MYOR - FY25 top line met our forecast, yet missed consensus

KBVS Update
Monday, 30 March 2026

MYOR - FY25 top line met our forecast, yet missed consensus
(Maintain BUY; TP: IDR2,440)

* MYOR FY25 earnings came in below the street, and our ‘25F earnings for MYOR are on the back of higher cost input coupled with stronger operating expenses and mounting interest expenses.

* Yet, on a top-line level, our ‘25F net revenue for the company arrives inline at a run rate of 97.3%, despite still being below the consensus forecast. Quarterly-based solid performance was not an early signal for improvement.

* Margin was squeezed from top to bottom and noted a positive number on a quarterly basis. We expect only a tick-up volume growth with manageable ASP, cost input, and opex growth coupled with controllable net financing and advertising expense spend to arrive at a much better ‘26F earnings growth.

* Maintain BUY with DCF-based TP of IDR2,440 equal to 20.3x ‘26F P/E, currently trading at 13.8x, below -1SD of 15.8x ‘26F P/E.

Regards,
Akhmad Nurcahyadi - KBVS Research