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

The Week That Was in ASEAN@Smartkarma - Astra International, Bukalapak, and Bank Negara Indonesia

Multi Bintang Indonesia (MLBI IJ): Q2 2024 Mediocre, But Dividend Yield At 8% for 70% ROCE Company

The Week That Was in ASEAN@Smartkarma - Astra Intl, ACES, and Multi Bintang

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

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

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

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>
<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> showed a weak print, with sales down 10% YoY and profitability flat for Q1 FY24. Consumption was weak locally despite strong Bali tourism. </li>
<li>On the positive side, the company improved its net cash position to substantially to 900 bn Rph ( or 6% of Mkt Cap) and expanded margins by 400 bps YoY. </li>
<li>Trading at 13x FY23 PE (with a 7% dividend yield assuming a 100% payout), there is great value in this market leader (60% Mkt share) of beer consumption in Indonesia.</li>
</ul>



Multi Bintang Indonesia (MLBI IJ) showed a weak print, with sales down 10% YoY and profitability flat for Q1 FY24. Consumption was weak locally despite strong Bali tourism. 
On the positive side, the company improved its net cash position to substantially to 900 bn Rph ( or 6% of Mkt Cap) and expanded margins by 400 bps YoY. 
Trading at 13x FY23 PE (with a 7% dividend yield assuming a 100% payout), there is great value in this market leader (60% Mkt share) of beer consumption in Indonesia.


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