External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Thematic (Sector/Industry)

<ul><li>We estimate sector’s 2Q24 core profit to grow at a healthy doubledigit rate, but expect weak rev. growth (2.8% yoy/ -15.8% qoq)</li><li>We see limited catalysts for 3Q24, aside from rev growth from export markets (for ICBP and MYOR).</li><li>We maintain OW rating on the sector; ICBP (TP of Rp12,900) and MYOR (TP of Rp3,200) remain as our top picks.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We estimate sector’s 2Q24 core profit to grow at a healthy doubledigit rate, but expect weak rev. growth (2.8% yoy/ -15.8% qoq)We see limited catalysts for 3Q24, aside from rev growth from export markets (for ICBP and MYOR).We maintain OW rating on the sector; ICBP (TP of Rp12,900) and MYOR (TP of Rp3,200) remain as our top picks.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer: Expect Solid Core Profit Growth on Better Margins, Revenue Growth May Remain Soft

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Despite the regained volume since the end of last year, consumers continue to maintain overall spending, leading to downtrading behavior.</li><li>This is reinforced by the GDP deflator, which recorded a negative growth of -0.8% YoY in 1Q24.</li><li>Our rationale for why consumer staples remain unfavorable aligns with the current monetary policies.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Despite the regained volume since the end of last year, consumers continue to maintain overall spending, leading to downtrading behavior.This is reinforced by the GDP deflator, which recorded a negative growth of -0.8% YoY in 1Q24.Our rationale for why consumer staples remain unfavorable aligns with the current monetary policies.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer Staples Sectoral Update May 21, 2024

<ul><li>With the FMCG market having sound growth prospects, we estimate FY24F growth of 7% yoy.</li><li>Some categories still showed promising growth in 3Q23, despite the market’s overall volume contraction.</li><li>We maintain our sector OW rating and expect ICBP (TP Rp13,000) and MYOR (TP Rp3,500) to fare better under a soft recovery scenario.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

With the FMCG market having sound growth prospects, we estimate FY24F growth of 7% yoy.Some categories still showed promising growth in 3Q23, despite the market’s overall volume contraction.We maintain our sector OW rating and expect ICBP (TP Rp13,000) and MYOR (TP Rp3,500) to fare better under a soft recovery scenario.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer: Room for Growth Is Still in Store (OVERWEIGHT)

<ul><li>We expect more provision for social aid and the festive events in 1H24 to cushion soft purchasing power recovery amid modest wage hikes.</li><li>We forecast FY24 net profit growth for the sector of 10.6% yoy (core profits: +5% yoy) supported by sales volume recovery (3-9%).</li><li>We maintain sector OW rating and expect ICBP (TP Rp13,000) and MYOR (TP Rp3,500) to fare better under soft recovery scenario.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect more provision for social aid and the festive events in 1H24 to cushion soft purchasing power recovery amid modest wage hikes.We forecast FY24 net profit growth for the sector of 10.6% yoy (core profits: +5% yoy) supported by sales volume recovery (3-9%).We maintain sector OW rating and expect ICBP (TP Rp13,000) and MYOR (TP Rp3,500) to fare better under soft recovery scenario.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer: Festive events in 1H24 and higher social aid to cushion soft recovery in FY24 (OVERWEIGHT)

<ul><li>This is a major week for macro data with expectations of a Fed pause, driven by moderation in the inflation print, rising unemployment, and a surge in unemployment benefit claims</li><li>The FOMC's June Summary of Economic Projections will provide details on the macro trajectory, especially the prospect for rate cuts in 2024</li><li>More countries have a weakening PMI trend, with half of them in the contraction zone</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

This is a major week for macro data with expectations of a Fed pause, driven by moderation in the inflation print, rising unemployment, and a surge in unemployment benefit claimsThe FOMC's June Summary of Economic Projections will provide details on the macro trajectory, especially the prospect for rate cuts in 2024More countries have a weakening PMI trend, with half of them in the contraction zoneContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Macro and Flows Tracker - The Tipping Point

Indonesia

PT Indofood Sukses Makmur Tbk is an Indonesian multinational consumer goods company specializing in the production and distribution of processed food products across the entire supply chain. Its core business activities include consumer branded products like instant noodles (e.g., Indomie), dairy, snacks, and food seasonings; flour milling (Bogasari); agribusiness such as palm oil and sugar; and distribution networks. The company is headquartered in Jakarta, Indonesia, and was incorporated on August 14, 1990.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Indofood Sukses Makmur (INDF IJ)

Consumer: Expect Solid Core Profit Growth on Better Margins, Revenue Growth May Remain Soft

We estimate sector’s 2Q24 core profit to grow at a healthy doubledigit rate, but expect weak rev. growth (2.8% yoy/ -15.8% qoq)

BRI Danareksa Research

Consumer Staples Sectoral Update May 21, 2024

Despite the regained volume since the end of last year, consumers continue to maintain overall spending, leading to downtrading behavior.

MNC Sekuritas

Consumer: Room for Growth Is Still in Store (OVERWEIGHT)

We maintain our sector OW rating and expect ICBP (TP Rp13,000) and MYOR (TP Rp3,500) to fare better under a soft recovery scenario.

BRI Danareksa Research

Macro and Flows Tracker - The Tipping Point

This is a major week for macro data with expectations of a Fed pause, driven by moderation in the inflation print, rising unemployment, and a surge...

BRI Danareksa Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)