ASEAN Consumer

Research evidence excerpt

ASEAN Consumer

Macquarie Equity Research

14 July 2026

Consumer

Consumer Staples

ASEANASEAN Consumer

Instant noodle players - 2Q26 preview

Karisa Marissa

Key Points Magpayo Putri

• We expect demand for instant noodles to remain resilient as

consumers prioritise the essentials/affordable meal options. Noodles-related stocks in ASEAN

Mkt cap TP Sh price TSR Rec• Philippines: Favourable commodity lock-in positions, price hikes and US$m LC LC %

cost savings could lead to URC's and MONDE's margins expanding YoY. Philippines

MONDE PM 2,039 9.10 6.98 35.10 O• Indonesia: Elevated costs and ICBP's preference to hold off on price

hikes, meantime, could lead to margin contraction. URCIndonesiaPM 2,126 83.00 61.20 42.60 O

ICBP IJ 4,296 10,000.00 6,650.00 55.20 O

Source: FactSet, Maquarie Research, July 2026

• Universal Robina (URC PM) Priced as of 10 July 2026

Þ We forecast URC's domestic branded segment sales to grow ~5%

YoY in 2Q26E (driven by both volumes and pricing/mix). This is slower Valuations for 2026E

than +10% YoY growth in 1Q26 to reflect demand softness due to PE (x) EPS g (%) PBV (x) ROE (%) Yield (%)

inflationary pressures caused by the Middle East conflict. That said, 2026E 2026E 2026E 2026E 2026E

we expect demand for instant noodles to be resilient (mid- to high- PhilippinesMONDE PM 12.6 3.7 2.0 16.1 4.8

single digit growth) in 2Q26E. We project overall URC sales growth of URC PM 11.1 2.9 1.1 9.5 6.9

~4% YoY in 2Q26E dragged by the sugar commodities business. Indonesia

Þ Easing input costs (key raw materials locked in at favourable prices Source:ICBP IJ Macquarie8.8Research,-4.0 July 20261.4 16.3 4.6

like coffee, cocoa, wheat) plus price hikes could lead to GPM rising Priced as of 10 July 2026

91bps YoY in 2Q26E. Elevated operating expenses (like A&P, freight)