Indofood CBP Sukses Makmur (ICBP IJ): Defensive resilience meets growth drivers

Indofood CBP Sukses Makmur (ICBP IJ)
BUY / TP: IDR:12,500 (+45.3%)
Analyst: Patrick Agustinus Nugroho

Defensive resilience meets growth drivers
• Main beneficiaries from improving macro backdrop
• Mature domestic moat with improving cost tailwinds
• Global Diversification
• We change our recommendation to Buy and resume coverage with a TP of IDR12,500