External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>MYOR booked revenue of IDR17.8 tn in 1H25 (+9.7% YoY vs IDR16.2 tn in 1H24), slightly below our/consensus FY25E estimates at 44.9%/44.9%.</li><li>Revenue was supported by local sales of IDR10.4 tn in 1H25 (+8.3% YoY) and export sales of IDR7.4 tn in 1H25 (+11.8% YoY).</li><li>The stronger export momentum reflects continued traction in Asia and other international markets.</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 booked revenue of IDR17.8 tn in 1H25 (+9.7% YoY vs IDR16.2 tn in 1H24), slightly below our/consensus FY25E estimates at 44.9%/44.9%.Revenue was supported by local sales of IDR10.4 tn in 1H25 (+8.3% YoY) and export sales of IDR7.4 tn in 1H25 (+11.8% YoY).The stronger export momentum reflects continued traction in Asia and other international markets.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 - 1H25 Weak Performance; Limited 2H25 Recovery Ahead

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

BRI Danareksa Research

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.

<ul><li>MYOR’s 2Q25 results were soft overall, with margins contractions still the main concern. Nonetheless, Jul25 sales trajectory showed improvement. </li><li>We trimmed our core profit forecast by -9.3/-5.8% in FY25/26F on lower vol. growth assumptions with maintained A&amp;P spending of total sales. </li><li>Reiterate our Buy rating on MYOR with a lower TP of Rp2,500 to reflect our forecast revision.</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 2Q25 results were soft overall, with margins contractions still the main concern. Nonetheless, Jul25 sales trajectory showed improvement. We trimmed our core profit forecast by -9.3/-5.8% in FY25/26F on lower vol. growth assumptions with maintained A&amp;P spending of total sales. Reiterate our Buy rating on MYOR with a lower TP of Rp2,500 to reflect our forecast revision.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 (MYOR.IJ) - Expect 2H25 Earnings Recovery from Volume Improvement...

<ul><li>PT Mayora Indah, Tbk (MYOR IJ) is one of Indonesia’s most established and diversified FMCG companies in the processed F&amp;B sector, with over &gt;40 years of operating history.</li><li>In 1948, the company began as a smallscale home industry producing homemade biscuits in Jakarta.</li><li>Its first iconic products “Roma Kelapa” and “Roma Marie” were handmade and sold door to door, marking the start of what would become a global enterprise. </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.

PT Mayora Indah, Tbk (MYOR IJ) is one of Indonesia’s most established and diversified FMCG companies in the processed F&amp;B sector, with over &gt;40 years of operating history.In 1948, the company began as a smallscale home industry producing homemade biscuits in Jakarta.Its first iconic products “Roma Kelapa” and “Roma Marie” were handmade and sold door to door, marking the start of what would become a global enterprise. 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.

PT Mayora Indah Tbk - Mass-Market Brand With Multi-Market Reach

<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

<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

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 - 1H25 Weak Performance; Limited 2H25 Recovery Ahead

MYOR booked revenue of IDR17.8 tn in 1H25 (+9.7% YoY vs IDR16.2 tn in 1H24), slightly below our/consensus FY25E estimates at 44.9%/44.9%.

MNC Sekuritas