Aldira Sunrise 9 September 2024

Economy: Consumer spending is relatively stable until the end of August
Based on Mandiri Spending Index (MSI) data, Indonesian consumer spending shows a relatively stable trend until 25 Aug 24. The shopping value index at the end of Aug reached 208.2, a slight increase compared to Jul at 205.8. This is influenced by the maintained level of public confidence, especially among the middle and upper classes. MSI data recorded that the average Consumer Confidence Index (CCI) for the middle class reached 125.0, while the upper class was at 128.7. Recovery in the level of trust in the lower groups also continues to be gradual, with IKK recorded at 113.3. However, if viewed from a regional perspective, spending on Java tends to slow down with the lowest level of spending, namely 196.2. In contrast, Sulawesi recorded a relatively stable level of spending at 241.1. Other regions such as Maluku and Papua even recorded significant growth, with the spending index increasing to 382.7. Kalimantan also recorded a similar increase with the spending index reaching 378.2. This indicates that several regions outside Java, especially eastern Indonesia, are still experiencing stronger economic growth than other regions. (Kontan)
GOOD’s net profit increases 17.34% yoy in 1H24
Garudafood Putra Putri Jaya (GOOD) recorded IDR 5.71T revenue (+9.38% yoy). In line, net profit increased 17.34% yoy to IDR 252.04B. The company noted that one of the drivers of performance in 1H24 is the stability of prices for raw materials and packaging materials along with the acquisition of the majority of shares in Suntory Garuda Beverage (SGB), producer of Okky Jelly Drink and Mountea drinks from Great Wall Capital which occurred in early 2024. Entering 2H24, the company is still optimistic that top line can still increase by 17% and bottom line by double digits by the end of 2024. (Kontan)