In today’s briefing:
- Multi Bintang Indonesia (MLBI IJ) Q3 2023: Weaker Than Expected Recovery So Far
Multi Bintang Indonesia (MLBI IJ) Q3 2023: Weaker Than Expected Recovery So Far
- Recovery for Multi Bintang Indonesia (MLBI IJ) has been underwhelming with revenue/PAT for Q3 2023 coming in at -3% YoY/10% YoY.
- We expect the high season (holiday/festivity season) of Q4 to be comparatively better as 9M2023 revenue/PAT tracks 7% YoY/14% YoY, below our 15% assumption.
- We like Multi Bintang Indonesia (MLBI IJ) as we are paid to wait in the name. The correction post earnings place it at 15.4x/12.7x PE FY23e/24e and 6% dividend yield.
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