Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indofood-sukses-makmur-tbk-p" target="_blank" data-smartkarma-citation="entities:1053:1" rel="noopener">Indofood Sukses Makmur Tbk P (INDF IJ)</a>'s simple ratio (INDF/<a href="https://www.smartkarma.com/entities/indofood-cbp-sukses-makmur-tbk" target="_blank" data-smartkarma-citation="entities:17651:1" rel="noopener">Indofood CBP Sukses (ICBP IJ)</a>) is at a seven-year-plus high, and the implied stub a three-year high. </li>
<li>Preceding my comments on the Indofood and <a href="https://www.smartkarma.com/entities/first-pacific-co-ltd" target="_blank" data-smartkarma-citation="entities:173:1" rel="noopener">First Pacific Co (142 HK)</a> are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Indofood Sukses Makmur Tbk P (INDF IJ)'s simple ratio (INDF/Indofood CBP Sukses (ICBP IJ)) is at a seven-year-plus high, and the implied stub a three-year high. 
Preceding my comments on the Indofood and First Pacific Co (142 HK) are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Indofood (INDF IJ) Trading Rich To Indofood CBP Sukses (ICBP IJ)

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.

Equity Bottom-Up

Indofood CBP Sukses Makmur / Equity Bottom-Up

<ul><li>ICBP’s indicative 5M25 performance is on track to meet expectations; we maintain our FY25F +8% revenue and +2.5% yoy core profit growth.</li><li>Relatively benign key input prices, i.e. CPO and wheat should limit nearterm cost pressure. </li><li>Reiterate Buy rating and DCF-based TP Rp14,000; ICBP remains our top pick in the Consumer space.</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.

ICBP’s indicative 5M25 performance is on track to meet expectations; we maintain our FY25F +8% revenue and +2.5% yoy core profit growth.Relatively benign key input prices, i.e. CPO and wheat should limit nearterm cost pressure. Reiterate Buy rating and DCF-based TP Rp14,000; ICBP remains our top pick in the Consumer space.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 - 5M25 Indicative Performance on Track

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

GMR Hyderabad International Airport / Credit

GMR Hyderabad International Airport (7174677Z IN)

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: GMR Hyderabad, China Vanke, Indofood CBP, Pertamina (Persero), Rakuten Group</li>
<li>Treasuries fell, with yields rising yesterday as the market continued to dial back expectations for Fed rate cuts. Fed-dated OIS were pricing in 49 bps of rate cuts in 2025 as of yesterday (vs. 54 bps as of Tuesday).</li>
<li>The yield on the 2Y UST rose 5 bps to 4.05%, while the yield on the 10Y UST expanded 7 bps to 4.54%. Equities edged higher, with the S&amp;P 500 and Nasdaq up 0.1% and 0.7%, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: GMR Hyderabad, China Vanke, Indofood CBP, Pertamina (Persero), Rakuten Group
Treasuries fell, with yields rising yesterday as the market continued to dial back expectations for Fed rate cuts. Fed-dated OIS were pricing in 49 bps of rate cuts in 2025 as of yesterday (vs. 54 bps as of Tuesday).
The yield on the 2Y UST rose 5 bps to 4.05%, while the yield on the 10Y UST expanded 7 bps to 4.54%. Equities edged higher, with the S&amp;P 500 and Nasdaq up 0.1% and 0.7%, respectively.


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>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

<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

Indonesia

Indofood CBP Sukses Makmur Tbk is a leading Indonesian manufacturer of packaged food products, offering noodles, dairy, snack foods, food seasonings, nutrition and special foods, and beverages. The company also operates a packaging business. It was founded in 1982 and is headquartered in Jakarta, Indonesia.

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Indofood CBP Sukses Makmur (ICBP IJ)

StubWorld: Indofood (INDF IJ) Trading Rich To Indofood CBP Sukses (ICBP IJ)

Tricky trade. I'd unwind any stub here purely on optics. The pushback is the stub ops are outperforming. I'd be inclined to go outright long near...

David Blennerhassett

Indofood CBP Sukses Makmur - 5M25 Indicative Performance on Track

ICBP’s indicative 5M25 performance is on track to meet expectations; we maintain our FY25F +8% revenue and +2.5% yoy core profit growth.

BRI Danareksa Research

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: GMR Hyderabad, China Vanke, Indofood CBP,...

Lucror Analytics

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

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