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.

Cross Asset Strategy

<ul><li>While US debt ceiling negotiation remains at a stalemate, inflow appears to have resumed with modest cIDR400b in the 3rd week of May, which we believe attributable to the domestic macro resilience as seen in solid trade Balance Surplus, elevated Consumer Confidence Index and the contraction of External Debt in 1Q23</li><li>In debt market, foreign ownership continues to expand, a sign of rising confidence level toward Indonesia resiliency</li><li>The release of May FOMC Minutes meeting this week will provide further guidance to prospect of pause in Fed’s rate hike, especially as J</li></ul><p><em>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.</em></p>

While US debt ceiling negotiation remains at a stalemate, inflow appears to have resumed with modest cIDR400b in the 3rd week of May, which we believe attributable to the domestic macro resilience as seen in solid trade Balance Surplus, elevated Consumer Confidence Index and the contraction of External Debt in 1Q23In debt market, foreign ownership continues to expand, a sign of rising confidence level toward Indonesia resiliencyThe release of May FOMC Minutes meeting this week will provide further guidance to prospect of pause in Fed’s rate hike, especially as JContent 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.

<ul><li>Indofood CBP Sukses Makmur: Margins improvement on the cards (ICBP.IJ IDR 10,125 BUY.TP IDR 12,400)</li><li>2023 should be another good year for consumer companies including ICBP as we expect back-to-normal activities.</li><li>Indofood Sukses Makmur: A value proxy for ICBP (INDF.IJ IDR 6,275 BUY.TP IDR 7,600)</li></ul><div><div><div id="ember2434"><div><div><div><div><div><div id="ember4187"><div><div><div><div><div><div id="ember2532"><div><div><p><em>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.</em></p></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>

Indofood CBP Sukses Makmur: Margins improvement on the cards (ICBP.IJ IDR 10,125 BUY.TP IDR 12,400)2023 should be another good year for consumer companies including ICBP as we expect back-to-normal activities.Indofood Sukses Makmur: A value proxy for ICBP (INDF.IJ IDR 6,275 BUY.TP IDR 7,600)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.

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.

Equity Bottom-Up

Indofood CBP Sukses Makmur / Equity Bottom-Up

<ul><li>Revenue rose slightly by +1.7% YoY to IDR37.6 tn in 1H25 (vs IDR37.0 tn in 1H24), achieving 48.4%/48.3% of our/consensus FY25 estimates.</li><li>This top-line modest growth was followed by volume upticks in the noodles (~4% YoY), snack food (~2% YoY), nutrition &amp; special foods (~4% YoY).</li><li>However, beverage showed declining volume (-8% YoY), while food seasonings and dairy segment volume remained flat, in line with broader consumer weakness in discretionary categories.</li></ul><p><em>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.</em></p>

Revenue rose slightly by +1.7% YoY to IDR37.6 tn in 1H25 (vs IDR37.0 tn in 1H24), achieving 48.4%/48.3% of our/consensus FY25 estimates.This top-line modest growth was followed by volume upticks in the noodles (~4% YoY), snack food (~2% YoY), nutrition &amp; special foods (~4% YoY).However, beverage showed declining volume (-8% YoY), while food seasonings and dairy segment volume remained flat, in line with broader consumer weakness in discretionary categories.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 - Unrealized Forex Relief Offsets Modest Revenue Growth in 1H25

<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><p><em>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.</em></p>

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

<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><p><em>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.</em></p>

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

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)

Macro and Flows Tracker - Stay Vigilant

While US debt ceiling negotiation remains at a stalemate, inflow appears to have resumed with modest cIDR400b in the 3rd week of May, which we...

BRI Danareksa Research

Equity Snapshot: April 06, 2023

Indofood CBP Sukses Makmur: Margins improvement on the cards (ICBP.IJ IDR 10,125 BUY.TP IDR 12,400). 2023 should be another good year for consumer...

BRI Danareksa Research

ICBP IJ - Unrealized Forex Relief Offsets Modest Revenue Growth in 1H25

Revenue rose slightly by +1.7% YoY to IDR37.6 tn in 1H25 (vs IDR37.0 tn in 1H24), achieving 48.4%/48.3% of our/consensus FY25 estimates.

MNC Sekuritas

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

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

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