In today’s briefing:
- Primer: Cisarua Mountain Dairy (CMRY IJ) – Nov 2025

Primer: Cisarua Mountain Dairy (CMRY IJ) – Nov 2025
- Dominant Player in a High-Growth Market: Cisarua Mountain Dairy (CMRY) is a leading producer of premium dairy and consumer food products in Indonesia, a market poised for significant growth driven by a rising middle class, increasing health consciousness, and urbanization. The company holds a dominant market share, particularly in the yogurt category.
- Robust Financial Performance and Strong Growth Track Record: CMRY has demonstrated an exceptional growth trajectory, with a 3-year revenue CAGR of 30.13% and a net income CAGR of 24.35%. This is underpinned by successful product innovation and expansion of its distribution network, leading to consistent margin expansion and strong free cash flow generation.
- Strategic Focus on Innovation and Distribution Expansion: The company’s strategy centers on continuous product innovation in both its dairy (Cimory brand) and consumer foods (Kanzler brand) segments, coupled with an aggressive expansion of its distribution channels, including modern trade, general trade, and its unique direct-to-consumer ‘Miss Cimory’ network. This dual focus is expected to sustain its growth momentum and market leadership.
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