Elevator Pitch
I maintain a Neutral rating to Indonesian consumer branded products company PT Indofood CBP Sukses Makmur Tbk (OTCPK:PIFFY) (OTC:PNDFF) [ICBP:IJ].
This is an update of my initiation article on Indofood CBP published on February 20, 2020. Indofood CBP's share price has declined by -16% from IDR11,000 as of February 19, 2020 to IDR9,200 as of July 1, 2020 since my initiation. Indofood CBP trades at 18.5 times consensus forward next twelve months' P/E, which represents a discount to its historical three-year and five-year mean consensus forward P/E multiples of