ID - [ MYOR IJ]: Enhance Market Position And Lower Debt
Andrey Wijaya - RHB Sekuritas
Mutiara Nita - RHB Sekuritas
♦ Reiterate BUY on Mayora, high-end market TP of IDR3,300, 24% upside.
♦ Mayora Indah – a sector Top Pick – plans to boost domestic and export sales.
♦ For exports, it would increase market penetration in South-East Asia, especially Vietnam and the Philippines, while for domestic sales, it would launch new product variants, both biscuits and coffee.
♦ Debts ought to be lowered via internal cash.
♦ Production capacity is set to rise 20%.
♦ Key risk is higher raw materials costs, especially sugar and flour. MYOR has 3-6 months of inventory as a buffer against fluctuations in raw materials prices.
Details are in our report: https://research.rhbtradesmart.com/attachments/80/rhb-report-ind_mayora-indah_company-update_20190117_rhb-633477818393666835c3f2ddce28b1.pdf
Andrey Wijaya - RHB Sekuritas
Mutiara Nita - RHB Sekuritas
♦ Reiterate BUY on Mayora, high-end market TP of IDR3,300, 24% upside.
♦ Mayora Indah – a sector Top Pick – plans to boost domestic and export sales.
♦ For exports, it would increase market penetration in South-East Asia, especially Vietnam and the Philippines, while for domestic sales, it would launch new product variants, both biscuits and coffee.
♦ Debts ought to be lowered via internal cash.
♦ Production capacity is set to rise 20%.
♦ Key risk is higher raw materials costs, especially sugar and flour. MYOR has 3-6 months of inventory as a buffer against fluctuations in raw materials prices.
Details are in our report: https://research.rhbtradesmart.com/attachments/80/rhb-report-ind_mayora-indah_company-update_20190117_rhb-633477818393666835c3f2ddce28b1.pdf
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