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) Q2 FY26:  Strong Revenue/Profit Growth 20%/30% YoY, 80%+ ROCE

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

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

Multi Bintang Indonesia (MLBI IJ): Trading At A 10% Dividend Yield, With 90% 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

<ul>
<li>Q1 FY26 net sales of Rph 759 bn rose 13.2% YoY; PAT of Rph 229 bn grew 17.6% YoY, with EPS of Rph 109 versus Rph 92 in Q1 FY25.</li>
<li>Sequential earnings recovery: Q4FY25 earnings up 21% YoY, and now Q1FY26 up 17.6% YoY. First time since 2023</li>
<li>At Rph 6,275, MLBI trades at 9.9x FY26E P/E and 6.3x FY26E EV/EBITDA, offering a forward dividend yield of approximately 10%; net cash of Rph 1.25 tn supports the payout.</li>
</ul>


Q1 FY26 net sales of Rph 759 bn rose 13.2% YoY; PAT of Rph 229 bn grew 17.6% YoY, with EPS of Rph 109 versus Rph 92 in Q1 FY25.
Sequential earnings recovery: Q4FY25 earnings up 21% YoY, and now Q1FY26 up 17.6% YoY. First time since 2023
At Rph 6,275, MLBI trades at 9.9x FY26E P/E and 6.3x FY26E EV/EBITDA, offering a forward dividend yield of approximately 10%; net cash of Rph 1.25 tn supports the payout.


Multi Bintang (MLBI IJ) Q1 FY26: Solid Revenue Recovery Margins Improve Despite Rising Group Charges