In today’s briefing:
- Cahaya Aero Services : (CASS IJ): 2nd Quarter Results
- Multi Bintang Indonesia (MLBI IJ) Q2 FY26: Strong Revenue/Profit Growth 20%/30% YoY, 80%+ ROCE
Cahaya Aero Services : (CASS IJ): 2nd Quarter Results
- Despite US-Iran war, revenues increased by 3% on yony basis
- Operating Profit was up 15% on a year-on-year basis, indicating the new management strategy is working and Net Profits are up 30%
- Our channel check indicates that the flight from the Middle East to Indonesia has resumed back to normal since the beginning of the US-Iran war
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Multi Bintang Indonesia (MLBI IJ) Q2 FY26: Strong Revenue/Profit Growth 20%/30% YoY, 80%+ ROCE
- 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&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.
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