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>MYOR aims to continue ASP adjustments in 4Q24 to protect margins. Oct24 indicated to remain strong, implying sequential improvements. </li><li>Following higher coffee and cocoa prices, we have trimmed our FY24/25F core profit forecasts by 17.8%/15.2%. </li><li>Expect upcoming festive events to support volume; maintain Buy rating with a lower TP of Rp3,050 (FY25F PE of 22x).</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 aims to continue ASP adjustments in 4Q24 to protect margins. Oct24 indicated to remain strong, implying sequential improvements. Following higher coffee and cocoa prices, we have trimmed our FY24/25F core profit forecasts by 17.8%/15.2%. Expect upcoming festive events to support volume; maintain Buy rating with a lower TP of Rp3,050 (FY25F PE of 22x).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 - Eyeing Margin Protection with ASP Adjustments in 4Q24, Maintain Buy with a Lower TP

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

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<a href="https://www.smartkarma.com/entities/delfi-ltd" target="_blank" data-smartkarma-citation="entities:19714:1" rel="noopener">Delfi Ltd (DELFI SP)</a> saw some impact from the weaker IDR and higher cocoa prices in 1H2024 but prospects for 2H2024 look more promising with less expected disruption.</li>
<li>The company continues to roll out new distribution across modern trade independent and general trade as well as new variants for existing best-selling brands such as Silver Queen chocolate.</li>
<li>The company remains confident that the cocoa price will decline from current levels although it may remain higher than historic levels. Valuations remain attractive. </li>
</ul>



Delfi Ltd (DELFI SP) saw some impact from the weaker IDR and higher cocoa prices in 1H2024 but prospects for 2H2024 look more promising with less expected disruption.
The company continues to roll out new distribution across modern trade independent and general trade as well as new variants for existing best-selling brands such as Silver Queen chocolate.
The company remains confident that the cocoa price will decline from current levels although it may remain higher than historic levels. Valuations remain attractive. 


Delfi Ltd (DELFI SP) - Sweeter Times Ahead?

<ul><li>MYOR’s management expects robust sales growth in 2Q24 off a low base in 2Q23 after double-digit growth (mom and yoy) in Apr-May24.</li><li>Higher raw material costs led to lower margins in 2Q24. As such, MYOR will gradually adjust ASP at the consumer level.</li><li>Maintain Buy with an unchanged TP of Rp3,200 (implying FY24F PE of 21x).</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 management expects robust sales growth in 2Q24 off a low base in 2Q23 after double-digit growth (mom and yoy) in Apr-May24.Higher raw material costs led to lower margins in 2Q24. As such, MYOR will gradually adjust ASP at the consumer level.Maintain Buy with an unchanged TP of Rp3,200 (implying FY24F PE of 21x).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 - Steady Indicative 2Q24 Sales Growth, with Intact Margin Outlook

<ul><li>We expect strong 2Q24 top line to continue (from low base in 2Q23); Apr24 YTD sales indicated to still see strong double-digit growth.</li><li>Factoring in higher input costs, we lower our FY24-25F core profit by 3.3%/2.7% to Rp3.3tr (-0.7% yoy) and Rp3.6tr (+10.6% yoy).</li><li>Expect a strong 2H24 on seasonal factors. Maintain Buy with an unchanged TP of Rp3,200 (implying FY24F PE of 21x).</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 strong 2Q24 top line to continue (from low base in 2Q23); Apr24 YTD sales indicated to still see strong double-digit growth.Factoring in higher input costs, we lower our FY24-25F core profit by 3.3%/2.7% to Rp3.3tr (-0.7% yoy) and Rp3.6tr (+10.6% yoy).Expect a strong 2H24 on seasonal factors. Maintain Buy with an unchanged TP of Rp3,200 (implying FY24F PE of 21x).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 - Expect 1Q24 Sales Momentum to Continue

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<a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" data-smartkarma-citation="entities:16947:1" rel="noopener">Adi Sarana Armada (ASSA IJ)</a> represents one of the most interesting plays on people and goods mobility and end-to-end logistics in Indonesia, being market leaders in auto leasing and auctions.</li>
<li>Revenues slowed in 9M2023 due to a slowdown in Anteraja because of slower e-commerce but other areas saw strong growth, especially its auction and used car business.</li>
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<a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" data-smartkarma-citation="entities:16947:1" rel="noopener">Adi Sarana Armada</a> continues to build its renamed Cargoshare end-to-end logistics business with new customers and a move into cold chain logistics. Valuations are attractive relative to growth.</li>
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Adi Sarana Armada (ASSA IJ) represents one of the most interesting plays on people and goods mobility and end-to-end logistics in Indonesia, being market leaders in auto leasing and auctions.
Revenues slowed in 9M2023 due to a slowdown in Anteraja because of slower e-commerce but other areas saw strong growth, especially its auction and used car business.

Adi Sarana Armada continues to build its renamed Cargoshare end-to-end logistics business with new customers and a move into cold chain logistics. Valuations are attractive relative to growth.


Adi Sarana Armada (ASSA IJ) - Leading Player in People and Goods Mobility

Indonesia

PT Mayora Indah Tbk is an Indonesian multinational food and beverage company that manufactures, markets, and distributes fast-moving consumer goods, including biscuits, candies, wafers, chocolates, coffee, and health foods. The company is known for brands such as Kopiko, Energen, Torabika, and Beng Beng. Headquartered in Jakarta, Indonesia, it was founded in 1977.

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Mayora Indah (MYOR IJ)

MYOR IJ - Eyeing Margin Protection with ASP Adjustments in 4Q24, Maintain Buy with a Lower TP

MYOR aims to continue ASP adjustments in 4Q24 to protect margins. Oct24 indicated to remain strong, implying sequential improvements.

BRI Danareksa Research

Delfi Ltd (DELFI SP) - Sweeter Times Ahead?

Delfi Ltd (DELFI SP) saw some impact from the weaker IDR and higher cocoa prices in 1H2024 but prospects for 2H2024 look more promising with less...

Angus Mackintosh

Mayora Indah - Steady Indicative 2Q24 Sales Growth, with Intact Margin Outlook

MYOR’s management expects robust sales growth in 2Q24 off a low base in 2Q23 after double-digit growth (mom and yoy) in Apr-May24.

BRI Danareksa Research

Mayora Indah - Expect 1Q24 Sales Momentum to Continue

We expect strong 2Q24 top line to continue (from low base in 2Q23); Apr24 YTD sales indicated to still see strong double-digit growth.

BRI Danareksa Research

Adi Sarana Armada (ASSA IJ) - Leading Player in People and Goods Mobility

Adi Sarana Armada represents one of the most interesting plays on people and goods mobility and end-to-end logistics in Indonesia, being the market...

Angus Mackintosh

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