We anticipate limited upside surprises in the retailers’ 4Q24F results,

RETAIL Jody Wijaya Sandy Ham Samuel Christian

We believe competitive pricing and strong branding remain the best catalysts to succeed in the Indonesia FMCG

FOOD And BEVERAGE Sandy Ham Jody Wijaya Samuel Christian

CMRY has largely covered modern trade (MT) stores in Indonesia,

General Consumer CMRY CMRY JK CMRY IJ Sandy Ham Jody Wijaya Samuel Christian

We estimate KLBF booked 7-8% y-y sales growth in 4Q24F, driven by its pharma and consumer health divisions.

General Consumer KLBF KLBF JK KLBF IJ Sandy Ham Jody Wijaya Samuel Christian

In this report, we analyze three crucial elements to determine our top picks in the Indonesia Consumer sector:

Consumer Related Sandy Ham Jody Wijaya Samuel Christian

Based on our conversation with industry players and data from Indonesia Association of Medical Devices Manufac

Health care Pharmaceuticals Sandy Ham Jody Wijaya Samuel Christian

After closing 105 Lawson store-in-store (SIS) locations in 9M24,

Retail MIDI MIDI JK MIDI IJ Jody Wijaya Sandy Ham Samuel Christian

While Mitra Adiperkasa’s (MAPI) 3Q24 y-y sales growth remained strong at +17%,

Retail MAPI MAPI JK MAPI IJ Jody Wijaya Sandy Ham Samuel Christian

We hosted Verdhana Indonesia Conference 2024 – Passing the Baton on 4-8 November 2024.

Equity Strategy Jupriadi Tan Gerald Hugo Nicholas Santoso Erwin Wijaya Sandy Ham Jody Wijaya Samuel Christian Michael Wildon Edward Prima Felix Justin

In our recent report, “Finding a second wind”, we highlighted ACES' ability to overcome significant challenges

Consumer Related ACES ACES JK ACES IJ Jody Wijaya Sandy Ham Samuel Christian

Concerns have arisen about AMRT's profitability margins following market speculation of potential changes to t

Consumer Related AMRT AMRT JK AMRT IJ Jody Wijaya Sandy Ham Samuel Christian

Overall, the results were in line with our expectations, as we believe that 2Q24 marked the lowest margin poin

Retail MAPA MAPA JK MAPA IJ Jody Wijaya Sandy Ham Samuel Christian

Overall listed FMCG firms’ sales growth hovered at 10.9% y-y in 3Q24 (vs 3.9% in 3Q23),

Food Beverage FMCG Sandy Ham Jody Wijaya Samuel Christian

We believe the overall 3Q24 results were in line with our estimates. Historically,

Consumer Related AMRT AMRT JK AMRT IJ Jody Wijaya Sandy Ham Samuel Christian

Our survey on wholesalers and distributors of 15 large FMCG firms suggests that 3Q24F sales performance remain

Food and Beverage Sandy Ham Jody Wijaya Samuel Christian