Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

A buy-side analyst with over 15 years of experience investing in Asian markets and specializing in the mid-small cap space, emphasizing value investing in companies with good free cash flows/dividends and long-term holding horizons. 
Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd. It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity, Bottom-up Analyst

Multi Bintang (MLBI) Q4 2023: Growth Resumes, 7% Div Yield On the Cards, With >70% ROCE

Delta Djakarta (DLTA IJ) Q4 2023: Return to Growth, Prefer MLBI IJ as Market Leader

Multibintang Q1 FY24: Soft Start, Down to 13x PE and a >7% Dividend Yield

Bali Tourism Recovery: Positive for Indonesian Beer Company Multi Bintang (MLBI IJ)

Multi Bintang (MLBI IJ): Recovery Story With High Cash Flow Generation and Dividend Pay Out

Multi Bintang Q2 2023: Steady Recovery 6.5-7% Yield and 85% ROCEs on Track

Delta Djakarta (DLTA IJ): Cheaper Higher Yield Option to Multi Bintang

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

Multi Bintang Indonesia / Equity Bottom-Up

<ul>
<li>Recovery for <a href="https://www.smartkarma.com/entities/multi-bintang-indonesia-pt" target="_blank" data-smartkarma-citation="entities:11651:1" rel="noopener">Multi Bintang Indonesia (MLBI IJ)</a> has been underwhelming with revenue/PAT for Q3 2023 coming in at -3% YoY/10% YoY.</li>
<li>We expect the high season (holiday/festivity season) of Q4 to be comparatively better as 9M2023 revenue/PAT tracks 7% YoY/14% YoY, below our 15% assumption. </li>
<li>We like <a href="https://www.smartkarma.com/entities/multi-bintang-indonesia-pt" target="_blank" data-smartkarma-citation="entities:11651:1" rel="noopener">Multi Bintang Indonesia (MLBI IJ)</a> as we are paid to wait in the name. The correction post earnings place it at 15.4x/12.7x PE FY23e/24e and 6% dividend yield. </li>
</ul>


Recovery for Multi Bintang Indonesia (MLBI IJ) has been underwhelming with revenue/PAT for Q3 2023 coming in at -3% YoY/10% YoY.
We expect the high season (holiday/festivity season) of Q4 to be comparatively better as 9M2023 revenue/PAT tracks 7% YoY/14% YoY, below our 15% assumption. 
We like Multi Bintang Indonesia (MLBI IJ) as we are paid to wait in the name. The correction post earnings place it at 15.4x/12.7x PE FY23e/24e and 6% dividend yield. 


Multi Bintang Indonesia (MLBI IJ) Q3 2023: Weaker Than Expected Recovery So Far