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.
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Equity Strategy: FY24 Outlook: The Road to JCI 8,000
JCI’s 13x PE implies room for a rerating if growth improves, while Indonesia’s resilient economic growth offers downside protection.
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Consumer: Festive events in 1H24 and higher social aid to cushion soft recovery in FY24 (OVERWEIGHT)
We expect more provision for social aid and the festive events in 1H24 to cushion soft purchasing power recovery amid modest wage hikes.
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Macro and Flows Tracker - Not All Is Well
The global manufacturing sector depicted some positive signs in July, with more countries reporting stronger activity, including Indonesia
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Macro and Flows Tracker - Glimpse of Recovery
We anticipate improvements in the banking sector's intermediary function, supported by ample liquidity and favourable rates
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