Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

A buy-side analyst with over 18 years of experience investing in Asian markets and specializing in the mid-small cap space, emphasizing value investing in companies with good free cash flows/dividends and long-term holding horizons. 
Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd. It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity, Bottom-up Analyst

Multi Bintang Indonesia (MLBI IJ) Q3 FY25: Resilient >9% Yield Intact, But No Inflection In Demand

Multi Bintang (MLBI IJ): Massive Inflection in Q3 FY24 with Double Digit Growth !!

Multi Bintang Indonesia (MLBI IJ): Anticipating Strong Q4 FY24, 80% ROCE, and >9% Dividend Yield

Multi Bintang Indonesia (MLBI IJ): Steady FY24, 9% Yield and >80% ROCE

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

Multi Bintang Indonesia / Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/multi-bintang-indonesia-pt" target="_blank" data-smartkarma-citation="entities:11651:1" rel="noopener">Multi Bintang Indonesia (MLBI IJ)</a> 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. </li>
<li>Operating margins declined 210 bps YoY to 36.2% due to an increase in SG&amp;A by 60 bps and a decline in gross profit margins by 150 bps (to 57.8%). </li>
<li>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.</li>
</ul>



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&amp;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.


Multi Bintang Indonesia (MLBI IJ): Slow Start to Q1 FY25