Mayora Indah's Margins Could Improve on Lower Commodity Prices — Market Talk

Mayora Indah's margins are likely to improve thanks to lower commodity prices, says DBS Group Research's Bryan Soegianto in a note. The Indonesian food and beverage company remains a key beneficiary of softer prices in cocoa, coffee and sugar, he says, noting that gross profit remained resilient in the first four months of the year despite macro headwinds. Mayora's 2026 growth is likely to remain largely volume-driven, as the company strengthens its product portfolio with new products, he adds. Its 2026 sales are forecast to grow around 5%, within the company's guidance of 5%-8%, says the analyst. DBS maintains its buy rating and 2,300 rupiah target price. Shares rise 3.35% to 1,695 rupiah. (megan.cheah@wsj.com)