Daily Brief Indonesia: Indonesia Kendaraan Terminal, Mulia Boga Raya and more

• PT Indonesia Kendaraan Terminal Tbk (IPCC IJ) operates as the primary specialized automotive roll-on/roll-off (RoRo) terminal operator in Indonesia, benefiting from a dominant market share at Tanjung Priok Port and an expanding operational footprint across key regional commercial hubs under the consolidated Pelindo Group.
• The company exhibits an elite financial profile characterized by high operating margins, a net-cash balance sheet, superior cash conversion (>95% Free Cash Flow to Net Income conversion), and sustained double-digit earnings growth (3-year EPS CAGR of 16.62%).
• With an attractive dividend yield of ~8.97%, low capital intensity, and structural volume drivers linked to Indonesia’s emerging status as a regional electric vehicle (EV) manufacturing and Completely Built-Up (CBU) export hub, IPCC offers institutional investors a high-quality cash-generative proxy for Indonesian automotive logistics.

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• PT Mulia Boga Raya Tbk (KEJU IJ) is Indonesia’s dominant processed cheese manufacturer, holding a commanding market share in the mass-market and food-service categories through its flagship Prochiz and TopChiz brands, bolstered by parent company Garudafood’s extensive nationwide distribution network.
• The company demonstrates a robust earnings growth trajectory, delivering a 15.2% 3-year EPS CAGR and an anticipated +20% EPS CAGR over FY25–28E, supported by structural dairy consumption growth, portfolio premiumization via its strategic Bel S.A. partnership, and capacity expansion from the newly commissioned Sumedang facility.
• While near-term margins face headwinds from global raw dairy commodity price volatility, IDR currency depreciation, and initial fixed-cost absorption from new plant operations, KEJU maintains a healthy balance sheet, resilient cash generation, and an attractive valuation profile relative to mid-cap FMCG peers.

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