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>MYOR booked revenue of IDR17.8 tn in 1H25 (+9.7% YoY vs IDR16.2 tn in 1H24), slightly below our/consensus FY25E estimates at 44.9%/44.9%.</li><li>Revenue was supported by local sales of IDR10.4 tn in 1H25 (+8.3% YoY) and export sales of IDR7.4 tn in 1H25 (+11.8% YoY).</li><li>The stronger export momentum reflects continued traction in Asia and other international markets.</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.

MYOR booked revenue of IDR17.8 tn in 1H25 (+9.7% YoY vs IDR16.2 tn in 1H24), slightly below our/consensus FY25E estimates at 44.9%/44.9%.Revenue was supported by local sales of IDR10.4 tn in 1H25 (+8.3% YoY) and export sales of IDR7.4 tn in 1H25 (+11.8% YoY).The stronger export momentum reflects continued traction in Asia and other international markets.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.

MYOR IJ - 1H25 Weak Performance; Limited 2H25 Recovery Ahead

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>MYOR’s 2Q25 results were soft overall, with margins contractions still the main concern. Nonetheless, Jul25 sales trajectory showed improvement. </li><li>We trimmed our core profit forecast by -9.3/-5.8% in FY25/26F on lower vol. growth assumptions with maintained A&amp;P spending of total sales. </li><li>Reiterate our Buy rating on MYOR with a lower TP of Rp2,500 to reflect our forecast revision.</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.

MYOR’s 2Q25 results were soft overall, with margins contractions still the main concern. Nonetheless, Jul25 sales trajectory showed improvement. We trimmed our core profit forecast by -9.3/-5.8% in FY25/26F on lower vol. growth assumptions with maintained A&amp;P spending of total sales. Reiterate our Buy rating on MYOR with a lower TP of Rp2,500 to reflect our forecast revision.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.

Mayora Indah (MYOR.IJ) - Expect 2H25 Earnings Recovery from Volume Improvement...

<ul><li>PT Mayora Indah, Tbk (MYOR IJ) is one of Indonesia’s most established and diversified FMCG companies in the processed F&amp;B sector, with over &gt;40 years of operating history.</li><li>In 1948, the company began as a smallscale home industry producing homemade biscuits in Jakarta.</li><li>Its first iconic products “Roma Kelapa” and “Roma Marie” were handmade and sold door to door, marking the start of what would become a global enterprise. </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.

PT Mayora Indah, Tbk (MYOR IJ) is one of Indonesia’s most established and diversified FMCG companies in the processed F&amp;B sector, with over &gt;40 years of operating history.In 1948, the company began as a smallscale home industry producing homemade biscuits in Jakarta.Its first iconic products “Roma Kelapa” and “Roma Marie” were handmade and sold door to door, marking the start of what would become a global enterprise. 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.

PT Mayora Indah Tbk - Mass-Market Brand With Multi-Market Reach

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>The sugar tax in Indonesia is plan to be introduced July this year, around Rp 1500/liter for sweetened packaged drinks including soft drinks, bottled tea.</li>
<li>
<a href="https://www.smartkarma.com/entities/mayora-indah-pt" target="_blank" data-smartkarma-citation="entities:15131:1" rel="noopener">Mayora Indah (MYOR IJ)</a> tea product is Teh Pucuk Harum, that is widely sold in hypermarts and convenience stores, while <a href="https://www.smartkarma.com/entities/unilever-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:231:1" rel="noopener">Unilever Indonesia (UNVR IJ)</a> no longer owns Teh Sosro. </li>
<li>Expecting sentiment to be better, Short Mayora and Long Unilever. </li>
</ul>


The sugar tax in Indonesia is plan to be introduced July this year, around Rp 1500/liter for sweetened packaged drinks including soft drinks, bottled tea.

Mayora Indah (MYOR IJ) tea product is Teh Pucuk Harum, that is widely sold in hypermarts and convenience stores, while Unilever Indonesia (UNVR IJ) no longer owns Teh Sosro. 
Expecting sentiment to be better, Short Mayora and Long Unilever. 


Mayora (MYOR): Indo Sugar Tax - A Negative

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

Cisarua Mountain Dairy / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cisarua-mountain-dairy-pt-tbk" target="_blank" data-smartkarma-citation="entities:34999:1" rel="noopener">Cisarua Mountain Dairy</a> stands out as a rising star amongst consumer staples in Indonesia driven by strong growth in both dairy through Cimory and premium foods through the Kanzler brand.</li>
<li>The company will continue to benefit from lower raw material costs, as it buys six months ahead and is investing in promotions to drive the growth of new products.</li>
<li>
<a href="https://www.smartkarma.com/entities/cisarua-mountain-dairy-pt-tbk" target="_blank" data-smartkarma-citation="entities:34999:1" rel="noopener">CMRY</a> has launched Cimory Bites and Crispy Nuggets Spicy which will drive near terns growth, along with a focus on General Trade and MCM channels. Valuations are attractive versus growth.</li>
</ul>



Cisarua Mountain Dairy stands out as a rising star amongst consumer staples in Indonesia driven by strong growth in both dairy through Cimory and premium foods through the Kanzler brand.
The company will continue to benefit from lower raw material costs, as it buys six months ahead and is investing in promotions to drive the growth of new products.

CMRY has launched Cimory Bites and Crispy Nuggets Spicy which will drive near terns growth, along with a focus on General Trade and MCM channels. Valuations are attractive versus growth.


Cisarua Mountain Dairy (CMRY IJ) - Rising Star in Staples

Indonesia

PT Mayora Indah Tbk is an Indonesian multinational food and beverage company that manufactures, markets, and distributes fast-moving consumer goods, including biscuits, candies, wafers, chocolates, coffee, and health foods. The company is known for brands such as Kopiko, Energen, Torabika, and Beng Beng. Headquartered in Jakarta, Indonesia, it was founded in 1977.

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Mayora Indah (MYOR IJ)

MYOR IJ - 1H25 Weak Performance; Limited 2H25 Recovery Ahead

MYOR booked revenue of IDR17.8 tn in 1H25 (+9.7% YoY vs IDR16.2 tn in 1H24), slightly below our/consensus FY25E estimates at 44.9%/44.9%.

MNC Sekuritas