INDF – Solid Performance Growth Continues
INDF maintained solid revenue and net profit growth in 2Q21, on the back of strong performances from all segments. We expect INDF to continue in posting robust growth in the following quarter.
ACES – Hindered by Temporary Store Closures
We believe ACES will be conservative in the near future given the uncertainty surrounding the recovery pace of consumer demand and the ongoing Covid-19 pandemic. We expect digital sales and efficiency cost to be growth drivers going forward.
ERAA – Aggressive Expansion Plan
ERAA closed 2Q21 with a strong performance. It was supported by a combination of Lebaran season and robust performance across all segments. Going forward, the company will be more focused on expanding its digital presence and retail footprint.
MYOR – Decent Performance Despite Lower Margin
MYOR’s 2Q21 results were decent amid unfavorable conditions. However, we are concerned with MYOR’s performance in the upcoming quarter due to commodity prices and export sales growth Thus, we expect MYOR to increase its ASP and maintain operating efficiencies going forward.
KLBF – Great Results as Expected
KLBF closed 1H21 with encouraging results on the back of decent performance from all segments. To capture growing demand in healthy products and services, the company has provided preventive and curative products along with Covid-19 test services into its business portfolio.
SIDO – Solid Result with Strong Expansion Plans
SIDO closed 2Q21 with stellar performance. We expect SIDO’s top line to grow even stronger in the upcoming quarters supported by increasing demand in herbal segment, strong export growth, and its strong expansion plan to increase penetration levels in second and third tier cities.
MAPI – Hampered by Tightening PPKM
We see noticeable improvements from the company, reflected in its SSSG and earning performance in 1Q21. However, this excitement should come to a halt as MAPI will be hard-hit by the extension of emergency PPKM.
ACES – Going through Steep Paths
ACES closed 1Q21 with an underwhelming performance due to high base and negative SSSG. Profitability margins were dragged lower by decline in sales growth. In view of the current situation, we slashed our earnings forecast as we believe the company will rely on cost savings and online sales.
INDF – Strong Performance from All Segments
INDF closed 1Q21 with an exciting performance, supported by all business segments and margin expansion. Going forward, we are still optimistic in the ICBP and Bogasari segment as we factor in robust demand and higher wheat prices. However, the agribusiness segment may potentially weigh down the growth of sales given its unfavourable CPO outlook.
