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.
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Consumer: FY26 Outlook: Fiscal Acceleration and Potentially Higher Wage Hikes to Support Consumption
We expect FY26 purchasing power to improve gradually on expansionary fiscal measures, stronger social assistance and higher min. wages.
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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.
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Equity Strategy: Oct25 Picks: Sticking with Banks, Commodities, Telco
We maintain our positive stance on Banks as we expect better liquidity condition to be reflected in Sep25 CoF, combined with attractive yield.
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Consumer: Stimulus on the Horizon (OVERWEIGHT)
The newly launched “8+4” program stimulus should serve as a catalyst for consumer spending recovery and support Consumer sector’s growth.
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