External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>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)</li><li>We see limited catalysts for 3Q24, aside from rev growth from export markets (for ICBP and MYOR).</li><li>We maintain OW rating on the sector; ICBP (TP of Rp12,900) and MYOR (TP of Rp3,200) remain as our top picks.</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 sector’s 2Q24 core profit to grow at a healthy doubledigit rate, but expect weak rev. growth (2.8% yoy/ -15.8% qoq)We see limited catalysts for 3Q24, aside from rev growth from export markets (for ICBP and MYOR).We maintain OW rating on the sector; ICBP (TP of Rp12,900) and MYOR (TP of Rp3,200) remain as our top picks.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: Expect Solid Core Profit Growth on Better Margins, Revenue Growth May Remain Soft

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

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.

<ul><li>Despite the regained volume since the end of last year, consumers continue to maintain overall spending, leading to downtrading behavior.</li><li>This is reinforced by the GDP deflator, which recorded a negative growth of -0.8% YoY in 1Q24.</li><li>Our rationale for why consumer staples remain unfavorable aligns with the current monetary policies.</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.

Despite the regained volume since the end of last year, consumers continue to maintain overall spending, leading to downtrading behavior.This is reinforced by the GDP deflator, which recorded a negative growth of -0.8% YoY in 1Q24.Our rationale for why consumer staples remain unfavorable aligns with the current monetary policies.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 Staples Sectoral Update May 21, 2024

<ul><li>With the FMCG market having sound growth prospects, we estimate FY24F growth of 7% yoy.</li><li>Some categories still showed promising growth in 3Q23, despite the market’s overall volume contraction.</li><li>We maintain our sector OW rating and expect ICBP (TP Rp13,000) and MYOR (TP Rp3,500) to fare better under a soft recovery scenario.</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.

With the FMCG market having sound growth prospects, we estimate FY24F growth of 7% yoy.Some categories still showed promising growth in 3Q23, despite the market’s overall volume contraction.We maintain our sector OW rating and expect ICBP (TP Rp13,000) and MYOR (TP Rp3,500) to fare better under a soft recovery scenario.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: Room for Growth Is Still in Store (OVERWEIGHT)

<ul><li>We expect more provision for social aid and the festive events in 1H24 to cushion soft purchasing power recovery amid modest wage hikes.</li><li>We forecast FY24 net profit growth for the sector of 10.6% yoy (core profits: +5% yoy) supported by sales volume recovery (3-9%).</li><li>We maintain sector OW rating and expect ICBP (TP Rp13,000) and MYOR (TP Rp3,500) to fare better under soft recovery scenario.</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 expect more provision for social aid and the festive events in 1H24 to cushion soft purchasing power recovery amid modest wage hikes.We forecast FY24 net profit growth for the sector of 10.6% yoy (core profits: +5% yoy) supported by sales volume recovery (3-9%).We maintain sector OW rating and expect ICBP (TP Rp13,000) and MYOR (TP Rp3,500) to fare better under soft recovery scenario.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: Festive events in 1H24 and higher social aid to cushion soft recovery in FY24 (OVERWEIGHT)

Equity Bottom-Up

<ul><li>SIDO booked revenue of IDR1.8 tn in 1H25 (-3.6% YoY), supported by a strong rebound in 2Q25 of +29.4% QoQ/+23.3% YoY to IDR1.0 tn, recovering from the early Lebaran impact and distribution shift that weighed on sales in 1Q25.</li><li>This 1H25 figure missed our/consensus FY25E estimates at 45.7%/45.6%.</li><li>By segment in 1H25, Herbal Medicine &amp; Supplement posted IDR1.1 tn (-3.1% YoY), yet on quarterly basis rebounding sharply in 2Q25 to IDR416.7 bn (+97.3% QoQ/+47.2% YoY) on the back of volume recovery and the extended rainy season (kemarau basah), which increased flu incidence and boosted demand for cold symptom remedies as well as essentials oil, Esemag, and Tolak Linu. </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.

SIDO booked revenue of IDR1.8 tn in 1H25 (-3.6% YoY), supported by a strong rebound in 2Q25 of +29.4% QoQ/+23.3% YoY to IDR1.0 tn, recovering from the early Lebaran impact and distribution shift that weighed on sales in 1Q25.This 1H25 figure missed our/consensus FY25E estimates at 45.7%/45.6%.By segment in 1H25, Herbal Medicine &amp; Supplement posted IDR1.1 tn (-3.1% YoY), yet on quarterly basis rebounding sharply in 2Q25 to IDR416.7 bn (+97.3% QoQ/+47.2% YoY) on the back of volume recovery and the extended rainy season (kemarau basah), which increased flu incidence and boosted demand for cold symptom remedies as well as essentials oil, Esemag, and Tolak Linu. 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.

SIDO Muncul (SIDO IJ) - 2Q25 Herbal Recovery Helped 1H25 Performance

Indonesia

Sido Muncul is an Indonesian company specializing in herbal medicine, pharmaceuticals, and food and beverage products. Its product categories include herbal medicine and supplements, such as the well-known Tolak Angin, along with food and beverages, and pharmaceutical items. The company is headquartered in Semarang, Central Java, Indonesia, and was established in 1940.

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