Indofood CBP Sukses Makmur (ICBP IJ) - Enjoying Higher Margins
Looking ahead to 2H23, however, stronger export markets, increasing government spending and elections/festive events in the domestic market should...
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Equity Strategy: Re-Emerging Risk Factors May Warrant More Conservative Positioning in Feb24
We see Telcos (ISAT, EXCL) and middle-high retailers as sectors with potential growth surprises, reasonable valuations and are less crowded.
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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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