MYOR - PATMI at IDR1.94 tn

Mayora Indah (MYOR) recorded net profit at IDR1.94 tn in FY22 or 63.6% yoy. Top line at IDR30.6 tn (+9.91% yoy) mainly driven by packaged food processing growth at 17.1% yoy, while packaged beverages processing rose to IDR13.8 tn. Gross profit drop to IDR6.8 tn from 6.9 tn in FY21 on rising cost input from its Teh Pucuk Harum product. However, gain on forex at IDR360.3 bn vs IDR46.6 bn has overall turned PATMI higher. Interest income also recorded higher figures. (Source : Bisnis Indonesia). Comment: We might see cost input to stabilize on the back of soften commodity prices and this could benefit MYOR. We also like MYOR’s packaged food products strong brand equity which could translated as resilient demand. Innovation and new product launches will also play crucial role to remain stand out in the competition landscape, in our view.