11 March 2025

MYOR booked revenue growth of 14.57% YoY to IDR36.1 trillion in FY24. The growth was in line with the increase in production capacity from the new plant, the launch of several new products, and product selling price adjustments. The potential for increased demand during Ramadan and Eid al-Fitr is believed to maintain the positive trend of MYOR's revenue. MYOR still has the challenge of rising raw material prices. The average price of cocoa increased 135.6% YoY to US$7,980/ton in FY24. Meanwhile, the average price of coffee increased by 37.7% YoY to US$239/Lbs in FY24. This condition made MYOR's cost of goods sold increase by 20.46% YoY to IDR26.85 trillion in FY24, therefore making MYOR's Gross Profit Margin (GPM) decreased in FY24 to 25.57%. We assess that MYOR's future profitability recovery will depend on the price normalization of both raw materials. MYOR booked a net profit growth of 227% QoQ to IDR1 trillion in 4Q24. The growth was in line with the increase in revenue by 10.8% QoQ to IDR10.43 trillion due to the launch of several new products and product selling price adjustments made since October 2024. Meanwhile, on an annualized basis, MYOR's net profit decreased by 5.46% YoY to IDR3.1 trillion in FY24 due to the higher raw material prices and higher interest expenses by 40.52% YoY to IDR425 billion in line with the issuance of IDR500 billion bonds. MYOR is targeting revenue growth of 12-15% YoY in FY25, while GPM is targeted at 23-25%, assuming coffee and cocoa prices remain relatively stable until the end of 2025. In addition, MYOR has budgeted capital expenditures of IDR1 trillion in 2025, which are focused on driving expansion and increasing production capacity. Using the Discounted Cash Flow method with a Required Return of 7.18% and Terminal Growth of 3.73%, we estimate MYOR's fair value at IDR2,850 per share. Therefore, we maintain our Buy rating on MYOR with a lower target and potential upside of 23.38%. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Code : YUPI Sector : Consumer Non-Cyclicals Sub-Sector : Processed Foods --------------------------------------------- PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM Perkiraan Tanggal Efektif : 14 Maret 2025 Perkiraan Masa Penawaran Umum : 17 - 19 Maret 2025 Perkiraan Tanggal Penjatahan : 19 Maret 2025 Perkiraan Tanggal Distribusi Saham : 20 Maret 2025 Perkiraan Tanggal Pencatatan Saham di BEI : 21 Maret 2025 --------------------------------------------- STRUKTUR PENAWARAN UMUM PERDANA SAHAM Sebanyak-banyaknya 854.448.900 (delapan ratus lima puluh empat juta empat ratus empat puluh delapan ribu Sembilan ratus) saham biasa, yang terdiri dari (i) 256.334.700 (dua ratus lima puluh enam juta tiga ratus tiga puluh empat ribu tujuh ratus) Saham Baru yang mewakili 3,00% (tiga koma nol nol persen) dari modal ditempatkan dan disetor Perseroan setelah Penawaran Umum Perdana Saham dan (ii) 598.114.200 (lima ratus sembilan puluh delapan juta seratus empat belas ribu dua ratus) Saham Divestasi milik Pemegang Saham Penjual yang mewakili 7,00% (tujuh koma nol nol persen) dari modal ditempatkan dan disetor Perseroan setelah Penawaran Umum Perdana, yang mana seluruhnya sejumlah 10,00% (sepuluh koma nol nol persen) dari modal ditempatkan dan disetor Perseroan setelah Penawaran Umum Nilai Nominal : Rp50 per lembar saham Harga Penawaran : Rp2100 - Rp2500 per lembar saham Jumlah Penawaran Umum : Sebanyak-banyaknya Rp2.136.122.250.000 Penjamin Emisi : PT CIMB Niaga Sekuritas PT Mandiri Sekuritas --------------------------------------------- Laporan dalam format PDF dapat diunduh pada menu "Research - IPO Summary" di www.phintracosekuritas.com dan telegram @phintasofficial By PHINTRACO SEKURITAS | Research - Disclaimer On -

Pasar tenaga kerja AS di Februari 2025 menunjukkan sinyal yang beragam, dengan peningkatan NonFarm Payrolls sebesar 151.000 pekerjaan, tetapi juga kenaikan tingkat pengangguran sebesar 4.1% sehingga berakibat penurunan partisipasi angkatan kerja. Kekhawatiran mengenai dampak pemotongan anggaran dan tarif terhadap stabilitas pasar tenaga kerja semakin meningkat. Produk Domestik Bruto (PDB) Zona Euro pada estimasi ketiga turun 0.2% pada 4Q24 dibandingkan kuartal sebelumnya. Pertumbuhan PDB Zona Euro rata-rata 0.37% dari tahun 1995 hingga 2024, dengan rekor tertinggi 11.70% pada 3Q20. Cadangan devisa Indonesia mengalami penurunan pada bulan Maret 2025, dengan posisi US$ 154.50 miliar. Data ini lebih rendah dibandingkan bulan sebelumnya yang mencapai US$ 156.10 miliar. Tren penurunan ini berlanjut setelah pada Januari 2025 cadangan devisa juga tercatat lebih rendah dari Desember 2024 yang mencapai US$ 155.70 miliar. Penurunan ini dapat mengindikasikan adanya pelemahan nilai tukar atau meningkatnya kebutuhan impor dibandingkan ekspor.

10 March 2025

10 March 2025

Indeks-indeks Wall Street alami pelemahan mingguan terburuk sejak September 2024. Sentimen utama terkait dengan kebijakan tarif Pemerintah AS dan perbedaan pernyataan antara Presiden AS, Donald Trump dengan Menteri Keuangan AS, Scott Bessent. The Fed diperkirakan menahan sukubunga acuan dalam FOMC 18-19 Maret 2025. IHSG kemungkinan menemui resistance kuat di 6700 di awal pekan ini. Selanjutnya, IHSG diperkirakan cenderung fluktuatif di rentang 6550-6750 di pekan ini. Indeks Keyakinan Konsumen (IKK) bulan Februari 2025 (11/5) diperkirakan naik ke level 127.5 dari level 127.2 di Januari 2025. Proyeksi kenaikan ini terjadi ditengah peningkatan risiko ketidakpastian global akibat perang tarif dan isu penutupan/relokasi fasilitas produksi serta deflasi di dalam negeri. Top picks : INCO, MYOR, ESSA, SMRA, SSIA, dan TINS. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -

Indonesia's foreign exchange reserves declined by 1.02% MoM to US$154.5 billion in February 2025 from US$156.1 billion in January 2025. It was influenced by government foreign debt payments and rupiah exchange rate stabilization policies in response to persistently high global financial market uncertainties. Nevertheless, the current level of foreign exchange reserves remains high, equivalent to 6.6 months of imports or 6.4 months of imports and government foreign debt payments. It stands above the international adequacy standard of approximately 3 months of imports.

In February 2025, the U.S. manufacturing sector presented a mixed picture, with the S&P Global US Manufacturing PMI indicating growth driven by increased demand and potential tariff-related stock replenishment, while the ISM US Manufacturing PMI showed a slight decline due to weakened demand and tariff-induced operational shocks. Simultaneously, the services sector experienced a slowdown according to the S&P Global US Services PMI, facing challenges from weak demand and rising labor costs, though the ISM US Services PMI remained in an expansion phase. A key factor influencing both sectors was the impact of new administration tariff policies, which led to price increases, potential supply disruptions, and concerns about rising raw material costs, creating uncertainty and affecting business operations.  

Klaim pengangguran awal di Amerika Serikat turun 21.000 menjadi 221.000 pada minggu terakhir Februari, jauh di bawah ekspektasi pasar sebesar 235.000, menandakan pasar tenaga kerja yang masih kuat. Bank Sentral Eropa menurunkan tiga suku bunga utama sebesar 25 basis poin, sesuai perkiraan, menurunkan suku bunga fasilitas penyimpanan menjadi 2.50%, suku bunga pinjaman utama menjadi 2.65%, dan suku bunga pinjaman marjinal menjadi 2.90%. Proyeksi pertumbuhan ekonomi Indonesia diperkirakan berada di kisaran 5.1% di 2025, sedikit lebih tinggi dari realisasi 2024 sebesar 5.03%, namun di bawah target APBN dan Rencana Pembangunan Jangka Menengah Nasional (RJMN). Penurunan daya beli masyarakat, PHK, dan efisiensi anggaran pemerintah menjadi faktor utama yang memengaruhi proyeksi target pertumbuhan 8%.