In today’s briefing:
- Multi Bintang Indonesia (MLBI IJ): Slow Start to Q1 FY25
Multi Bintang Indonesia (MLBI IJ): Slow Start to Q1 FY25
- Multi Bintang Indonesia (MLBI IJ) reported Q1 2025 revenues/profits of +1.9%/-4.9% YoY. The company attributes its lackluster quarter to weakness in the mainstream/premium and non-alcoholic segments.
- Operating margins declined 210 bps YoY to 36.2% due to an increase in SG&A by 60 bps and a decline in gross profit margins by 150 bps (to 57.8%).
- We believe that the company will be able to pay 600/Rph of dividends in FY24, implying ~9% dividend yield. Trading at 11x PE FY24, we still find this idea compelling.
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