Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

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Multi Bintang Indonesia / Equity Bottom-Up

<ul>
<li>Q2 FY26 net sales of Rph 961 bn rose 19.9% YoY; net income of Rph 300 bn grew 30.8%, the strongest second quarter on record.</li>
<li>Gross margin expanded by 337 bps to 63.2%, but selling and G&amp;A expenses grew by 32.5%, absorbing the gain; EBITDA margin was flat at 47.5%.</li>
<li>At Rph 6,800, the numbers imply 11.0x FY26E P/E, 7.0x EV/EBITDA, and 9.1% yield; H1 tracks ahead of FY26E revenue assumptions.</li>
</ul>


Q2 FY26 net sales of Rph 961 bn rose 19.9% YoY; net income of Rph 300 bn grew 30.8%, the strongest second quarter on record.
Gross margin expanded by 337 bps to 63.2%, but selling and G&amp;A expenses grew by 32.5%, absorbing the gain; EBITDA margin was flat at 47.5%.
At Rph 6,800, the numbers imply 11.0x FY26E P/E, 7.0x EV/EBITDA, and 9.1% yield; H1 tracks ahead of FY26E revenue assumptions.


Multi Bintang Indonesia (MLBI IJ) Q2 FY26:  Strong Revenue/Profit Growth 20%/30% YoY, 80%+ ROCE

<ul>
<li>
<a href="https://www.smartkarma.com/entities/multi-bintang-indonesia-pt" target="_blank" data-smartkarma-citation="entities:11651:1" rel="noopener">Multi Bintang Indonesia (MLBI IJ)</a> reported Q1 2025 revenues/profits of +1.9%/-4.9% YoY. The company attributes its lackluster quarter to weakness in the mainstream/premium and non-alcoholic segments. </li>
<li>Operating margins declined 210 bps YoY to 36.2% due to an increase in SG&amp;A by 60 bps and a decline in gross profit margins by 150 bps (to 57.8%). </li>
<li>We believe that the company will be able to pay 600/Rph of dividends in FY24, implying ~9% dividend yield. Trading at 11x PE FY24, we still find this idea compelling.</li>
</ul>



Multi Bintang Indonesia (MLBI IJ) reported Q1 2025 revenues/profits of +1.9%/-4.9% YoY. The company attributes its lackluster quarter to weakness in the mainstream/premium and non-alcoholic segments. 
Operating margins declined 210 bps YoY to 36.2% due to an increase in SG&amp;A by 60 bps and a decline in gross profit margins by 150 bps (to 57.8%). 
We believe that the company will be able to pay 600/Rph of dividends in FY24, implying ~9% dividend yield. Trading at 11x PE FY24, we still find this idea compelling.


Multi Bintang Indonesia (MLBI IJ): Slow Start to Q1 FY25

<ul>
<li>
<a href="https://www.smartkarma.com/entities/multi-bintang-indonesia-pt" target="_blank" data-smartkarma-citation="entities:11651:1" rel="noopener">Multi Bintang Indonesia (MLBI IJ)</a>  delivered steady FY24 growth, with revenue and profits up 1.9% and 7.1% YoY, respectively. Q4 FY24, however, underperformed expectations with revenue/profits up 0.6%/1.7% YoY.</li>
<li>Although Q4 typically represents &gt;30% of overall annual revenue/profits, being the strongest season, its performance was disappointing compared to the strong 21%/35% YoY revenue/profit growth seen in Q3 2024.</li>
<li>
<a href="https://www.smartkarma.com/entities/multi-bintang-indonesia-pt" target="_blank" data-smartkarma-citation="entities:11651:1" rel="noopener">Multi Bintang Indonesia (MLBI IJ)</a> represents tremendous value with a dividend yield of 9% (100% payout), ROEs exceeding 80%, and a cheap multiple of 11x FY24 PE. </li>
</ul>



Multi Bintang Indonesia (MLBI IJ)  delivered steady FY24 growth, with revenue and profits up 1.9% and 7.1% YoY, respectively. Q4 FY24, however, underperformed expectations with revenue/profits up 0.6%/1.7% YoY.
Although Q4 typically represents &gt;30% of overall annual revenue/profits, being the strongest season, its performance was disappointing compared to the strong 21%/35% YoY revenue/profit growth seen in Q3 2024.

Multi Bintang Indonesia (MLBI IJ) represents tremendous value with a dividend yield of 9% (100% payout), ROEs exceeding 80%, and a cheap multiple of 11x FY24 PE. 


Multi Bintang Indonesia (MLBI IJ): Steady FY24, 9% Yield and >80% ROCE

<ul>
<li>
<a href="https://www.smartkarma.com/entities/multi-bintang-indonesia-pt" target="_blank" data-smartkarma-citation="entities:11651:1" rel="noopener">Multi Bintang Indonesia (MLBI IJ)</a>  saw significant inflection in Q3 FY24, with revenue and net profit growth of 21.9% and 35%, respectively. Strong growth is anticipated in Q4's high season.</li>
<li>Our confidence in MLBI's Q4 stems from Bali's impressive tourism statistics, registering a 17% YoY increase in Q3 FY24 and 19% YoY in Q4 FY24 (up to November).</li>
<li>With a 10.4x FY24e PE valuation, over 9% dividend yield, and historical ROCEs surpassing 80%, we believe the share price is at a turning point.</li>
</ul>



Multi Bintang Indonesia (MLBI IJ)  saw significant inflection in Q3 FY24, with revenue and net profit growth of 21.9% and 35%, respectively. Strong growth is anticipated in Q4's high season.
Our confidence in MLBI's Q4 stems from Bali's impressive tourism statistics, registering a 17% YoY increase in Q3 FY24 and 19% YoY in Q4 FY24 (up to November).
With a 10.4x FY24e PE valuation, over 9% dividend yield, and historical ROCEs surpassing 80%, we believe the share price is at a turning point.


Multi Bintang Indonesia (MLBI IJ): Anticipating Strong Q4 FY24, 80% ROCE, and >9% Dividend Yield

<ul>
<li>
<a href="https://www.smartkarma.com/entities/multi-bintang-indonesia-pt" target="_blank" data-smartkarma-citation="entities:11651:1" rel="noopener">Multi Bintang Indonesia (MLBI IJ)</a> experienced a massive inflection in its revenue with 21.9%/35% revenue/net profit growth as we approach the Q4 high season. </li>
<li>Earlier, parent <a href="https://www.smartkarma.com/entities/heineken-nv" target="_blank" data-smartkarma-citation="entities:21117:1" rel="noopener">Heineken NV (HEIA NA)</a> <a href="https://www.smartkarma.com/entities/heineken-holding-nv" target="_blank" data-smartkarma-citation="entities:21118:1" rel="noopener"></a> had flagged in its H1 2024 report that Indonesia was experiencing double-digit growth following excise duties implemented in January 2024.</li>
<li>Trading at 11.5x FY24/net cash with &gt;8% dividend yield and historical ROCEs averaging over 80%, we see a turning point in the share price now. </li>
</ul>



Multi Bintang Indonesia (MLBI IJ) experienced a massive inflection in its revenue with 21.9%/35% revenue/net profit growth as we approach the Q4 high season. 
Earlier, parent Heineken NV (HEIA NA)  had flagged in its H1 2024 report that Indonesia was experiencing double-digit growth following excise duties implemented in January 2024.
Trading at 11.5x FY24/net cash with &gt;8% dividend yield and historical ROCEs averaging over 80%, we see a turning point in the share price now. 


Multi Bintang (MLBI IJ): Massive Inflection in Q3 FY24 with Double Digit Growth !!

Indonesia

PT Multi Bintang Indonesia Tbk is an Indonesian beverage company that produces, distributes, and markets beer, low-alcohol and alcohol-free beer products, cider, and carbonated soft drinks. Its key brands include Bintang, Heineken, Bintang Radler, Bintang Zero, and Green Sands. The company is headquartered in Jakarta, Indonesia, and was founded in 1929.

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Multi Bintang Indonesia (MLBI IJ)