External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

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

<ul><li>SIDO booked revenue of IDR1.8 tn in 1H25 (-3.6% YoY), supported by a strong rebound in 2Q25 of +29.4% QoQ/+23.3% YoY to IDR1.0 tn, recovering from the early Lebaran impact and distribution shift that weighed on sales in 1Q25.</li><li>This 1H25 figure missed our/consensus FY25E estimates at 45.7%/45.6%.</li><li>By segment in 1H25, Herbal Medicine &amp; Supplement posted IDR1.1 tn (-3.1% YoY), yet on quarterly basis rebounding sharply in 2Q25 to IDR416.7 bn (+97.3% QoQ/+47.2% YoY) on the back of volume recovery and the extended rainy season (kemarau basah), which increased flu incidence and boosted demand for cold symptom remedies as well as essentials oil, Esemag, and Tolak Linu. </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.

SIDO booked revenue of IDR1.8 tn in 1H25 (-3.6% YoY), supported by a strong rebound in 2Q25 of +29.4% QoQ/+23.3% YoY to IDR1.0 tn, recovering from the early Lebaran impact and distribution shift that weighed on sales in 1Q25.This 1H25 figure missed our/consensus FY25E estimates at 45.7%/45.6%.By segment in 1H25, Herbal Medicine &amp; Supplement posted IDR1.1 tn (-3.1% YoY), yet on quarterly basis rebounding sharply in 2Q25 to IDR416.7 bn (+97.3% QoQ/+47.2% YoY) on the back of volume recovery and the extended rainy season (kemarau basah), which increased flu incidence and boosted demand for cold symptom remedies as well as essentials oil, Esemag, and Tolak Linu. 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.

SIDO Muncul (SIDO IJ) - 2Q25 Herbal Recovery Helped 1H25 Performance

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

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>SIDO’s 1H25 earnings beat was backed by controlled raw material and opex, offsetting weak top-line. We lifted our FY25F/26F NPAT by 7/8%.</li><li>Mgmt indicates a slight mom volume growth normalization in Jul25, yet remains confident on 2H25 outlook backed by higher seasonality.</li><li>Maintain Buy with a higher DCF-based TP of Rp600 (from Rp550 prev.); we see SIDO as an underappreciated stable FCF generator.</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.

SIDO’s 1H25 earnings beat was backed by controlled raw material and opex, offsetting weak top-line. We lifted our FY25F/26F NPAT by 7/8%.Mgmt indicates a slight mom volume growth normalization in Jul25, yet remains confident on 2H25 outlook backed by higher seasonality.Maintain Buy with a higher DCF-based TP of Rp600 (from Rp550 prev.); we see SIDO as an underappreciated stable FCF generator.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.

Sido Muncul (SIDO.IJ): Delivering Improvement in 2Q25...

<ul><li>TolakAngin brand strength and margin stability remains SIDO’s key competitive advantage to support rerating potential.</li><li>Current valuation is at an attractive discount and should already price in the weak 1Q25 results and muted FY25F/26F EPS growth of -7%/+5%.</li><li>Maintain Buy with a lower TP of Rp550; Key risk is continued weak herbal segment revenue.</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.

TolakAngin brand strength and margin stability remains SIDO’s key competitive advantage to support rerating potential.Current valuation is at an attractive discount and should already price in the weak 1Q25 results and muted FY25F/26F EPS growth of -7%/+5%.Maintain Buy with a lower TP of Rp550; Key risk is continued weak herbal segment revenue.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.

Sido Muncul - Revenue Improvement Prospect in 2Q25; Resume Coverage with Buy Rating

<ul><li>SIDO is optimistic about achieving a minimum of 10% rev. and NP growth in FY25, driven by Herbal and strong growth in the F&amp;B segment.</li><li>Assuming higher gross margin projections from FY25/26F, we revise our FY25/26F net profit estimates upward by 11%/12%.</li><li>Compared to peers, SIDO has minimal USD-linked costs, 7-8% div. yield and high ROE. We reiterate our Buy rating with unchanged TP of Rp640.</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.

SIDO is optimistic about achieving a minimum of 10% rev. and NP growth in FY25, driven by Herbal and strong growth in the F&amp;B segment.Assuming higher gross margin projections from FY25/26F, we revise our FY25/26F net profit estimates upward by 11%/12%.Compared to peers, SIDO has minimal USD-linked costs, 7-8% div. yield and high ROE. We reiterate our Buy rating with unchanged TP of Rp640.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.

Sido Muncul (SIDO.IJ) Raising FY25-26F Forecast

Thematic (Sector/Industry)

<ul><li>Hospitals: 3Q25 patient vol. improved yoy from a low 3Q24 base; 9M25 in line with our (77%) but may miss cons (68%), HEAL &amp; SILO drags.</li><li>Pharma: 9M25 likely in line with our/cons (73%/71%), despite softer 3Q25 margins post-strong 1H25 from controlled input costs and opex.</li><li>Maintain OW rating on defensive growth outlook amid weak macro headwinds. Top Picks: MIKA and KLBF.</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.

Hospitals: 3Q25 patient vol. improved yoy from a low 3Q24 base; 9M25 in line with our (77%) but may miss cons (68%), HEAL &amp; SILO drags.Pharma: 9M25 likely in line with our/cons (73%/71%), despite softer 3Q25 margins post-strong 1H25 from controlled input costs and opex.Maintain OW rating on defensive growth outlook amid weak macro headwinds. Top Picks: MIKA and KLBF.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.

Healthcare: 3Q25 Preview: Hospitals Soft Vs. Consensus, Pharma Stable

Indonesia

PT Industri Jamu Dan Farmasi Sido Muncul Tbk manufactures and produces herbal products. The Company's products consist of medicinal herbs, energy drinks, sweets and other beverages.

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Sido Muncul (SIDO IJ)