ICBP – Still Attractive Despite Higher Financing Costs
Despite higher interest expenses assumption, we expect ICBP to deliver strong earnings CAGR of 15.9% over FY19-22E with
ERAA – Maintaining Growth Momentum
ERAA closed 1Q21 with an exceptional performance, maintaining the company’s momentum from last year. The double-digit
SIDO – Growth Remains Intact
Going into 2021, we still prefer SIDO simply because it has a better margin among its peers, a healthy balance sheet,
MYOR – Weakening Earnings
Although MYOR successfully posted strong revenue growth in 1Q21, higher raw material cost caused earnings to contract.
KLBF – Growth Remains on Track
KLBF reported 1Q21 results in line with market expectation. Meanwhile, we view KLBF is still attractive for a long-term
MAPI – Strong Finish in 2020
The company faced a multitude of challenges in 2020 from Indonesia’s large-scale social restriction and curfew. However,
INDF – Boosted by stronger noodle and agribusiness sales
We believe strong noodle and agribusiness sales will boost up INDF’s sales outlook. Meanwhile, we saw the overall margin
ICBP – Pinehill Acquisition Leads to Strong Performance
While we predict rising raw material price and weakening IDR will still continue this year, strong sales contribution
SIDO – Satisfactory 4Q20 Result
SIDO is our top pick in the healthcare sector given its resilience performance amid the unfavorable economic condition,
