MIDI booked revenue growth of 15.25% YoY to IDR5.52 trillion in 1Q25 (in line with our FY25F estimate). This growth was driven by a significant increase in fresh food segment sales by 44.98% YoY to IDR938 billion, followed by non-food segment increase by 19.7% YoY to IDR1.39 trillion, and food segment increase by 7.08% YoY to IDR3.19 trillion in 1Q25.

MIDI’s operating expenses increased by 13.8% YoY to IDR1.07 trillion in 1Q25. This increase was mainly driven by a 22.37% YoY increase in general and administrative expenses to IDR123 billion and an 11.1% YoY increase in selling and distribution expenses to IDR1 trillion. However, MIDI still booked solid operating profit growth of 17.15% YoY to IDR245 billion in 1Q25.

MIDI’s net profit increased by 15.94% YoY to IDR173 billion in 1Q25. Besides being driven by solid revenue performance in 1Q25, the increase in MIDI’s net profit was also driven by the efficiency of non-operating expenses by 10.27% YoY to IDR11 billion in 1Q25.

As MIDI’s share price has increased by around 14% from the closing price in the previous MIDI company update, we changed MIDI’s rating to Hold. With the same projection and fair value at IDR428 per share, the potential upside is 9.74%.