INDF Q4 2021 Result
20 April 2022 Price Rp 6,200 Target Price Rp 8,615 Investment Considerations Strong sales growth QoQ After a strong 3Q2021, INDF maintained double digit sales growth of +15.6% YoY or + 4% QoQ in 4Q2021 to IDR 26.5 trillion. For 2021FY, INDF’s sales grew +21.6% YoY to IDR 99.34 trillion. ICBP grew 10.5% YoY to […]
INDF Q1 2022 Result
Contact our analyst Eka 13 June 2022 Price Rp 6,925 Target Rp 9,000 Investment Considerations Double digit sales growth INDF recorded double digit sales growth of +11.8% YoY or + 3.4% QoQ in 1Q2022 to IDR 27.4 trillion with higher contributions from Bogasari and ICBP. ICBP grew 16.3% YoY to IDR 16.9 trillion while ICBP’s […]
INDF Q2 2022 Result
Contact our analyst Eka 6 September 2022 Price Rp 6,350 Target Rp 8,790 Investment Considerations Growth from Bogasari and Distribution In 2Q2022, INDF recorded double digit sales growth of +11.4% YoY but a decline of -7.7% QoQ to IDR 25.3 trillion with Bogasari recording the fastest growth. Bogasari growth was +25% YoY but -1.2% QoQ […]
INDF Q3 2022 Result
Contact our analyst Eka 16 December 2022 Price Rp 6,975 Target Price Rp 9,490 Investment Considerations Margin improvements In 3Q2022, INDF maintained double-digit sales growth of +10% YoY +11% QoQ to IDR 28 trillion with the margins showing an improvement. Bogasari growth was +26% YoY or +11% QoQ to IDR 8.2 trillion due to higher […]
INDF Q2 2022 Result
Contact our analyst Eka 13 April 2023 Price Rp 6,275 Maintain Buy with Target Price Rp 8,965 Investment Considerations Maintained double-digit sales growth In 4Q2022, INDF maintained double-digit sales growth of +13% YoY or +7% QoQ to IDR 30 trillion with strong performances from Bogasari, ICBP and distribution. Bogasari growth was +16.9% YoY or +3.1% […]
INDF Q1 2023 Result
Contact our analyst Eka 25 May 2023 Price Rp 6,950 Maintain Buy with Target Price Rp 9,400 Investment Considerations Strong performance from ICBP INDF maintained double-digit sales growth of +11.3% YoY or +1.8% QoQ to IDR 30.5 trillion with strong growth and improved margins from ICBP and the distribution business. ICBP sales grew by +9.4% […]
INDF Q2 2023 Result
Contact our analyst Eka 31 August 2023 Price Rp 7,050 Target Price Rp 9,700 Maintain Buy Investment Considerations Lower Bogasari and Agribusiness margins During 1H2023, INDF maintained a positive sales growth of +6.25% YoY, reaching IDR 56.08 trillion. This growth was primarily driven by strong performances and improved margins from ICBP and the distribution business. […]
INDF Q3 2023 Result
Contact our analyst Eka 23 January 2024 Price Rp 6.425 Maintain Buy with Target Price Rp 9.800 Investment Considerations Quarterly margin improvement INDF maintained a positive sales growth of +3.8% YoY in 9M2023, reaching IDR 83.88 trillion. This growth was primarily driven by stronger performances and improved margins from ICBP and the distribution business. In […]