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PT Indofood Sukses Makmur, Tbk (INDF IJ) reported its performance growth during 9M17 amounted to 6.5% YoY compared to same period 2016. The company’s net sales increased from IDR49.87trn in 9M16 became IDR53.12trn in the same period this year. Consumer product group, bogasari, agribusiness, and distribution of each contribute about 50%, 22%, 20% and 8%.

Salim Group’s issuer, including Indomobil Finance Indonesia (the subsidiary of Indomobil Sukses Internasional, Tbk (IMAS IJ)), will release bonds to raise funds. Indomobil Finance will release Continuous Bond II Indomobil Finance Indonesia with fixed interest rate Phase IV Year 2017 with a principal value of IDR400bn. This issuance is part of Bond II Indomobil Finance.

We expect Surya Citra and Link Net to report a good performance in 3Q15 Surya Citra will be buoyed by normalising Unilever contribution, higher audience share and margin improvement, while Link Net will be supported by higher number of new subscribers. We are cautious on Media Nusantara’s 3Q15 performance on a potential slip in audience.

While the growth of Indonesia’s media industry has slowed down to 9% (from a 21% mean in 2010-2014), media is still the most effective tool to promote consumer products, due to its long-term prospects. We believe ad spending may improve when the economy recovers. We initiate coverage on the sector with a NEUTRAL rating and.

We reinitiate coverage on Surya Citra with a BUY and DCF-derived IDR3,000 TP, implying 29.1x/25.4x FY15F/FY16F P/Es. We believe local consumer firms will face macroeconomic headwinds in the near term, resulting in an ad spend slowdown in FY15. Yet, we do not think advertisers can cut ad spend for too long given Indonesia’s attractive structural.

We initiate coverage on Surya Citra with a BUY and DCF-derived IDR3,400 TP, implying 29.0x/25.0x FY15F/FY16F P/Es. We believe local consumer firms will face macroeconomic headwinds in the near term, resulting in an ad spend slowdown in FY15. Yet, we do not think advertisers can cut ad spend for too long given Indonesia’s attractive structural.

Opportunity to gain market share From May this year, Indonesia’s shipping law will no longer allow foreign-flagged vessels to operate in Indonesian coastal waters unless they are in joint ventures in which there is no more than 49% foreign ownership. Management believes this would give WINS the opportunity to get a slice of foreign competitors’.

BUY with target price Rp6,300 Our BUY call hinges on INDF’s i) diversified earnings, ii) ability to maintain robust margins, and iii) aggressive expansion for future growth. Our target price is Rp6,300, based on 18.8x-16.6x FY11-12f PE earnings multiple. Diversified earnings INDF’s diversified earnings base ranging from flour, noodle and dairy to plantations provides the.