risk profile has improved significantly from FYE 2020, the company remains levered. Positively, liquidity appears to be adequate for the next 12 months.
Before it’s here, it’s on Smartkarma
