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

Shortlist Of High Conviction Ideas: Income, Value, and Margin of Safety - August 2023

Bali Tourism Recovery: Positive for Indonesian Beer Company Multi Bintang (MLBI IJ)

Shortlist Of High Conviction Ideas: Income, Value, and Margin of Safety - September 2023

Multi Bintang (MLBI IJ): Recovery Story With High Cash Flow Generation and Dividend Pay Out

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>
<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> delivered a steady Q2 2023 with revenues up 16.6% YoY and profits up 32% YoY, aided by revenue growth on alcoholic beverages of 20% YoY. </li>
<li>EBITDA margins expanded to 50% in Q2 2023 from 45% in Q1 2023 but remained flat YoY. We expect margins to continue expanding in subsequent quarters as revenues grow seasonally.</li>
<li>Trading at 15.8x/13x FY23e/24e PE, with a 6.3%/7.7% dividend yield, we believe this is an excellent play on tourism recovery in Indonesia. </li>
</ul>



Multi Bintang Indonesia (MLBI IJ) delivered a steady Q2 2023 with revenues up 16.6% YoY and profits up 32% YoY, aided by revenue growth on alcoholic beverages of 20% YoY. 
EBITDA margins expanded to 50% in Q2 2023 from 45% in Q1 2023 but remained flat YoY. We expect margins to continue expanding in subsequent quarters as revenues grow seasonally.
Trading at 15.8x/13x FY23e/24e PE, with a 6.3%/7.7% dividend yield, we believe this is an excellent play on tourism recovery in Indonesia. 


Multi Bintang Q2 2023: Steady Recovery 6.5-7% Yield and 85% ROCEs on Track