UNVR – Limited Room to Grow
Our rating is on the back of an expected pressure on F&R and HPC segment to do quick turnaround amid uncertain
INDF – Solid Growth Outlook
INDF experienced relatively modest performance of sales and net foreign exchange loss during the quarter. Nonetheless,
ICBP – Hoping for Better Performance
In 3Q20, ICBP recorded soft performance due to weak purchasing power in domestic market. Meanwhile, ICBP earning had
ACES – Gradual Recovery in Sales
ACES showed improving profitability in 3Q20 despite the reimpose of large-scale social restriction. We expect ACES could
MAPI – Positive Sign of Improvement
A significant quarterly improvement in 3Q20 has proven that management succeeded to overcome the challenging situation.
HMSP – 3Q20 Result Driven By Volume Growth Recovery
HMSP’s performance in 3Q20 improved on quarterly basis, mainly driven by sales volume recovery in both SKM and SKT
MYOR – 3Q20 Lifted By Strong Performance in All Segments
We see that MYOR is bucking the trend, as many other FMCG players booked soft 3Q20 sales growth. We believe this growth
GGRM – 3Q20 Performance Driven By Robust Top Line Growth
GGRM reported solid revenue growth on the back of decent performance from both segments – hand rolled cloves and machine
KLBF – Prepping Up for Softer Growth
KLBF reported top line below our expectation, mainly due to a relatively slower pace growth in some segments. With the
