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Strength
In 2Q24, prescription pharma revenue grew +5.6% QoQ and +20.2% YoY, most likely driven by higher sales volumes; 2Q24 nutritional margin increased to 51.6% (1Q24: 51.2%; 2Q23: 47.8%) thanks to lower raw material prices (skim milk price fell -7% YTD); lower wages and marketing costs resulted in higher EBIT margin
Weakness
2Q24 consumer health margin declined to 59.7% (1Q24: 63.6%; 2Q23: 53.9%), which we attribute to IDR depreciation raising raw materials prices, sales down-trading and changes in top-line mix
Opportunity
Upcoming La-Nina, rainy season, and consumer tendency to self-medicate due to weak purchasing power may help boost sales of OTC and healthcare products; potential earnings upgrade and market underperformance provide buying opportunities
Threat
Challenging economic conditions may dampen consumer purchasing power and limit price increases while IDR weakness may further apply pressure on GPM
Samuel Sekuritas Indonesia is a leading Indonesian securities brokerage firm. Established in 1997, the firm has grown to become one of the most respected and trusted financial services companies in the country. With a wide range of services and products, Samuel Sekuritas Indonesia has become a trusted partner to many investors, both institutional and individual.
The company offers a variety of financial services, including equity, debt and derivative securities brokerage services, research and portfolio management, asset management and capital market services, as well as a range of other investment solutions. Samuel Sekuritas Indonesia is also a leader in providing financial education and training, and has established itself as a leading provider of investor relations services.
The company has a strong research capability and is committed to providing its clients with up-to-date and reliable market analysis and recommendations. It also has a team of experienced and knowledgeable professionals who are dedicated to providing quality service to its clients. As a result, Samuel Sekuritas Indonesia has become a preferred partner for many investors in Indonesia.
In addition to its financial services, Samuel Sekuritas Indonesia also offers a range of other services, such as corporate finance and advisory services, mergers and acquisitions, and venture capital.
