Broker Name: CGS International
Date of Report: April 22, 2026
Excerpt from CGS International report.
Report Summary
- Sector View: Overweight on Indonesia Consumer Staples sector.
- Top Picks & Calls to Action:
- Mayora Indah (MYOR) – ADD; Target Price: Rp2,740 (closing: Rp1,775)
- MIDI Utama Indonesia (MIDI) – ADD; Target Price: Rp490 (closing: Rp320)
- Key Idea: Neutral impact from Indonesia’s newly launched voluntary Nutri-Level labelling for sweetened drinks. Minimal cost, limited immediate sales impact due to low health awareness, and affordable alternatives are lacking.
- Sector Implication: The labelling system is seen as a soft approach ahead of a possible Sugary Sweetened Beverage (SSB) tax; most major beverage brands fall into healthier A-B and B-C grades, limiting risk.
- Short-term Caution: Consumption recovery might be interrupted in 2Q26 due to government budget efficiency steps and fewer festivities, possibly impacting mobility spending and margins.
- Valuation Metrics (2026F):
- MYOR P/E: 12.40x, Dividend Yield: 4.43%, P/BV: 2.03x
- MIDI P/E: 12.03x, Dividend Yield: 2.45%, P/BV: 2.00x
above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website : https://www.cgs-cimb.com/en
