Consumer: 3Q24 Preview: Sustained Solid Core Profit Growth on Stable Margins
We estimate 3Q24/9M24 sector revenue growth of +2.6%/+4% yoy and 9M24 operating profit of +7% yoy, in line with our and cons. est.
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Consumer: Sticking with the Winners Amid Lingering Challenges (OVERWEIGHT)
Amid continued downtrading and limited catalystsin 3Q24, we expect regional elections and social aid to support consumption spending.
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Kalbe Farma - Improving Growth Outlook from Higher Margins and Steady Revenue
We see catalysts from steady 2H24 revenue (+8.8% yoy), improved margins, & potential FDA approvals for high-margin specialty products.
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Consumer: Expect Solid Core Profit Growth on Better Margins, Revenue Growth May Remain Soft
We estimate sector’s 2Q24 core profit to grow at a healthy doubledigit rate, but expect weak rev. growth (2.8% yoy/ -15.8% qoq)
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Kalbe Farma - Resilient Growth Outlook at Reasonable Valuation
Unbranded Generic and distribution to drive FY24F top line, while CH and Nutrition revenue normalized. We raised FY24-25F NP by 4.5-2.9%
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