Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

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Multi Bintang Indonesia / Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/multi-bintang-indonesia-pt" target="_blank" data-smartkarma-citation="entities:11651:1" rel="noopener">Multi Bintang Indonesia (MLBI IJ)</a> reported Q3FY25 YoY revenue/profit declines of 4.3%/5.8%. 9MFY25 revenues/profits were +2%/-5% YoY, due to a slight decrease in margins. </li>
<li>After a strong recovery in demand of 10% YoY in Q2, demand in Q3 was subdued at -4.3% YoY despite more substantial tourism numbers (10% YoY in Q3FY25, 12% Ytd)</li>
<li>The stock trades at 10.7x FY25 PE, offers a 9.4% dividend yield, is net cash, and has a substantial ROCE of &gt;70%. </li>
</ul>



Multi Bintang Indonesia (MLBI IJ) reported Q3FY25 YoY revenue/profit declines of 4.3%/5.8%. 9MFY25 revenues/profits were +2%/-5% YoY, due to a slight decrease in margins. 
After a strong recovery in demand of 10% YoY in Q2, demand in Q3 was subdued at -4.3% YoY despite more substantial tourism numbers (10% YoY in Q3FY25, 12% Ytd)
The stock trades at 10.7x FY25 PE, offers a 9.4% dividend yield, is net cash, and has a substantial ROCE of &gt;70%. 


Multi Bintang Indonesia (MLBI IJ) Q3 FY25: Resilient >9% Yield Intact, But No Inflection In Demand

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<a href="https://www.smartkarma.com/entities/multi-bintang-indonesia-pt" target="_blank" data-smartkarma-citation="entities:11651:1" rel="noopener">Multi Bintang Indonesia (MLBI IJ)</a> reported Q1 2025 revenues/profits of +1.9%/-4.9% YoY. The company attributes its lackluster quarter to weakness in the mainstream/premium and non-alcoholic segments. </li>
<li>Operating margins declined 210 bps YoY to 36.2% due to an increase in SG&amp;A by 60 bps and a decline in gross profit margins by 150 bps (to 57.8%). </li>
<li>We believe that the company will be able to pay 600/Rph of dividends in FY24, implying ~9% dividend yield. Trading at 11x PE FY24, we still find this idea compelling.</li>
</ul>



Multi Bintang Indonesia (MLBI IJ) reported Q1 2025 revenues/profits of +1.9%/-4.9% YoY. The company attributes its lackluster quarter to weakness in the mainstream/premium and non-alcoholic segments. 
Operating margins declined 210 bps YoY to 36.2% due to an increase in SG&amp;A by 60 bps and a decline in gross profit margins by 150 bps (to 57.8%). 
We believe that the company will be able to pay 600/Rph of dividends in FY24, implying ~9% dividend yield. Trading at 11x PE FY24, we still find this idea compelling.


Multi Bintang Indonesia (MLBI IJ): Slow Start to Q1 FY25

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<a href="https://www.smartkarma.com/entities/multi-bintang-indonesia-pt" target="_blank" data-smartkarma-citation="entities:11651:1" rel="noopener">Multi Bintang Indonesia (MLBI IJ)</a>  delivered steady FY24 growth, with revenue and profits up 1.9% and 7.1% YoY, respectively. Q4 FY24, however, underperformed expectations with revenue/profits up 0.6%/1.7% YoY.</li>
<li>Although Q4 typically represents &gt;30% of overall annual revenue/profits, being the strongest season, its performance was disappointing compared to the strong 21%/35% YoY revenue/profit growth seen in Q3 2024.</li>
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<a href="https://www.smartkarma.com/entities/multi-bintang-indonesia-pt" target="_blank" data-smartkarma-citation="entities:11651:1" rel="noopener">Multi Bintang Indonesia (MLBI IJ)</a> represents tremendous value with a dividend yield of 9% (100% payout), ROEs exceeding 80%, and a cheap multiple of 11x FY24 PE. </li>
</ul>



Multi Bintang Indonesia (MLBI IJ)  delivered steady FY24 growth, with revenue and profits up 1.9% and 7.1% YoY, respectively. Q4 FY24, however, underperformed expectations with revenue/profits up 0.6%/1.7% YoY.
Although Q4 typically represents &gt;30% of overall annual revenue/profits, being the strongest season, its performance was disappointing compared to the strong 21%/35% YoY revenue/profit growth seen in Q3 2024.

Multi Bintang Indonesia (MLBI IJ) represents tremendous value with a dividend yield of 9% (100% payout), ROEs exceeding 80%, and a cheap multiple of 11x FY24 PE. 


Multi Bintang Indonesia (MLBI IJ): Steady FY24, 9% Yield and >80% ROCE

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<li>
<a href="https://www.smartkarma.com/entities/multi-bintang-indonesia-pt" target="_blank" data-smartkarma-citation="entities:11651:1" rel="noopener">Multi Bintang Indonesia (MLBI IJ)</a>  saw significant inflection in Q3 FY24, with revenue and net profit growth of 21.9% and 35%, respectively. Strong growth is anticipated in Q4's high season.</li>
<li>Our confidence in MLBI's Q4 stems from Bali's impressive tourism statistics, registering a 17% YoY increase in Q3 FY24 and 19% YoY in Q4 FY24 (up to November).</li>
<li>With a 10.4x FY24e PE valuation, over 9% dividend yield, and historical ROCEs surpassing 80%, we believe the share price is at a turning point.</li>
</ul>



Multi Bintang Indonesia (MLBI IJ)  saw significant inflection in Q3 FY24, with revenue and net profit growth of 21.9% and 35%, respectively. Strong growth is anticipated in Q4's high season.
Our confidence in MLBI's Q4 stems from Bali's impressive tourism statistics, registering a 17% YoY increase in Q3 FY24 and 19% YoY in Q4 FY24 (up to November).
With a 10.4x FY24e PE valuation, over 9% dividend yield, and historical ROCEs surpassing 80%, we believe the share price is at a turning point.


Multi Bintang Indonesia (MLBI IJ): Anticipating Strong Q4 FY24, 80% ROCE, and >9% Dividend Yield

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<li>
<a href="https://www.smartkarma.com/entities/multi-bintang-indonesia-pt" target="_blank" data-smartkarma-citation="entities:11651:1" rel="noopener">Multi Bintang Indonesia (MLBI IJ)</a> experienced a massive inflection in its revenue with 21.9%/35% revenue/net profit growth as we approach the Q4 high season. </li>
<li>Earlier, parent <a href="https://www.smartkarma.com/entities/heineken-nv" target="_blank" data-smartkarma-citation="entities:21117:1" rel="noopener">Heineken NV (HEIA NA)</a> <a href="https://www.smartkarma.com/entities/heineken-holding-nv" target="_blank" data-smartkarma-citation="entities:21118:1" rel="noopener"></a> had flagged in its H1 2024 report that Indonesia was experiencing double-digit growth following excise duties implemented in January 2024.</li>
<li>Trading at 11.5x FY24/net cash with &gt;8% dividend yield and historical ROCEs averaging over 80%, we see a turning point in the share price now. </li>
</ul>



Multi Bintang Indonesia (MLBI IJ) experienced a massive inflection in its revenue with 21.9%/35% revenue/net profit growth as we approach the Q4 high season. 
Earlier, parent Heineken NV (HEIA NA)  had flagged in its H1 2024 report that Indonesia was experiencing double-digit growth following excise duties implemented in January 2024.
Trading at 11.5x FY24/net cash with &gt;8% dividend yield and historical ROCEs averaging over 80%, we see a turning point in the share price now. 


Multi Bintang (MLBI IJ): Massive Inflection in Q3 FY24 with Double Digit Growth !!

Indonesia

PT Multi Bintang Indonesia Tbk manufactures beer. The Company's main products include beer and stout.

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Multi Bintang Indonesia (MLBI IJ)