FR CGS-CIMB (YU) : Mayora Indah
A sweet combo of growth and US$ scarcity
MYOR IJ / MYOR.JK | ADD - Upgrade | Rp2,650.00 tp:Rp3,400.00▲
Mkt.Cap:US$3,888.00m | Avg.Daily Vol:US$0.21m | Free Float:15.70%
Food & Beverages
Author(s): Patricia GABRIELA +62 (21) 3006 1734,
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■ We estimate MYOR’s 3Q18 sales increased c.30% yoy, despite 3Q17’s high base. Its c.20% YTD estimated growth is the highest among staples.
■ While 3Q18’s GPM was likely pressured by higher wheat and packaging cost, 9M18’s earnings should rise by c.22% yoy, coupled with a strong topline.
■ We upgrade from Hold to Add on higher EPS growth and it being one of the few staples that earn US$-denominated revenue. Our TP rises to Rp3,400.
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