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Strength
In 3Q24, SIDO retained its position as market leaders in both herbal and energy drink segments, with respective market shares of 72% and 50%; pharma margin expanded to 40.3% in 3Q24 (3Q23: 35.6%), driven by recovery in sales volumes
Weakness
Missed bottom-line due to pressure in gross margin (3Q24: 52.6%; 2Q24: 56.8%; 3Q23: 55.2%) as demand weakened, particularly for SIDO’s signature product, “Tolak Angin”, mainly due to lower purchasing power
Opportunity
Herbal sales may see positive growth through the remainder of the year thanks to La Nina, rainy season, and the growing self-medication trend (due to weak purchasing power); potential for higher export revenue from Cambodia and Vietnam starting in 4Q24; recent under-performance provides buying opportunities
Threat
Overdependence on Tolak Angin (~50% of sales) and Kuku Bima (~25% of sales) may negatively impact SIDO’s performance in the long term; potential earnings downgrade from the street due to lower than expected 9M24 results may cause further market underperformance relative to the JCI for SIDO
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