MYOR - Growth remains promising

KBVS Update
Friday, 4 July 2025

MYOR: Growth remains promising
(Initiate coverage BUY - TP IDR2,440)

* Despite anticipated market volatility, MYOR is poised for substantial earnings growth. Our primary concerns revolve around prolonged uncertainty from the ongoing trade war and the recent escalation of the Israel-Iran conflict.

* Key challenges will stem from rising coffee and cocoa prices, necessitating careful ASP adjustments to mitigate volume impact. Growth will continue to be underpinned by MYOR's solid brand equity, coupled with manageable A&P expenses to sustain brand awareness and continuous new product launches.

* We anticipate MYOR will continue to strengthen its market share, fueled by an expanding export market and sustained domestic segment solidity. In 1Q25, MYOR demonstrated robust market positioning, with nearly all product categories securing either 1st or 2nd place. This strong foundational performance, combined with international expansion, sets MYOR for ongoing growth

* We initiate coverage on MYOR with a BUY recommendation with DCF derived TP of IDR 2,440/share (17.4x FY25 P/E). MYOR currently trades at 15.3x FY25 P/E, far below its -1SD of 16.1x.

Sincerely,
Akhmad Nurcahyadi - KBVS Research