Indonesia
Delfi (DELFI SP) — 2025 update
Indonesia's largest chocolate producer, trading at sub-10x P/E if and when cocoa prices ever fall
Astra International (ASII IJ) － 2024 update
Indonesia's leader auto maker at 6.1x P/E. Estimated reading time: 21 minutes
Indonesia after Jokowi
How the election of Prabowo Subianto will affect the Indonesian consumer. Estimated reading time: 15 minutes.
Multi Bintang update (MLBI IJ)
The return of tourists to Bali the last piece of the Multi Bintang puzzle. Estimated reading time: 17 minutes
Indonesia's new criminal code threatens liberty
Another country descending into authoritarianism. Estimated reading time: 8 minutes
Deep-dive 2022-23: Delta Djakarta
Indonesia’s second-largest beer producer set to benefit from re-opening
Uni-Charm Indonesia mid-2022 update
Margin pressure from higher oil price, otherwise on track. Estimated reading time: 11 minutes
Deep-dive 2022-5: Uni-Charm Indonesia
Indonesia’s largest baby diaper maker at 0.5x revenues
Deep-dive 2022-3: MAP Aktif Adiperkasa
Indonesia’s leading sports retailer expects higher foot traffic post-COVID
Deep-dive 2021-21: Multi Bintang
Multi Bintang (MLBI IJ) is Indonesia’s leading beer producer. The company started in 1929 as “Nederlandsch-Indische Bierbrouwerijen” back when Indonesia was a Dutch colony. Today, Multi Bintang has a market share of almost 60%. Its flagship beer “Bintang Bir” is by far the most popular brand in the sector.
Deep-dive 2021-19: Ultrajaya Milk
Ultrajaya Milk (ULTJ IJ) is the leading dairy company in Indonesia. Its most popular product “Ultra Milk” has a market share of roughly 40% and dominates the mass market. The company focuses on “UHT milk”. Such milk has been treated with ultra-high temperatures and stored in aseptic packaging, giving it