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May 02, 2016 13:09:37
Sido Muncul (SIDO), Continued Rebound In Herbal Medicine Products

As the economy rebounds, we also expect to see a continued rebound in sales volumes of SIDO’s Tolak Angin and continued solid traction of Tolak Linu. Based on our recent ground checks visiting several Sumber Alfaria Trijaya’s (Alfamart) (AMRT) minimarkets, we have found that Tolak Linu is gaining more acceptance. The stores we had visited confirmed that Tolak Linu’s sales are increasing. Maintain BUY with a DCF-based IDR650 TP (30% upside), which implies 21x and 19x 2016F and 2017F P/Es respectively.

$SIDO
$AMRT


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