Multi Bintang Indonesia (MLBI IJ) (Buy) - Gaining ground as rival stumbles

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Multi Bintang Indonesia (MLBI IJ) (Buy) - Gaining ground as rival stumbles

Nomura Securities Malaysia Sdn Bhd

Multi Bintang Indonesia MLBI.JK MLBI IJ 11 June 2026

EQUITY: GENERAL CONSUMER

RatingGaining ground as rival stumbles Remains Buy

Target priceDecent NPAT growth of 7.4%, dividend yield of 10%, and Increased from IDR 9,050modest 9.9x FY26F P/E; maintain Buy IDR 8,650

MLBI has an opportunity to gain further market share Closing10 June price2026 IDR 5,975

Our channel checks at key alcoholic beverage players’ operations reveal that Orang Tua

(OT, unlisted), one of the largest alcoholic firms in Indonesia, has undergone a major Implied upside +51.5%

organizational restructuring over the past two years, leading to its substantial A&P budget

reduction. OT is striving to centralize and tighten its promotion expenses at sales officers’ Market Cap (USD mn) 701.4

level, pivoting to less aggressive sales strategies than previously. We believe MLBI by ADT (USD mn) 0.1

capitalizing on this situation has been gaining share, and we see this trend persisting on

the back of the company’s strong brand power and distribution networks. We think OT Relative performance chart

probably holds the largest share in Indonesia’s overall alcoholic beverage market,

spanning wine, beer, and spirits products; however, for the beer market alone, it might be

the second- or third-biggest player after MLBI.

Batam holds strong market potential

Jakarta, Surabaya, and Bali are the main markets for the alcoholic beverages business,

given mushrooming entertainment business activities (i.e., bars, cafes, and restaurants)

as well as high income per capita. Another emerging area is Batam; the city has a fast-

growing entertainment business as well as growing tourist visitations, especially from