Mayora Indah

Research evidence excerpt

Mayora Indah

Nomura Securities Malaysia Sdn Bhd

Mayora Indah MYOR.JK MYOR IJ 25 June 2026

EQUITY: CONSUMER RELATED

RatingForex tailwind Remains Buy

Target priceResilient margins with FY25-28F NPAT CAGR of 21% Increased from IDR 4,300and undemanding valuation of 11x FY26F P/E IDR 4,200

Margin recovery endures Closing24 June price2026 IDR 1,855

We believe MYOR has one of the most resilient margins among listed Indonesia FMCG firms,

led by its strong USD-denominated revenue generated from exports. We raise FY26F gross Implied upside +131.8%

margin projection to 23.8% from 23.4%, repesenting a 180bp y-y rise. Strong GPM recovery is

attributable to: 1) low costs of coffee and cocoa raw materials y-y even after pricing in a higher Market Cap (USD mn) 2,313.8

USD trend; 2) packaging costs gradually decline along with lower oil prices; and 3) extra ADT (USD mn) 1.2

margin from export markets due to a higher forex value. In terms of Opex, management is

likely to maintain its A&P-to-sales ratio, in our view. We also raise our forecast on potential Relative performance chart

unrealized forex gains, which should boost MYOR’s net margin substantially. For FY27F and

FY28F, we expect MYOR's margin to remain resilient, assuming relatively manageable key

commodity price movements (i.e., coffee, sugar, cocoa, and coconut oil).

Export sales adjustment

MYOR has implemented a new strategy in ASEAN by adjusting down its inventory days

from 40-45 days to 15-20 days since early Feb-26 so that it can be more agile and respond

fast to any changes in market trends (i.e. fast in rolling out new products, communicating

new campaigns, timely price adjustment, etc). Despite a lower inventory day level,

management also ensures to sustain product availability in ASEAN markets without any

delay.