External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>The noodles segment remained the largest revenue contributor in 1Q25, generating IDR14.5 tn (+1.5% YoY), accounting for 71.9% of total turnover in 1Q25.</li><li>Domestic sales in 1Q25 were relatively flat at +0.5% YoY, reaching IDR14.7 tn (vs IDR14.6 tn in 1Q24), supported by volume growth and an ASP increase of ~3% YoY (IDR100/pack) implemented in mid Feb-25.</li><li>Meanwhile, overseas sales in 1Q25 grew +3.6% YoY to IDR5.5 tn (vs IDR5.3 tn in 1Q24), driven by a volume increase in 1Q25. </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.

The noodles segment remained the largest revenue contributor in 1Q25, generating IDR14.5 tn (+1.5% YoY), accounting for 71.9% of total turnover in 1Q25.Domestic sales in 1Q25 were relatively flat at +0.5% YoY, reaching IDR14.7 tn (vs IDR14.6 tn in 1Q24), supported by volume growth and an ASP increase of ~3% YoY (IDR100/pack) implemented in mid Feb-25.Meanwhile, overseas sales in 1Q25 grew +3.6% YoY to IDR5.5 tn (vs IDR5.3 tn in 1Q24), driven by a volume increase in 1Q25. 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.

ICBP IJ - Resilient Earnings Amid Mixed Volume Trends in 1Q25

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

BRI Danareksa Research

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.

<ul><li>We estimate FY25 vol growth of 5.3% yoy, supported by resilient demand for ICBP’s products amidst challenges in purchasing power.</li><li>We project FY25F core/net profit growth of 4.8%/47% yoy. Given our expectation of Rupiah depreciation, we trim our FY25F net profit by 9%.</li><li>Maintain Buy rating with an unchanged DCF-based TP of Rp14,000 on ICBP’s resilient earnings profile.</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 FY25 vol growth of 5.3% yoy, supported by resilient demand for ICBP’s products amidst challenges in purchasing power.We project FY25F core/net profit growth of 4.8%/47% yoy. Given our expectation of Rupiah depreciation, we trim our FY25F net profit by 9%.Maintain Buy rating with an unchanged DCF-based TP of Rp14,000 on ICBP’s resilient earnings profile.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.

Indofood CBP Sukses Makmur (ICBP.IJ) Resilient Product Demand to Cushion Against Rupiah Risk

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

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<li>
<a href="https://www.smartkarma.com/entities/mayora-indah-pt" target="_blank" data-smartkarma-citation="entities:15131:1" rel="noopener">Mayora Indah (MYOR IJ)</a> saw a significant positive surge in profitability from lower raw material prices and lower operating costs in 3Q2023, which suggests it will beat its FY2023 guidance.</li>
<li>The company continues to launch new variants in both biscuits and beverages with a slant towards premiumisation and is also more aggressively attacking export markets, where its brands are strong.</li>
<li>
<a href="https://www.smartkarma.com/entities/mayora-indah-pt" target="_blank" data-smartkarma-citation="entities:15131:1" rel="noopener">Mayora Indah (MYOR IJ)</a> is expanding factory capacity to fuel growth in 2024 but should also benefit from pre-election spending from 4Q2023. Valuations look attractive versus historical comparisons.</li>
</ul>



Mayora Indah (MYOR IJ) saw a significant positive surge in profitability from lower raw material prices and lower operating costs in 3Q2023, which suggests it will beat its FY2023 guidance.
The company continues to launch new variants in both biscuits and beverages with a slant towards premiumisation and is also more aggressively attacking export markets, where its brands are strong.

Mayora Indah (MYOR IJ) is expanding factory capacity to fuel growth in 2024 but should also benefit from pre-election spending from 4Q2023. Valuations look attractive versus historical comparisons.


Mayora Indah (MYOR IJ) - Classy Biscuits and Beverages

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/monde-nissin-corp" target="_blank" data-smartkarma-citation="entities:32188:1" rel="noopener">Monde Nissin Corp (MONDE PM)</a> shares are down 18% on the back of FY22 results which revealed a net loss of PHP13 billion mainly due to a large impairment charge.</li>
<li>While softening demand in meat alternatives is a headwind, Monde should benefit from the tailwinds of market share gains (in APAC BFB) and margin improvement (easing cost inflation).</li>
<li>The valuation is undemanding (SOTP valuation of PHP10.21 per share) and will prove attractive to investors with a longer-term investment horizon.</li>
</ul>



Monde Nissin Corp (MONDE PM) shares are down 18% on the back of FY22 results which revealed a net loss of PHP13 billion mainly due to a large impairment charge.
While softening demand in meat alternatives is a headwind, Monde should benefit from the tailwinds of market share gains (in APAC BFB) and margin improvement (easing cost inflation).
The valuation is undemanding (SOTP valuation of PHP10.21 per share) and will prove attractive to investors with a longer-term investment horizon.


Thematic (Sector/Industry)

<ul><li>We expect govt’s economic stimulus and stronger IDR to support purchasing power and Consumer companies’ earnings in 2H25.</li><li>We foresee a decent +6.4%/+5.2% rev/core net profit growth in FY25F, supported by ongoing cost efficiencies to help limit EBIT margin decline.</li><li>Resuming our coverage with an Overweight rating given the resilient sector’s growth outlook. Our top pick is ICBP (Buy, TP Rp14,000).</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 govt’s economic stimulus and stronger IDR to support purchasing power and Consumer companies’ earnings in 2H25.We foresee a decent +6.4%/+5.2% rev/core net profit growth in FY25F, supported by ongoing cost efficiencies to help limit EBIT margin decline.Resuming our coverage with an Overweight rating given the resilient sector’s growth outlook. Our top pick is ICBP (Buy, TP Rp14,000).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: A Laggard Sector with Potential Catalysts to Support Growth; Resuming Coverage with OW

Indonesia

PT Indofood CBP Sukses Makmur Tbk provides a wide range of food products. The Company is a total food solutions company with operations in all stages of food manufacturing from the production of raw materials and their processing through to consumer products on the retailer's shelf.

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Indofood CBP Sukses (ICBP IJ)

ICBP IJ - Resilient Earnings Amid Mixed Volume Trends in 1Q25

The noodles segment remained the largest revenue contributor in 1Q25, generating IDR14.5 tn (+1.5% YoY), accounting for 71.9% of total turnover in...

MNC Sekuritas

Indofood CBP Sukses Makmur (ICBP.IJ) Resilient Product Demand to Cushion Against Rupiah Risk

We estimate FY25 vol growth of 5.3% yoy, supported by resilient demand for ICBP’s products amidst challenges in purchasing power.

BRI Danareksa Research

Mayora Indah (MYOR IJ) - Classy Biscuits and Beverages

Mayora Indah (MYOR IJ) saw a significant positive surge in profitability from lower raw material prices and lower operating costs in 3Q2023, which...

Angus Mackintosh

Monde Nissin: The Investment Case

The sentiment is weak due to the large impairment charges. The valuation is undemanding (SOTP valuation of PHP10.21) and will prove attractive to...

Arun George

Consumer: A Laggard Sector with Potential Catalysts to Support Growth; Resuming Coverage with OW

Resuming our coverage with an Overweight rating given the resilient sector’s growth outlook. Our top pick is ICBP (Buy, TP Rp14,000).

BRI Danareksa Research

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