Indofood CBP Sukses Makmur

Stock Quote Indofood CBP Sukses Makmur - ICBP:

Business Summary

Currently, Indofood CBP Sukses Makmur’s business units are as follows:

• Noodles; the company produces and markets a range of instant bag and cup noodles, egg noodles and instant vermicelli.
  
• Dairy; it produces and markets a variety of dairy products including sweetened condensed milk, liquid milk (ultra-high temperature, sterilized bottled and pasteurized liquid milk), powdered milk, ice cream and butter.
  
• Snack foods; it produces and markets a range of Western and modernized traditional snacks, as well as biscuits.
  
• Food Seasonings; it produces a range of culinary products including soy sauce, chili sauce, tomato sauce, bouillon and instant seasonings, and also produces and markets cordial syrup.
  
• Nutrition and Special Foods; it produces and markets various cereals and biscuits for infants and children, as well as milk products for expectant and lactating mothers.
• Beverages; this segment is conducted through a joint venture with the Asahi Group. Drinks
  include water, fruit juice, and soda drinks.

Indofood CBP Sukses Makmur's Financial Highlights:

	2015	2016	2017
Net Sales	31,741.1	34,375.2	35,606.6
Gross Profit	9,619.1	10,768.5	11,058.8
Net Income	3,000.7	3,600.4	3,796.5
Income from Operations	3,992.1	4,864.2	5,221.8
EBITDA	4,690.9	5,617.8
Total Assets	26,560.6	28,901.9	31,619.5
Total Liabilities	10,173.7	10,401.1	11,295.2
Total Equity	16,386.9	18,500.8	20,324.3
Earnings per Share¹	257	309	326
Cash Dividend per Share¹	256

 

	2010	2011	2012	2013	2014
Net Sales	17,960.1	19,367.2	21,716.9	25,094.7	30,022.5
Gross Profit	4,983.5	5,031.3	5,803.8	6,425.7	8,100.3
Net Income	1,704.0	1,975.3	2,179.6	2,225.3	2,644.8
Income from Operations	2,542.3	2,608.7	2,849.2	2,771.9	3,185.3
EBITDA	2,994.6	2,998.5	3,272.7	3,278.9	3,804.7
Total Assets	13,361.3	15,222.9	17,819.9	21,267.5	25,029.5
Total Liabilities	3,999.1	4,513.1	5,835.5	8,001.7	10,445.2
Earnings per Share¹	344	339	183²	193²	227²
Cash Dividend per Share¹		169	186	190	222

^{in billion IDR rupiah unless otherwise stated
¹ in IDR rupiah
² adjusted to 1:2 stock split
Sources: Indofood CBP Sukses Makmur, Annual Report 2016 & Financial Report FY-2017}

Future Perspectives of the Indonesian Consumption Sector

Indonesia's recent economic growth is to a large extent due to Indonesia's robust domestic consumption. Not only does Indonesia contain one of the world's most populous populations, but it also constitutes a population that is burgeoning; the country's middle class is expanding rapidly and it shows in their consuming habits. A larger portion of people's disposable income can be spent on consumer products. As such, businesses that largely rely on Indonesia's consumer base have good prospects. McKinsey expects that Indonesia will move from its current position as the world’s 16th largest economy to the 7th largest economy in the year 2030, partly supported by domestic consumption as income per capita continues to rise in combination with rapid urbanization. The size of Indonesia's consuming class is expected to more than triple over the same period, from 45 million in 2012 to 135 million in 2030. As one of the largest food companies in Indonesia, Indofood is well-positioned to capture these opportunities.

Projection Indofood CBP Sukses Makmur's Future Corporate Earnings:

	2018	2019	2020F	2021F	2022F
Sales	38,413.0	42,297.0	46,086.0	50,198.0	53,643.0
EBITDA	4,931.0	6,209.0	6,642.0	7,254.0	8,060.0
Net Income	4,576.0	5,039.0	5,399.0	5,855.0	6,501.0
P/E Ratio (x)	22.6	22.2	20.7	19.1	17.2
PBV (%)	5.2	4.4	4.0	3.6	3.3

^{in billion IDR rupiah, except stated otherwise
Source: Danareksa Sekuritas (24.05.2020)}