Premier Insight : MYOR, here are some of the key takeaways from the meeting
MYOR: We just had a company visit to Mayora Indah (MYOR IJ; Rp2,680; Hold), here are some of the key takeaways from the meeting:
In 9M18 net sales grew at around +20% yoy, though net profit is relatively flat.
This is partly due to increase in advertising and promotion (A&P) expense which already went over budget as of 9M18. A&P is making up around 14% of net sales in 9M18.
The company expects top line to grow at around +15-16% in FY18 and FY19, albeit flattish bottom line growth should be expected this year.
There will not be any ASP hike this year, but the company is planning on increasing ASP by 2-3% in 2019.
Between all the segments, coffee contributed the highest growth 9M18, while candy recorded the slowest growth.
Factory expansion for wafers, biscuits and coffee is expected to finish in 2H19. (Company).
