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Coal Average Selling Price Increase INDF raked in a lukewarm 2% YoY growth in 1H24 to IDR 57.30 tn—coming in slightly below our FY24 Forecast by a run-rate of 49.6% (vs Company Guidance: 48.9%), but 1H24 NPAT came in hotter with a 22% YoY soar to IDR 5.76 tn despite a lower NPAT margin of 6.7% from 9.9% in 1H23. Nevertheless, as of this report’s publishing date, INDF may only achieve a top-line growth of 3.4% due to the anchoring performance of Bogasari and of its Agribusiness. But we are optimistic 8.3% top-line growth for its Consumer Branded Product segment, which surpasses its Target Guidance of 5-8% for FY2024. Asset Growth INDF raked in a lukewarm 2% YoY growth in 1H24 to IDR 57.30 tn—coming in slightly below our FY24 Forecast by a run-rate of 49.6% (vs Company Guidance: 48.9%), but 1H24 NPAT came in hotter with a 22% YoY soar to IDR 5.76 tn despite a lower NPAT margin of 6.7% from 9.9% in 1H23. |
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