ICBP closed 9M21 with an impressive performance. Despite the implementation of stricter public activity restrictions, the company achieved double digit revenue growth in almost all segments. As such, we expect the sales figure continue to remain strong in the upcoming quarter.
ACES closed 3Q21 with disappointing result due to a slowdown in SSSG, as the latest sales figure was negatively impacted by unfavourable conditions. However, we are optimistic the company would be back on the recovery track in the upcoming quarter.
ERAA recorded positive performance sales growth during 3Q21, supported by all business segments. We remain optimistic with ERAA due to its strategy to strengthen F&B portfolio and aggressive expansion.
MAPI booked underwhelming earnings due to negative SSSG in 3Q21. But, this performance was in line with our expectations considering stricter PPKM implementation. Going forward, company’s turnaround story is still intact with the festive season ahead and gradually lifted restriction.
MIKA continues to booked solid performance in 9M21 with strong growth in both inpatient and outpatient segments. For upcoming quarters, we expect there will be normalization of margin and patient traffic volume after Covid-19 peak. Given its strong track record and balance sheet, we believe company’s strategic plan will be achievable.
MYOR’s 3Q earnings and margins came out weak due to higher commodity prices and stricter restriction of public activities.
SIDO closed 3Q21 with an impressive sales performance, supported by higher demand in herbal segment and supplements. We continue to prefer SIDO as they have strong brand awareness and an extensive portfolio, enabling them to tap into the various market segmentation.
MAPI closed 2Q21 with an exciting performance, mainly driven by SSSG improvement and extensive margin expansion. We also believe MAPI’s expansion initiatives may pave the way for a better outlook.
ICBP closed 2Q21 with a modest performance, with declining margin across the board due to rising material costs. The company’s performance was slightly below our expectation, which can partly be attributed to slow purchasing power recovery across all consumer sector.
