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.

Equity Bottom-Up

<ul><li>SIDO’s 1H25 earnings beat was backed by controlled raw material and opex, offsetting weak top-line. We lifted our FY25F/26F NPAT by 7/8%.</li><li>Mgmt indicates a slight mom volume growth normalization in Jul25, yet remains confident on 2H25 outlook backed by higher seasonality.</li><li>Maintain Buy with a higher DCF-based TP of Rp600 (from Rp550 prev.); we see SIDO as an underappreciated stable FCF generator.</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’s 1H25 earnings beat was backed by controlled raw material and opex, offsetting weak top-line. We lifted our FY25F/26F NPAT by 7/8%.Mgmt indicates a slight mom volume growth normalization in Jul25, yet remains confident on 2H25 outlook backed by higher seasonality.Maintain Buy with a higher DCF-based TP of Rp600 (from Rp550 prev.); we see SIDO as an underappreciated stable FCF generator.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): Delivering Improvement in 2Q25...

<ul><li>TolakAngin brand strength and margin stability remains SIDO’s key competitive advantage to support rerating potential.</li><li>Current valuation is at an attractive discount and should already price in the weak 1Q25 results and muted FY25F/26F EPS growth of -7%/+5%.</li><li>Maintain Buy with a lower TP of Rp550; Key risk is continued weak herbal segment revenue.</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.

TolakAngin brand strength and margin stability remains SIDO’s key competitive advantage to support rerating potential.Current valuation is at an attractive discount and should already price in the weak 1Q25 results and muted FY25F/26F EPS growth of -7%/+5%.Maintain Buy with a lower TP of Rp550; Key risk is continued weak herbal segment revenue.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 - Revenue Improvement Prospect in 2Q25; Resume Coverage with Buy Rating

<ul><li>SIDO is optimistic about achieving a minimum of 10% rev. and NP growth in FY25, driven by Herbal and strong growth in the F&amp;B segment.</li><li>Assuming higher gross margin projections from FY25/26F, we revise our FY25/26F net profit estimates upward by 11%/12%.</li><li>Compared to peers, SIDO has minimal USD-linked costs, 7-8% div. yield and high ROE. We reiterate our Buy rating with unchanged TP of Rp640.</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 is optimistic about achieving a minimum of 10% rev. and NP growth in FY25, driven by Herbal and strong growth in the F&amp;B segment.Assuming higher gross margin projections from FY25/26F, we revise our FY25/26F net profit estimates upward by 11%/12%.Compared to peers, SIDO has minimal USD-linked costs, 7-8% div. yield and high ROE. We reiterate our Buy rating with unchanged TP of Rp640.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) Raising FY25-26F Forecast

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>SIDO reported outstanding performance in 2Q24, with revenue coming in at IDR843.1 bn (- 20.0% QoQ/+12.9% YoY).</li><li>The QoQ decrease was due to seasonality, while the YoY growth was driven by higher volume across all segments.</li><li>Segment-wise, Herbal, the largest contributor (57.7%), exhibited an +8.1% YoY growth, while FnB (38.0%) grew by +21.2% YoY and Pharmacy (17.6%) advanced by +12.3% YoY. </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 reported outstanding performance in 2Q24, with revenue coming in at IDR843.1 bn (- 20.0% QoQ/+12.9% YoY).The QoQ decrease was due to seasonality, while the YoY growth was driven by higher volume across all segments.Segment-wise, Herbal, the largest contributor (57.7%), exhibited an +8.1% YoY growth, while FnB (38.0%) grew by +21.2% YoY and Pharmacy (17.6%) advanced by +12.3% YoY. 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 IJ - MNC Sekuritas Equity Report July 30, 2024

<ul><li>SIDO reported outstanding performance in 2Q24. 2Q24 net profit surged to IDR218.0 bn (-44.2% QoQ/+47.5% YoY), translating to an NPM of 25.9% (vs 19.8% in 2Q23), hitting an all-time high (ATH) if we exclude the covid-19 period.</li><li>The accelerated La Nina cycle is expected to amplify demand for the "Tolak Angin" product, a key driver of Herbal segment growth.</li><li>Interestingly, we found a correlation between stock prices and sea surface temperatures (SST) as a proxy for the El Nino-La Nina cycle.</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 reported outstanding performance in 2Q24. 2Q24 net profit surged to IDR218.0 bn (-44.2% QoQ/+47.5% YoY), translating to an NPM of 25.9% (vs 19.8% in 2Q23), hitting an all-time high (ATH) if we exclude the covid-19 period.The accelerated La Nina cycle is expected to amplify demand for the "Tolak Angin" product, a key driver of Herbal segment growth.Interestingly, we found a correlation between stock prices and sea surface temperatures (SST) as a proxy for the El Nino-La Nina cycle.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 Ij - Continued Underlying Momentum: La Nina 2H24

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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Sido Muncul (SIDO IJ)