SIDO
Contact our analyst Eka
29% upside, BUY
29 April 2026
Price Rp 496
Target price Rp 635
29 April 2026
Price Rp 496
Target price Rp 635
F&B Segment Drives Growth Amid Stable Domestic Demand
- SIDO recorded total sales growth of 4.0% YoY to IDR 4.08 trillion in 2025, with Q4 2025 sales increasing 4.5% YoY to IDR 1.35 trillion, supported by continued export expansion and resilient domestic demand.
- Export sales continued to strengthen, contributing 8.6% of total revenue in 2025 (vs. 6.8% in 2024), led by Nigeria, Malaysia, and the Philippines. The company plans further expansion by strengthening distribution in Africa and Southeast Asia, which is expected to support export growth and broaden its consumer base.
- The Food & Beverage (F&B) segment delivered strong performance, with revenue increasing 34.4% YoY and 24.4% QoQ in Q4 to IDR 426.5 billion. Growth was driven by strong volume momentum in energy drinks, supported by favorable input costs, effective pricing discipline across milk and coffee products, and the launch of new products such as C+ Collagen Strawberry Lemonade. As a result, F&B gross margin improved to 42.7% (vs. 41.8% in Q3 2025).
- The Herbal & Supplements segment declined 5.7% YoY in Q4 but increased 68.8% QoQ to IDR 889 billion, resulting in relatively stable full-year revenue of IDR 2.49 trillion (+0.3% YoY). Performance reflected consolidation within the Tolak Angin product group amid softer purchasing power, while still benefiting from seasonal demand toward year-end. Growth in Essential Oils, Tolak Angin Care, and Esemag helped support segment performance, with gross margin reaching 70.0% in Q4 and 67.5% for FY2025.
- The Pharmaceuticals segment recorded growth of 8.0% YoY and 13.2% QoQ in Q4 to IDR 34.74 billion, bringing full-year revenue to IDR 128.2 billion. Gross margin improved to 40.2% (from 37.6%), supported by stronger OTC channel execution and improved distributor collaboration, although the ethical segment experienced temporary adjustments.
- Looking ahead, we expect stronger demand in 1H2026, supported by seasonal factors, particularly in the F&B segment, while the herbal segment is expected to remain resilient.
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Q4 2025 Result: Stable Margin Performance
- Net profit increased 88.3% QoQ and 4.5% YoY to IDR 410.66 billion in Q4 2025, bringing full-year net profit to IDR 1.22 trillion (+5.0% YoY). Growth was supported by improved foreign exchange performance, as the stabilization of the Nigerian naira reversed prior-year forex losses into gains.
- Net profit margin remained stable at 30.4% in Q4 and 30.1% for FY2025.
- Gross profit margin improved to 60.6% in Q4 2025, supported by normalization in raw material prices.
- Operating income increased 2.9% YoY and 84.1% QoQ to IDR 517 billion, with operating margin expanding to 38.3% (vs. 31.2% in Q3 2025). For FY2025, operating margin improved to 37.8%, supported by lower advertising and promotion expenses (−6.7% YoY).
- We maintain our BUY recommendation with a target price of IDR 635, implying 29% upside.
- Our valuation is based on a forward P/E of 14×, reflecting expected margin resilience, seasonal demand recovery, and continued export growth.
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