MYOR - 1H26 Earnings Beat Expectations

KBVS Update
Wednesday, 5 August 2026

MYOR - 1H26 Earnings Beat Expectations
(Maintain BUY; TP: IDR2,440)

* 1H26 earnings surged +46.5% YoY, tracking ahead of our and street forecast (56.7%/51.3%), driven by favorable forex and lower raw/packaging material costs. 2Q26 net profit jumped +60.1% YoY, propelled by solid top-to-bottom line execution and a low base effect. Margins expanded across the board.

* Packaged Food (+7.2% YoY) drove growth, expanding its revenue share to 62.3% (+377 bps YoY) and offsetting softer beverage sales (37.7%). Exports edged up +53 bps YoY to 41.9%, while domestic sales held steady at 58.2% (aligned with its 5YR average).

* Maintain BUY with DCF-based TP of IDR2,440 (18.1x ‘26F P/E), while currently attractively trading at 12.5x, or below -2SD of 13.0x ‘26F P/E.

Regards,
Akhmad Nurcahyadi - KBVS Research