2Q26: Catching up as revenue growth accelerates

Research evidence excerpt

2Q26: Catching up as revenue growth accelerates

Update

August 2, 2026 09:30 PM GMT

Morgan Stanley Asia (Singapore) Pte.+MIndofood CBP Sukses Makmur Tbk PT | Asia Pacific Divya Gangahar Kothiyal

Equity Analyst

2Q26: Catching up as revenue Divya.Gangahar@morganstanley.comEileen Lin +65 6834-6438

Research Associate

Eileen.Lin@morganstanley.com +65 6834-5060

growth accelerates

AlphaSignals Earnings Reaction

Unchanged Modest upside Modest revision higher

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Indofood CBP Sukses Makmur Tbk PT (ICBP.JK, ICBP IJ)

Source: Company data, Morgan Stanley Research ASEAN Consumer | Indonesia

Stock Rating Equal-weight

Industry View Attractive

Key Takeaways Price target Rp8,110

Up/downside to price target (%) 16

2Q revenue growth accelerated to +15.7% (1Q: +7.6%) driven by exports & dairy. Shr price, close (Jul 31, 2026) Rp6,975

Higher SG&A dragged OPM down 120bps y/y with core profit +6.8% y/y in 2Q. 52-Week Range Rp10,050-5,925

Sh out, dil, curr (mn) 11,662

Revenue, EBIT and core profit beat MSe by 8%, 3% and 5% resp. 1H revenue +11% Mkt cap, curr (bn) Rp81,342

EV, curr (bn) Rp111,638

and core profit flattish y/y, equating to 53% and 59% of 2026 consensus resp. Avg daily trading value (bn) Rp67

Growth up across segments in 2Q: Noodles +15% (1Q: 8.2%), Dairy +26.6% (1Q: Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

6.3%), Snack Food +11.3% y/y (1Q: 6.5%) and Nutrition Food +31% (1Q: 4.5%). EPS (Rp)** 855.78 880.23 938.011,001.18

Prior EPS (Rp)** - - - -

Overseas sales grew strongly at 30.9% y/y (1Q: 10.9%) while Indonesia sales EPS (Rp)§ 819.89 833.70 910.14 982.89

Revenue, net (Rp bn) 74,851 79,647 84,134 88,701

growth improved to 8.7% y/y in 2Q (1Q: 5.6%).