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>Given the strong 1Q23 performance, we expect the high margins to continue in 2Q23, driven by lower input costs</li>
<li>In 2H23, the top line should remain solid supported by export markets and the period ahead of the elections</li>
<li>We revise up our FY23 earnings by 16.6% to take into account higher margins</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.


Given the strong 1Q23 performance, we expect the high margins to continue in 2Q23, driven by lower input costs
In 2H23, the top line should remain solid supported by export markets and the period ahead of the elections
We revise up our FY23 earnings by 16.6% to take into account higher margins

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) - Benefiting from higher margins

<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

Thematic (Sector/Industry)

<ul><li>We estimate 3Q25/ 9M25 sector rev. growth of +2.8/+2.9% yoy, in line with ours’ and consensus’ est.</li><li>Opex savings esp. on A&amp;P exp. may help to partially cushion op. profit decline (9M25E: -1.3% yoy) and core profit growth of +3.7% yoy in 9M25E.</li><li>Reiterate our Overweight stance on the sector; ICBP (Buy, TP Rp12,000) remains the top pick in the space.</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.

We estimate 3Q25/ 9M25 sector rev. growth of +2.8/+2.9% yoy, in line with ours’ and consensus’ est.Opex savings esp. on A&amp;P exp. may help to partially cushion op. profit decline (9M25E: -1.3% yoy) and core profit growth of +3.7% yoy in 9M25E.Reiterate our Overweight stance on the sector; ICBP (Buy, TP Rp12,000) remains the top pick in the space.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.

Consumer: 3Q25 Preview: Navigating Modest Revenue Growth Through Cost Discipline (OVERWEIGHT)

Indonesia

PT Mayora Indah Tbk manufactures candies and cookies.  Through its subsidiaries, the Company also manufactures food, coffee powder, instant coffee, and cocoa beans.

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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