4Q21 NP fell 46% yoy on lower GPM and some forex loss. Regardless, it was in line with expectations, with sales growing 11% yoy in 4Q21. ICBP guided for FY22F sales growth of 15-17% yoy and a stable EBIT margin of 18-20%. We expect ASP hikes to follow to mitigate cost pressure. We forecast FY22F NP growth of 19% yoy. Reiterate Add. We believe ICBP’s pricing power will help it fare better amid inflationary cost pressure.
Equity Analysis /
IndonesiaID : Indofood CBP - Pricing power brings optimism
Patricia Gabriela
Research Analyst @ CGS-CIMB
1 April 2022

1 April 2022
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