In today’s briefing:
- Multi Bintang Indonesia (MLBI IJ): Steady FY24, 9% Yield and >80% ROCE
Multi Bintang Indonesia (MLBI IJ): Steady FY24, 9% Yield and >80% ROCE
- Multi Bintang Indonesia (MLBI IJ) delivered steady FY24 growth, with revenue and profits up 1.9% and 7.1% YoY, respectively. Q4 FY24, however, underperformed expectations with revenue/profits up 0.6%/1.7% YoY.
- Although Q4 typically represents >30% of overall annual revenue/profits, being the strongest season, its performance was disappointing compared to the strong 21%/35% YoY revenue/profit growth seen in Q3 2024.
- Multi Bintang Indonesia (MLBI IJ) represents tremendous value with a dividend yield of 9% (100% payout), ROEs exceeding 80%, and a cheap multiple of 11x FY24 PE.
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