Indofood CBP Sukses Makmur (ICBP IJ): Resilient domestically, strong overseas

Indofood CBP Sukses Makmur (ICBP IJ)
BUY / TP: IDR:9,700 (+27.2%)
Analyst: Erdji Herlando

Resilient domestically, strong overseas
• Strong position in domestic market
• Build position in overseas markets
• Continuing supply chain efficiency
• We re-initiate coverage with re-iterated BUY recommendation and a target price (TP) of IDR9,700 (US$0.55), which offers an upside of +27.2%