In today’s briefing:
- Sido Muncul (SIDO IJ) – Increasingly Diversified Growth
Sido Muncul (SIDO IJ) – Increasingly Diversified Growth
- Sido Muncul remains a standout consumer proxy in Indonesia through its Tolak Angin herbal brand playing into increased health consciousness and through its energy drinks exposure through Kuku Bima.
- The company continues to expand its product range in herbal, reducing its reliance on Tolak Angin. F&B is seeing stronger growth, with pharmaceuticals also becoming a more important driver.
- Sido Muncul continues to expand its distribution locally across general trade and modern trade, with the international business outgrowing the local business and becoming more important. Valuation remains attractive.
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