In today’s briefing:
- Sumber Alfaria Trijaya (AMRT IJ) – Outperforming with Essentials
- Lucror Analytics – Morning Views Asia
Sumber Alfaria Trijaya (AMRT IJ) – Outperforming with Essentials
- Sumber Alfaria Trijaya (AMRT IJ) booked a surprisingly strong set of 1Q2025 results, going against softer consumer sentiment, underlining Alfamart as a supplier of essential goods.
- The company cut promotional spending in 1Q2025 by half, which improved profitability by 30% QoQ, but it still booked SSSG of 8.8% YoY, outperforming other consumer staples players.
- Alfamart continued to open new stores in 1Q2025, targetting 1,000 new outlets this year. This should help drive growth in 2025, along with SSSG. Valuations remain attractive versus growth prospects.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Pakuwon Jati
- The UST curve bear steepened aggressively yesterday, driven by a soft auction of 20Y notes amid concerns over the US Budget deficit. The yield on the 2Y UST rose 5 bps to 4.02%, while that on the 10Y UST jumped 11 bps to 4.60%.
- Moreover, the yield on the 30Y UST climbed 12 bps to 5.09%, the highest since October 2023. Equities retreated on concerns over the US’ safe-haven status. The S&P 500 fell 1.6% to 5,845, while the Nasdaq declined 1.4% to 18,873.
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