ICBP booked limited revenue growth (+1.32% YoY) to IDR20.18 trillion in 1Q25. This growth was driven by higher sales in almost all segments, except for the beverage segment, which decreased by 12.69% YoY to IDR372 billion, and the dairy segment, which decreased by 1.64% YoY to IDR2.72 trillion in 1Q25.

ICBP’s operating expenses decreased by 20.37% YoY to IDR2.1 trillion in 1Q25. This resulted in ICBP’s operating profit growth of 4.76% YoY to Rp5.15 trillion in 1Q25, and the Operating Profit Margin increased by 80 bps to 25.5% in 1Q25.

ICBP’s net profit increased by 11.4% YoY to Rp3.03 trillion in 1Q25. Besides being driven by solid operating profit, the increase in ICBP’s net profit was also driven by a 1.44% YoY decrease in financial expenses to IDR1.67 trillion and earning net income from associates and joint ventures of IDR75 billion in 1Q25.

Therefore, we maintain our Buy rating for ICBP with the same projection and fair value in the previous ICBP company update at IDR13,275 per share or a potential upside of 20.68%.