MYOR booked revenue growth by 9.7% YoY to IDR17.8 trillion in 6M25. This growth was in line with increased sales in all segments. The packaged processed food segment increased by 8% YoY to IDR10.49 trillion in 6M25, while the packaged processed beverage segment increased by 7.76% YoY to IDR9.03 trillion in 6M25.

MYOR’s gross profit decreased by 6.4% YoY to IDR4.3 trillion in 6M25. This decrease was due to a significant increase in cost of goods sold by 16% YoY to IDR13.5 trillion in 6M25, in line with the increase in average cocoa and coffee prices in 6M25.

MYOR’s net profit decreased by 32.3% YoY to IDR1.19 trillion in 6M25. This decrease was in line with the decrease in MYOR’s operating profit by 23.5% YoY to IDR1.54 trillion in 6M25.In addition, the decrease in net profit was also driven by a significant increase in finance expenses by 155% YoY to IDR279 billion in 6M25.

We maintain our Buy rating for MYOR with the same projections and fair value as MYOR’s previous company update at IDR2,850 per share, with a potential upside of 31.34%. This is in line with the potential softening of cocoa and coffee prices in 2H25, which could potentially improve MYOR’s profitability in the future and maintain MYOR’s Gross Profit Margin at management’s target range of 23-25%. In addition, the postponed excise tax on Packaged Sugar-Sweetened Beverages (MBDK) by the government this year will reduce concerns of higher product prices that could potentially pressure sales volume.

By PHINTRACO SEKURITAS | Research
– Disclaimer On –