In today’s briefing:
- Multibintang Q1 FY24: Soft Start, Down to 13x PE and a >7% Dividend Yield
Multibintang Q1 FY24: Soft Start, Down to 13x PE and a >7% Dividend Yield
- Multi Bintang Indonesia (MLBI IJ) showed a weak print, with sales down 10% YoY and profitability flat for Q1 FY24. Consumption was weak locally despite strong Bali tourism.
- On the positive side, the company improved its net cash position to substantially to 900 bn Rph ( or 6% of Mkt Cap) and expanded margins by 400 bps YoY.
- Trading at 13x FY23 PE (with a 7% dividend yield assuming a 100% payout), there is great value in this market leader (60% Mkt share) of beer consumption in Indonesia.
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