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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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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Mayora Indah - Steady Indicative 2Q24 Sales Growth, with Intact Margin Outlook
MYOR’s management expects robust sales growth in 2Q24 off a low base in 2Q23 after double-digit growth (mom and yoy) in Apr-May24.
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Mayora Indah - Expect 1Q24 Sales Momentum to Continue
We expect strong 2Q24 top line to continue (from low base in 2Q23); Apr24 YTD sales indicated to still see strong double-digit growth.
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Equity Strategy: Re-Emerging Risk Factors May Warrant More Conservative Positioning in Feb24
We see Telcos (ISAT, EXCL) and middle-high retailers as sectors with potential growth surprises, reasonable valuations and are less crowded.
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