SIDO
Contact our analyst Eka
36% upside, BUY
9 October 2025
Price Rp 520
Target price Rp 710
9 October 2025
Price Rp 520
Target price Rp 710
A turnaround post-Ramadhan
- After a weak Q1 2025, Sidomuncul (SIDO) rebounded strongly in Q2 2025 with sales up +23.3% YoY and +31.7% QoQ to IDR 1.04 trillion. However, 1H 2025 sales were still -3.6% YoY at IDR 1.83 trillion. Growth in Q2 was driven by post-Ramadhan recovery, stronger traditional channel sales, and improved performance in the Herbal & Supplement and Pharmaceutical segments.
- Export sales continued to rise, contributing 9.7% of total revenue in 1H 2025 (vs. 6.8% in 2024).
- Herbal & Supplements surged +47.2% YoY and +97.3% QoQ in Q2 2025 to IDR 716.29 billion; 1H 2025 totaled IDR 1.08 trillion (-3.1% YoY). Growth came from Essential Oil, Esemag, Tolak Angin, and Tolak Linu, with GPM at 68.2% in Q2 and 65.8% in 1H 2025.
- Pharmaceuticals grew +9.5% YoY and +65.5% QoQ in Q2 to IDR 39.17 billion; 1H 2025 reached IDR 62.85 billion, though GPM slipped to 36.8% (from 38.3%) due to higher raw material and packaging costs amid USD/IDR volatility.
- Food & Beverage (F&B) declined -11.4% YoY and -29.4% QoQ in Q2 to IDR 284.12 billion, weighed by softer energy drink sales after milder weather. Coffee and milk products continued double-digit growth, lifting F&B margin to 44.3% (vs. 39.6% in Q2 2024) on lower taurine, aspartame, citric acid, and creamer costs.
- We expect stronger 2H 2025 demand from seasonal trends and the rainy season starting Q3.
Trade what you want (exciting shares like SIDO) when you want & wherever you are. Simply sign up for our Binaartha Online Trading
⬇️ here.⬇️
⬇️ here.⬇️
Q2 2025 Result: Margin Expansion Maintained
Valuation: Maintain Buy, TP 710
- Net profit surged +68% YoY and +57.8% QoQ to IDR 367.5 billion in Q2 2025; 1H net profit was IDR 600.46 billion (-1.3% YoY).
- NPM reached a record 35.4% in Q2 (vs. 31.8% in Q2 2024) and 32.8% in 1H 2025.
- COGS rose +12.8% YoY to IDR 411 billion, while gross profit jumped +31.4% YoY to IDR 628 billion; GPM expanded to 60.5%
- Operating income grew +71.7% YoY and +60.8% QoQ to IDR 460 billion; OPM widened to 44.2% (vs. 31.8% in Q2 2024) helped by lower advertising & promotion (-24% YoY) and salaries & allowances (-28% YoY).
Valuation: Maintain Buy, TP 710
- We maintain BUY with a Target Price (TP) of IDR 710/share, implying +36% upside. Valuation is based on a forward P/E of 16x, reflecting expected margin resilience, seasonal demand boost, and export growth momentum.
Previously
