reports
- Audrey Celia
- Willinoy Sitorus
Consumer - Macro Headwinds Accumulate, Downgrade To MARKET WEIGHT
Sector Update | Consumer We downgrade the sector to MARKET WEIGHT as macro headwinds rise, including fiscal risks, higher soft commodity costs, a weaker rupiah, and greater government intervention. Easing fiscal support, combined with higher input costs and currency weakness, could weigh on consumer spending and company margins. Our focus remains on resilient names with demonstrated earnings resilience, limited forex exposure, and lower sensitivity to soft commodity spikes. Top picks: CMRY and A...
- Audrey Celia
- Maskun Ramli
- Willinoy Sitorus
Indonesia Daily - Tuesday, March 10, 2026
Sector Update | Consumer We downgrade the sector to MARKET WEIGHT as macro headwinds rise, including fiscal risks, higher soft commodity costs, a weaker rupiah, and greater government intervention. Easing fiscal support, combined with higher input costs and currency weakness, could weigh on consumer spending and company margins. Our focus remains on resilient names with demonstrated earnings resilience, limited forex exposure, and lower sensitivity to soft commodity spikes. Top picks: CMRY and A...
- Adrian Loh Tzum Yung
- Audrey Celia
- Carol Dou Xiao Qin
- Jack Goh Tooan Orng
- Jonathan Koh
- Kasemsun Koonnara
- Kong Ho Meng
- Lester Siew
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, February 25, 2026
Greater China Sector Update | Consumer The CNY consumption data exhibited accelerated growth momentum compared with the two Golden Weeks last year, which we view as early signs of a broader consumption recovery. We favour companies benefitting from: a) segments showing initial signals of recovery, such as restaurants; b) exposure to China’s structural consumption growth drivers, particularly in services and experiential consumption; c) potential policy tailwinds; and d) overseas growth. Our pref...
5681 PETRONAS DAGANGAN BHD.
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
COM7 COM7
SPALI SUPALAI PCL
3816 MISC BHD
UNVR PT UNILEVER INDONESIA TBK
TCAP THANACHART CAPITAL PCL
G13 GENTING SINGAPORE LIMITED
IOI IOI CORP BHD
MRDIY MR DIY GROUP M BHD
02192 MEDLIVE TECHNOLOGY CO LTD
CAREIT CENTURION ACCOMMODATION REIT (CAREIT SP)
- Audrey Celia
- Willinoy Sitorus
Unilever Indonesia (UNVR IJ) - Business Transformation Showing Early P...
Company Update | Unilever Indonesia (UNVR IJ/HOLD/Rp2,350/Target: Rp2,500) The company recorded a turnaround in 2025, with net profit from continuing operations rising 22% yoy. Business reset initiatives are beginning to show improvements, driven by portfolio simplification, channel optimisation, and tighter cost discipline. We upgrade the company to HOLD with a target price of Rp2,500, based on 23x 2026F PE, and expect the next dividend round in Jul 26 to have a yield of about 5%. Highlights •...
- Audrey Celia
- Maskun Ramli
- Suryaputra Wijaksana
- Willinoy Sitorus
Indonesia Daily - Wednesday, February 25, 2026
Economics | The Indonesia-US Agreement On Reciprocal Trade (ART) Indonesia has secured zero tariffs on palm oil and textiles, gaining a competitive edge over rivals like Malaysia, Vietnam, and China which face 10-30% duties, boosting labour-intensive exports and employment. However, the ART binds Jakarta to US strategic interests through "poison pill" provisions targeting China and mandates US$33b in imports, pressuring the rupiah. These near-term export gains must be carefully weighed against p...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Colin Lee
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Ken Lee
- Stevanus Juanda
- Sunny Chen
Regional Morning Meeting Notes: Friday, February 14, 2025
GREATER CHINA Sector Automobile Weekly: PV sales stay low, BYD to equip all EVs with DiPilot ADAS. Upgrade BYD to BUY. Maintain MARKET WEIGHT on the sector. Top BUYs: Geely, CATL, Fuyao and Desay. Update AAC Technologies (2018 HK/HOLD/HK$46.55/ Target: HK$48.00) 2024 profit alert – earnings set to beat expectations. Maintain HOLD. The United Laboratories International (3933 HK/HOLD/HK$12.42/Target: H...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
A2XN AAC TECHNOLOGIES HOLDINGS INC.
AIY IFAST
UNVR PT UNILEVER INDONESIA TBK
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
CENTEL CENTRAL PLAZA HOTEL
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
DLG DIALOG GROUP BHD
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
CDB CELCOMDIGI BHD
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
- Stevanus Juanda
Unilever Indonesia (UNVR IJ) - 4Q24: NPAT Continues To Decline yoy - B...
UNVR reported a 4Q24 NPAT of Rp280b, declining 9.4% yoy and 48.4% qoq. Sales growth continued to be challenging, dropping 4.7% yoy and 9.8% qoq. 2024 NPAT came in at Rp3,290b, down 26.9% yoy. UNVR stated that it is still too early to determine whether sales will recover after the recent ceasefire in Gaza and expects sales to improve only from 2H25 onwards. NPAT has declined yoy over the past six years, justifying the valuation de-rating. Maintain SELL with a target price of Rp1,300.
- Maskun Ramli
- Stevanus Juanda
- Arsit Pamaranont
- Chong Lee Len
- Colin Lee
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kenny Yong Hui Lim
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, October 24, 2024
GREATER CHINA Results Hong Kong Exchanges and Clearing (388 HK/BUY/HK$314.80/Target: HK$364.00) 3Q24: Risk-and-reward is more balanced. Upgrade to BUY. Han’s Laser (002008 CH/HOLD/Rmb24.42/Target: Rmb22.70) 3Q24: Net profit misses, but visibility of recovery improving. Downgrade to HOLD. New Oriental Education & Technology Group (EDU US/BUY/US$62.15/Target: US$85.00) 1QFY25: In line; moderated growth outlook in 2QFY25 on low seasonality. Update Xtep International Holdings (...
KKP KIATNAKIN BANK
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
KTB KRUNG THAI BANK PUBLIC CO. LTD.
TISCO TISCO FINANCIAL GROUP
IVL INDORAMA VENTURES PUBLIC CO. LTD.
UNVR PT UNILEVER INDONESIA TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
5347 TENAGA NASIONAL BHD
MLT MAPLETREE LOGISTICS TRUST
KPG KERJAYA PROSPEK GROUP BHD
TXG 10X GENOMICS INC CLASS A
1368 XTEP INTERNATIONAL HOLDINGS
WHA TB WHA CORP PCL
SCB SCB X PUBLIC COMPANY LIMITED
AL2SI 2CRSI SA
Z29 029 GROUP SE
- Stevanus Juanda
Unilever Indonesia (UNVR IJ) - 3Q24: Very Soft Performance With Bleak ...
UNVR reported a very soft 3Q24 NPAT. 3Q24 NPAT declined 62% yoy and 46.7% qoq to Rp543b. Stock reduction by retailers, boycotts related to Gaza, and price conflict in the market caused sales to drop 18% yoy in 3Q24. 9M24 NPAT fell 28.1% yoy to Rp3,010b, below both consensus and our expectations. The outlook for the next few quarters is bleak as UNVR is embarking on a structural change of its organisation. Downgrade from HOLD to SELL with a new target price of Rp1,700.
- Maskun Ramli
- Stevanus Juanda
- Arsit Pamaranont
- Carol Dou Xiao Qin
- Chong Lee Len
- Damon Shen
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Jo Yee Ng
- John Cheong Ming Chern
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Ming San Soong
- Philip Wong
- Ringo Tang Chi Yu
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
- Ziv Ang Sze Champ
Regional Morning Notes - Thursday, August 29, 2024
GREATER CHINA Results Anhui Conch Cement (914 HK/BUY/HK$16.46/Target: HK$19.50) 1H24: Below expectations; exploring opportunities in overseas markets. CR Mixc (1209 HK/BUY/HK$23.25/Target: HK$33.70) 1H24: Results in line with surprise from special dividend. Haidilao International Holding (6862 HK/BUY/HK$12.34/Target: HK$19.60) 1H24: Core net profit up 13% yoy. Accelerated store opening pace in 2H24; dividend payout expected to remain at reasonable leve...
000858 WULIANGYE YIBIN CO. LTD. CLASS A
INDF PT INDOFOOD SUKSES MAKMUR TBK
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
MYOR MAYORA INDAH
1155 MALAYAN BANKING BHD.
UNVR PT UNILEVER INDONESIA TBK
MAPI MITRA ADIPERKASA
3605 ACES ELECTRONIC CO. LTD.
6888 AXIATA GROUP BHD.
002352 S.F. HOLDING CO. LTD. CLASS A
ROTI NIPPON INDOSARI CORPINDO
03690 MEITUAN CLASS B
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
IJM IJM CORP BHD
ICBP INDOFOOD CBP SUKSES MAKMUR T
01801 INNOVENT BIOLOGICS INC.
MPM MARCO POLO MARINE LTD
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
FFB FARM FRESH BHD
CMRY PT CISARUA MOUNTAIN DAIRY TBK
Z29 029 GROUP SE
MAYBANK MALAYAN BANKING BHD
- Stevanus Juanda
Consumer – Consumer Companies Strong Thanks To Lower Raw Material Cost...
Consumer companies’ 2Q24 core NPAT rose 19.8% yoy. Indofood Group performed well, with core NPAT of ICBP and INDF rising 31.5% and 41.2% yoy. Consumer companies’ margins expanded thanks to a decline in wheat and skim milk powder prices. Retailers’ margins were stable, with 2Q24 NPAT declining 17.2% yoy. Boycotts on multinational companies are likely to continue. The 2H24 outlook should be similar to that of 1H24, with a bleak 2025 outlook. Maintain MARKET WEIGHT. Our picks: ACES and CMRY.
- Maskun Ramli
- Stevanus Juanda
- Carol Dou Xiao Qin
- Chong Lee Len
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kate Luang
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Ming San Soong
- Ringo Tang Chi Yu
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
- Tham Mun Hon
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, August 27, 2024
GREATER CHINA Strategy Cross Currents We expect the MSCI China index to range trade for the rest of 2024; we prefer TMT, tech hardware and defensives like banks, communication services and utilities. Results Goldwind Science & Technology (2208 HK/BUY/HK$4.46/Target: HK$5.30) 1H24: In line; shifting focus to offshore WTG and overseas markets. Jiumaojiu International Holdings (9922 HK/BUY/HK$2.49/Target: HK$3.50) 1H24: Result...
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
MYOR MAYORA INDAH
LPPF PT MATAHARI DEPARTMENT STORE TBK CLASS A
UNVR PT UNILEVER INDONESIA TBK
MAPI MITRA ADIPERKASA
X2S SINOPHARM GROUP CO. LTD. CLASS H
ROTI NIPPON INDOSARI CORPINDO
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
T TELEKOM MALAYSIA BHD
ICBP INDOFOOD CBP SUKSES MAKMUR T
CPALL TB CP ALL
TXG 10X GENOMICS INC CLASS A
TDC TIME DOTCOM BHD
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
1888 KINGBOARD LAMINATES HOLDINGS LTD
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
CMRY PT CISARUA MOUNTAIN DAIRY TBK
TIMECOM 029 GROUP SE
Z29 ACE HARDWARE INDONESIA
- Stevanus Juanda
Consumer – Potential Negative Impact Of Excise Sugar Tax On Sweetened ...
In the 2025 State Budget, the government plans to enact an excise tax on sweetened package drinks. This could impact consumer products such as juices, 3-in-1 coffee, sweetened tea, soda, energy drinks and sweetened condensed milk. Implementation in other countries led to long-term sales volume dropping 17-32%. The plastic tax will not be implemented in 2025; four other countries in Asean have enacted this tax. Downgrade the sector to MARKET WEIGHT. Our picks: ACES and CMRY.
- Maskun Ramli
- Stevanus Juanda
- Stevanus Juanda
Unilever Indonesia (UNVR IJ) - 2Q24: Weakness And Market Share Loss Du...
UNVR reported 2Q24 NPAT of Rp1,018b (-24.8% yoy) and 1H24 NPAT of Rp2,467b (- 10.6% yoy). The company mentioned that the boycotts related to Gaza have impacted its performance in 2Q24. It admits that it is losing market share to its local competitors. Advertising expenses will remain high at 8-9% of sales to defend market share. We expect 2024 NPAT to decline 10.3% yoy. Maintain HOLD with a target price of Rp2,700.
- Maskun Ramli
- Stevanus Juanda
- Bella Lu Yifei
- Greater China Research Team
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Ken Lee
- Kong Ho Meng
- Roy Chen Chengzhi
- Stevanus Juanda
Regional Morning Meeting Notes: Monday, July 29, 2024
GREATER CHINA Results Contemporary Amperex Technology (300750 CH/BUY/Rmb189.35 /Target: Rmb250.00) 2Q24: Earnings in line while revenue misses. Maintain BUY. Update Weichai Power (2338 HK/BUY/HK$13.16/Target: HK$16.00) Upgrade from HOLD to BUY on strong stimulus policy. Raise target price from HK$12.50 to HK$16.00. INDONESIA Results Unilever Indonesia (UNVR IJ/HOLD/Rp2,490/Target: Rp2,700) 2Q24: Weakness and market share loss due to reoccurring boycot...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.