Consumer: Valuation Reset on Macro & Earnings Uncertainty (OVERWEIGHT)
Maintain Overweight on the sector; top picks are MYOR (TP Rp2,700) and ICBP (TP Rp10,500). Significant valuation correction reflects weak macro...
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Consumer: 4Q25 Preview: Steady Revenue Growth, Margins Gradually Improving (OVERWEIGHT)
The revenue growth is mainly supported by ICBP and MYOR, while we also expect GPM recovery in 4Q25 on normalization in soft commodity prices.
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Equity Strategy: Foreign Flow Overhang from MSCI Review; Maintain Bottom-Up Selective Exposure
Past precedents of MSCI EM downgrade indicated that foreign investors tend to derisk during review time and ahead of the implementation.
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Consumer: Higher Wage and Fiscal Tailwinds Support Intact; Decent Dec25 Sales Indication
The FY26 national avg min wage hike of +5.7% yoy should provide support to consumption despite it being slightly lower than FY25.
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Equity Strategy: FY26 Outlook: Still a Stock Picker’s Market Amid Gradual Growth Recovery
We set the FY26-end JCI target at 9,440; Our bottom-up total-return screen highlights BBCA, ISAT, JPFA, ASII, KLBF, AADI, NCKL, ICBP as key picks.
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