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Equity Bottom-Up

Indofood Sukses Makmur Tbk P / Equity Bottom-Up

<ul>
 <li>Indofood is a vertically integrated food solutions giant in Indonesia, poised to benefit from the country's favorable demographics and rising consumer spending.</li>
 <li>The Agribusiness segment, particularly palm oil, is a significant growth driver, supported by strong commodity prices and government biodiesel mandates.</li>
 <li>While the company exhibits strong top-line growth and market leadership, it faces risks from commodity price volatility, currency fluctuations, and margin pressures in its consumer branded products segment.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Indofood is a vertically integrated food solutions giant in Indonesia, poised to benefit from the country's favorable demographics and rising consumer spending.
  The Agribusiness segment, particularly palm oil, is a significant growth driver, supported by strong commodity prices and government biodiesel mandates.
  While the company exhibits strong top-line growth and market leadership, it faces risks from commodity price volatility, currency fluctuations, and margin pressures in its consumer branded products segment.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Indofood Sukses Makmur Tbk P (INDF IJ) - Dec 2025

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.

<ul><li>A solid Agribusiness growth and resilient Bogasari margins underpinned INDF’s mixed 3Q25 performance.</li><li>We expect the momentum in Agribusiness to sustain to 4Q25, supported by additional demand from B50 implementation and sustain prices.</li><li>We maintain our Buy rating with a higher SOTP-based TP of Rp9,400, as we roll over our valuation to FY26 earnings.</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.

A solid Agribusiness growth and resilient Bogasari margins underpinned INDF’s mixed 3Q25 performance.We expect the momentum in Agribusiness to sustain to 4Q25, supported by additional demand from B50 implementation and sustain prices.We maintain our Buy rating with a higher SOTP-based TP of Rp9,400, as we roll over our valuation to FY26 earnings.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 Sukses Makmur (INDF.IJ) A Mixed 3Q25 Results Backed by Agribusiness

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Indofood Sukses Makmur Tbk P / 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)

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>
<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> is a Southeast Asian conglomerate that has been handicapped by its listing in the Hong Kong market over the last several years.</li>
<li>As Southeast Asian markets (Indonesia and Philippines) begin to re-rate on the back of a more accommodating Fed policy, First Pacific is beginning to participate in the uptrend.</li>
<li>Metro Pacific Investments Corp (MPIC), the second largest piece of the company's NAV has been active in acquiring more infrastructure assets since being privatized last year.</li>
</ul>



First Pacific Co (142 HK) is a Southeast Asian conglomerate that has been handicapped by its listing in the Hong Kong market over the last several years.
As Southeast Asian markets (Indonesia and Philippines) begin to re-rate on the back of a more accommodating Fed policy, First Pacific is beginning to participate in the uptrend.
Metro Pacific Investments Corp (MPIC), the second largest piece of the company's NAV has been active in acquiring more infrastructure assets since being privatized last year.


BUY: First Pacific Company (142 HK): Right Stock Trapped in the Wrong Market

Thematic (Sector/Industry)

<ul><li>We estimate 3Q25/ 9M25 sector rev. growth of +2.8/+2.9% yoy, in line with ours’ and consensus’ est.</li><li>Opex savings esp. on A&amp;P exp. may help to partially cushion op. profit decline (9M25E: -1.3% yoy) and core profit growth of +3.7% yoy in 9M25E.</li><li>Reiterate our Overweight stance on the sector; ICBP (Buy, TP Rp12,000) remains the top pick in the 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.

We estimate 3Q25/ 9M25 sector rev. growth of +2.8/+2.9% yoy, in line with ours’ and consensus’ est.Opex savings esp. on A&amp;P exp. may help to partially cushion op. profit decline (9M25E: -1.3% yoy) and core profit growth of +3.7% yoy in 9M25E.Reiterate our Overweight stance on the sector; ICBP (Buy, TP Rp12,000) remains the top pick in the 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.

Consumer: 3Q25 Preview: Navigating Modest Revenue Growth Through Cost Discipline (OVERWEIGHT)

Indonesia

PT Indofood Sukses Makmur Tbk and its subsidiaries manufacture instant noodles, wheat flour, baby food, food seasonings, coffee, cooking oil, and snacks.

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Indofood Sukses Makmur Tbk P (INDF IJ)

Primer: Indofood Sukses Makmur Tbk P (INDF IJ) - Dec 2025

Indofood is a vertically integrated food solutions giant in Indonesia, poised to benefit from the country's favorable demographics and rising...

αSK

Indofood Sukses Makmur (INDF.IJ) A Mixed 3Q25 Results Backed by Agribusiness

We expect the momentum in Agribusiness to sustain to 4Q25, supported by additional demand from B50 implementation and sustain prices.

BRI Danareksa Research

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

BUY: First Pacific Company (142 HK): Right Stock Trapped in the Wrong Market

Since our insight on 1st Pac last Sept., the stock has gained 33%. Company had solid 2024 results. MPIC, the undervalued Phil./Indonesia...

David Mudd

Consumer: 3Q25 Preview: Navigating Modest Revenue Growth Through Cost Discipline (OVERWEIGHT)

Opex savings esp. on A&P exp. may help to partially cushion op. profit decline (9M25E: -1.3% yoy) and core profit growth of +3.7% yoy in 9M25E.

BRI Danareksa Research

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