MARK - 2Q25 missed estimates on soft glove demand

MARK - 2Q25 missed estimates on soft glove demand Mark Dynamics Indonesia (MARK) posted 2Q25 revenue of IDR173 bn (-12.4% qoq, -27% yoy), missing estimates due to weak glove mould demand (-18% qoq), as buyers held back amid US tariff uncertainties. (Source : Company, KBVS Research) Comment : GPM slipped to 54.2% despite lower COGS, while net profit fell to IDR61 bn (-12.5% qoq, -18.3% yoy), bringing its 6M25 below both our and consensus estimates (KBVS: 44.9%, cons: 41.8%). MARK is expanding into China and India to diversify exposure and plans to distribute IDR76 bn in dividends (5.2% yield). TP maintained at IDR900/sh, implying 11.7x 2025F PE.