Mayora Indah Shares Poised for Growth on Innovation and Export Momentum

JAKARTA, investortrust.id – PT Mayora Indah Tbk (MYOR), a leading consumer goods company in Indonesia, has earned a renewed vote of confidence from analysts, who project continued financial growth driven by product innovation, export expansion, and shifting consumer behavior.

Both Phillip Sekuritas and Sucor Sekuritas maintained a BUY rating on MYOR, citing the company’s strategic agility in navigating economic headwinds. Phillip Sekuritas set a target price of Rp2,500, while Sucor Sekuritas projected Rp2,450—highlighting MYOR’s resilience and upside potential amid a softening macro environment.

Innovation and Global Reach Sustain Long-Term Outlook

Phillip Sekuritas Indonesia analyst Helen noted that MYOR is well-positioned for long-term performance, underpinned by its brand leadership across multiple segments, both locally and abroad. The company continues to strengthen its growth through aggressive regional expansion and a robust innovation pipeline.

“Our long-term outlook remains positive, as the company consistently leverages its innovation stream and regional export strategy,” said Helen in the firm's research note.

Valued using a 2026 financial forecast, the stock's price target of Rp2,500 reflects a price-to-earnings (P/E) ratio of 16.2x and a price-to-book value (P/BV) of 2.8x. Analysts emphasized that MYOR’s consistent investment in innovation and efficient operational execution make it an attractive consumer goods pick for mid-to-long-term investors.

Sucor Highlights Demand Upside from Downgrading Trend and Social Aid

Giovanus Marcell Lie, an analyst at Sucor Sekuritas, underscored the company’s advantage in a shifting consumption landscape, where lower-income consumers are downgrading to affordable branded snacks—a segment where MYOR has significant presence.

“MYOR is well-positioned to capture the demand shift, as consumers trade down to affordable snack options. Government cash transfer programs of Rp600,000 per family are also expected to bolster purchasing power,” said Lie.

He added that the government’s nutritious meal program for 17 million students may create additional spending room for post-school snacks. With a narrow price gap between branded and unbranded items, MYOR is poised to expand its market share even amid weak consumer sentiment.

Sucor Sekuritas projected MYOR’s net profit to reach Rp3.1 trillion in 2025 and Rp3.7 trillion in 2026, marking respective annual growth of 8% and 9%. This is supported by sustained sales growth, operational efficiency, and declining raw material costs—especially in the second half of 2025.

Tax Policy Change and Cost Efficiency Provide Tailwinds

A key regulatory development also favors MYOR’s bottom line: the government’s decision to scrap the sugar tax on sweetened beverages. As sugar constitutes around 17% of MYOR’s cost of goods sold, this move is expected to ease margin pressures and reinforce earnings momentum.

Additionally, the company is not expected to raise prices in 2025, a strategy aimed at protecting sales volume. Analysts say this price stability, coupled with efficient cost management, supports MYOR’s financial strength in a volatile economic climate.