HMSP Q4 2021 Result

Hold, 15% upside 6th April 2022 Price Rp 920 Target price Rp 1060 Investment Consideration Fastest Growth Quarter Slightly higher margin QoQ Valuation: TP 1,060 HOLD

HMSP Q1 2022 Result

Hold, 10% upside 25th May 2022 Price Rp 1070 Target price Rp 1165 Investment Consideration Higher Sales Volume Higher margins Valuation: TP 1,165 HOLD

HMSP Q2 2022 Result

Hold, 17% upside 2nd August 2022 Price Rp 920 Target price Rp 1075 Investment Consideration Single digit sales growth 2Q2022 Results: Margins resume decline Valuation: TP 1,075 HOLD

HMSP Q3 2022

Hold, 18% upside 4th November 2022 Price Rp 975 Target price Rp 1150 Investment Consideration Higher volume, higher market share 3Q2022 Results: Margins improved Valuation: TP 1,150 HOLD

HMSP Q1 2023

\ Buy, 35% upside 8th May 2023 Price Rp 1015 Target price Rp 1375 Investment Consideration Lower volume with higher market share 1Q2023 Results: Margins continue to improved Valuation: TP 1,375 BUY

HMSP Q2 2023 Result

Buy, 42% upside 19th October 2023 Price Rp 845 Target price Rp 1200 Investment Consideration Maintaining growth in market share 2Q2023 Results: Better YoY performance Valuation: TP 1,200 BUY

HMSP Q4 2023 Result

Buy, 37% upside 4th April 2024 Price Rp 840 Target price Rp 1150 Investment Consideration Maintaining a stable market share 4Q2023 Results: Improved YoY performance Valuation: TP 1,150 BUY

HMSP Q2 2024 Result

Buy, 21% upside 2nd August 2024 Price Rp 675 Target price Rp 815 Investment Consideration Volume decreased in 2Q2024 2Q2024 Results: negative YoY performance Valuation: Lower TP at 815, But still A BUY

HMSP Q3 2024 Result

Buy, 24% upside 13th November 2024 Price Rp 680 Target price Rp 840 Investment Considerations Declining volume trend continues 3Q2024 Results: Improved quarterly Performance Valuation: Maintain BUY TP 840