Research & Stock Picks

Company Reports

30 August 2024

By

Consumer: 1H24 Results Round-up

  • Most consumer companies under our coverage booked positive top-line growth in 1H24, including SIDO (+14.7% YoY), KLBF (+7.6% YoY), and ICBP (+7.2% YoY), while UNVR’s top-line declined -6.2% YoY, primarily due to Israeli-related boycott. Despite the generally strong top-line performance, the bottom line told a different story; weak earnings from ICBP (-38.2% YoY), INDF (-30.8% YoY), and UNVR  (-10.6% YoY) led to considerable drop in our consumer coverage’s consolidated net profit of -23.4% YoY.
  • We expect better 2H results from our consumer coverage, thanks to government aid, which is expected to boost consumption, and weaker USD, which should reduce FX losses. However, upcoming La Nina and sugar excise tax may dampen consumer sector’s earnings.
  • At this juncture, we maintain our OW rating on consumer stocks with pecking order of SIDO > ICBP > KLBF > INDF > UNVR. We project the expected La Nina to boost demand for SIDO’s herbal and energy drink products, while its low USD exposure, particularly in raw materials procurement, should support profitability. Downside risk: 1) lower-than-expected purchasing power, 2) USD rebound, 3) lower-than-expected crop yields.

Share This:

Download PDF

Download PDF

Consumer 2Q24 results

Download PDF

Consumer 2Q24 results

More Related

Morning Briefs

Apr 2, 2026

Economic Reports

Apr 2, 2026

Morning Briefs

Apr 1, 2026

Economic Reports

Apr 1, 2026

Morning Briefs

Mar 31, 2026

Economic Reports

Mar 31, 2026

Morning Briefs

Mar 30, 2026

Economic Reports

Mar 30, 2026

Morning Briefs

Mar 27, 2026

Economic Reports

Mar 27, 2026

Morning Briefs

Mar 26, 2026

Economic Reports

Mar 26, 2026

Morning Briefs

Mar 25, 2026

Company Reports

Mar 17, 2026

Morning Briefs

Mar 17, 2026

Economic Reports

Mar 17, 2026

Morning Briefs

Mar 16, 2026

Economic Reports

Mar 16, 2026

Morning Briefs

Mar 13, 2026

Economic Reports

Mar 13, 2026

Morning Briefs

Mar 12, 2026

Economic Reports

Mar 12, 2026

Morning Briefs

Mar 11, 2026

Economic Reports

Mar 11, 2026

Morning Briefs

Mar 10, 2026

Economic Reports

Mar 10, 2026

Morning Briefs

Mar 9, 2026

Economic Reports

Mar 9, 2026

Morning Briefs

Mar 6, 2026

Economic Reports

Mar 6, 2026

Morning Briefs

Mar 5, 2026

Economic Reports

Mar 5, 2026

Morning Briefs

Mar 4, 2026

Economic Reports

Mar 4, 2026

Morning Briefs

Mar 3, 2026

Economic Reports

Mar 3, 2026

Economic Reports

Mar 2, 2026

Economic Reports

Mar 2, 2026

Economic Reports

Mar 2, 2026

Morning Briefs

Mar 2, 2026

Economic Reports

Mar 2, 2026

Morning Briefs

Feb 27, 2026

Economic Reports

Feb 27, 2026

Morning Briefs

Feb 26, 2026

Economic Reports

Feb 26, 2026

Morning Briefs

Feb 25, 2026

Economic Reports

Feb 25, 2026

Economic Reports

Feb 24, 2026

Morning Briefs

Feb 23, 2026

Economic Reports

Feb 23, 2026

Morning Briefs

Feb 20, 2026

Economic Reports

Feb 20, 2026

Economic Reports

Feb 19, 2026

Morning Briefs

Feb 19, 2026

Economic Reports

Feb 19, 2026

Morning Briefs

Feb 18, 2026

Economic Reports

Feb 18, 2026

Morning Briefs

Feb 13, 2026

Economic Reports

Feb 13, 2026

Morning Briefs

Feb 12, 2026

Economic Reports

Feb 12, 2026

Morning Briefs

Feb 11, 2026

Economic Reports

Feb 11, 2026

Economic Reports

Feb 10, 2026

Morning Briefs

Feb 9, 2026

Morning Briefs

Feb 6, 2026

Economic Reports

Feb 6, 2026

Economic Reports

Feb 5, 2026

Morning Briefs

Feb 5, 2026

Economic Reports

Feb 5, 2026

Morning Briefs

Feb 4, 2026

Economic Reports

Feb 4, 2026

Economic Reports

Feb 3, 2026

Economic Reports

Feb 2, 2026

Economic Reports

Feb 2, 2026

Economic Reports

Feb 2, 2026

Morning Briefs

Feb 2, 2026

Morning Briefs

Jan 30, 2026

Economic Reports

Jan 29, 2026

Morning Briefs

Jan 29, 2026

Economic Reports

Jan 29, 2026

Morning Briefs

Jan 28, 2026

Economic Reports

Jan 27, 2026