ID : Consumer Staples - Overall - Inflation threat likely not felt equally

While the surge in soft commodity prices may have led to cost push inflation, we think the impact on Indonesia purchasing power may be more measured. The weak demand environment underpins our view that consumer staples’ GPM will decline by c.1.2% pts yoy as market share is favoured over margin. That said, companies with strong pricing power may fare relatively better. We prefer ICBP for its strong brand equity and MYOR for export recovery.

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