In today’s briefing:
- PT Nippon Indosari Corpindo (ROTI IJ) – Baking in Rising Expectations
PT Nippon Indosari Corpindo (ROTI IJ) – Baking in Rising Expectations
- PT Nippon Indosari Corpindo (ROTI IJ) saw a strong QoQ recovery in sales in 3Q2023 but its return rate also increased as it adjusted to distributing new products.
- Raw material & packaging costs have abated and A&P spending stabilised, giving the company a strong base for recovery, as it expands its distribution in modern and general trade.
- The outlook for ROTI in 4Q and into FY2024 looks positive given a wider footprint and the potential for improvements in its return rate. Valuations are well below historical averages.
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