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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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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Consumer: FY26 Outlook: Fiscal Acceleration and Potentially Higher Wage Hikes to Support Consumption
We expect FY26 purchasing power to improve gradually on expansionary fiscal measures, stronger social assistance and higher min. wages.
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Consumer: 3Q25 Preview: Navigating Modest Revenue Growth Through Cost Discipline (OVERWEIGHT)
Opex savings esp. on A&P exp. may help to partially cushion op. profit decline (9M25E: -1.3% yoy) and core profit growth of +3.7% yoy in 9M25E.
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Equity Strategy: Oct25 Picks: Sticking with Banks, Commodities, Telco
We maintain our positive stance on Banks as we expect better liquidity condition to be reflected in Sep25 CoF, combined with attractive yield.
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