Sumber Alfaria Trijaya (AMRT IJ) (Buy) - Downtrading wave strengthens
JW SH NY SCIndonesia’s mini-market y-y sales growth came in...
CONSUMER RELATED Sumber Alfaria Trijaya AMRT AMRT JK AMRT IJ Jody Wijaya Sandy Ham Nayla Yasmin Samuel Christian
Indonesia’s mini-market y-y sales growth came in...
CONSUMER RELATED Sumber Alfaria Trijaya AMRT AMRT JK AMRT IJ Jody Wijaya Sandy Ham Nayla Yasmin Samuel Christian
Overall sales showed a better growth trajectory...
CONSUMER RELATED Indonesia FMCG Sandy Ham Samuel Christian Jody Wijaya
We have tracked the progress of KLBF consumer health’s brand...
GENERAL CONSUMER Kalbe Farma KLBF KLBF JK KLBF IJ Sandy Ham Samuel Christian Jody Wijaya
We upgrade our NPAT forecasts by +4.3%/4.6% for FY25F/FY26F...
GENERAL CONSUMER Cisarua Mountain Dairy CMRY CMRY JK CMRY IJ Sandy Ham Samuel Christian Jody Wijaya
Our survey of 23 FMCG firms suggests that consumption in 3Q25F...
CONSUMER RELATED Indonesia Consumer Sandy Ham Samuel Christian Jody Wijaya
Indonesia’s poultry sector stands to benefit from a convergence...
CONSUMER RELATED Indonesia Poultry Jody Wijaya Sandy Ham Samuel Christian
We expect a jump in terms of the number of kitchens (SPPG) opening in Aug-25...
CONSUMER RELATED Indonesia Consumer Sandy Ham Samuel Christian Jody Wijaya
Alfamart's SSSG in 2Q25 declined by 3% y-y, marking the first negative quarterly...
CONSUMER RELATED Sumber Alfaria Trijaya AMRT AMRT JK AMRT IJ Jody Wijaya Sandy Ham Samuel Christian
MYOR has consistently innovated to expand its market share domestically and abroad...
CONSUMER RELATED Mayora Indah MYOR MYOR JK MYOR IJ Sandy Ham Samuel Christian Jody Wijaya
We have been observing that middle-income-class consumers largely continue...
We expect the current sluggish buying power conditions for Indonesia consumers...
FOOD AND BEVERAGE ICBP ICBP JK ICBP IJ Sandy Ham Samuel Christian Jody Wijaya
Based on our market survey of FMCG producers, we believe that...
CONSUMER RELATED Indonesia FMCG Sandy Ham Samuel Christian Jody Wijaya
Based on our observations over the past 1.5 years, we conclude that...
GENERAL CONSUMER UNVR UNVR JK UNVR IJ Sandy Ham Samuel Christian Jody Wijaya
We observed that middle-income consumers are moving...
GENERAL CONSUMER CMRY CMRY JK CMRY IJ Sandy Ham Jody Wijaya Samuel Christian
As highlighted in our 23 March note (Repositioning, revamping, and reallocating)...
GENERAL CONSUMER Kalbe Farma KLBF KLBF JK KLBF IJ Sandy Ham Jody Wijaya Samuel Christian