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Strength
Positive results in 2Q24 (herbal +8% YoY, FnB +21% YoY, and Pharma +12% YoY) on higher sales volumes; FnB’s solid numbers were driven by increased demand for drinks amid ‘heat wave’ in domestic and export markets
Weakness
Sales and profits experience weakness on Q-Q basis with gross margin having slipped to 56.8% in 2Q24 (1Q24: 59.3%; 2Q23: 52.3%) due to seasonality and changes in sales mix
Opportunity
Upcoming La-Nina, rainy season, and consumer tendency to self-medicate due to weak purchasing power may help boost herbal sales; potential higher exports from Malaysia (to penetrate Sarawak and Sabah) and Vietnam; recent under- performance provides buying opportunities as we plan to raise earnings and TP
Threat
Over the longer run, we see that the management may have to come up with alternative star products to diversify away from Tolak Angin (~50% of sales) and Kuku Bima (~25% of sales)
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.
