In today’s briefing:
- Ultrajaya Milk (ULTJ IJ) – Bringing Milk to the Children
- Criterium Energy Ltd: Onshore Gas Development Takes Centre Stage with Potentially Much Lower Capex
Ultrajaya Milk (ULTJ IJ) – Bringing Milk to the Children
- Ultrajaya Milk remains one of Indonesia’s leading dairy companies with a leading 36% market share of the UHT milk market, with Indonesia being one of the lowest consumers in ASEAN.
- The company has seen a strong recovery in its dairy business and will be a key beneficiary of the school meals program in Indonesia, launched this year by President Prabowo.
- Ultrajaya‘s new distribution centre in MM2100 is now operating with manufacturing to start in 3Q2025, helping to drive longer-term growth. Valuation is attractive versus peer Cimory with growth outlook improving.
Criterium Energy Ltd: Onshore Gas Development Takes Centre Stage with Potentially Much Lower Capex
- 4Q24 production was 957 bbld (880 bbl/d in 3Q24).
- January’s production so far is 1,020 bbl/d.
- This excludes the impact of the last four workovers of the 2024 programme.
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