Ramadan Moment as a Catalyst to Drive Sido Muncul's Performance in the First Quarter of 2026

JAKARTA - The moment of fasting or Ramadan is projected to be a catalyst for the performance of PT Industri Jamu dan Farmasi Sido Muncul Tbk (SIDO) in the first quarter of 2026.

Kiwoom Sekuritas Indonesia in its research sees the adjacent holiday moments such as Chinese New Year, Ramadan, and Idul Fiitri can boost SIDO's performance in the first quarter of this year. On the other hand, the high intensity of rainfall encourages people to consume supplements or herbal medicines to maintain their body's resistance.

"So with the holiday season approaching and consumption potentially increasing, it can improve performance in the first quarter of 2026," explained Kiwoom Sekuritas Indonesia.

However, currently the challenges faced by SIDO are still on the people's purchasing power. So he sees that in the second quarter of 2026, the lack of catalysts will make performance return to normal.

"We see SIDO's prospects in 2026 still moderate with potential for single-digit to low double-digit growth," explained Kiwoom Sekuritas Indonesia.

SIDO's performance is known to be still solid and continues to strengthen thanks to the herbal medicine and supplement segments. Until the third quarter of last year, revenue in this segment increased by 3.9 percent year-on-year to IDR 1.6 trillion, supported by Tolak Angin's sustained market leadership and strong growth in essential oil exports and Tolak Angin Care.

SIDO's exports to 34 countries also grew, supporting the performance and contributing 9.7 percent of total export revenue, up from 8 percent in the previous year.

This export revenue increased by 23 percent year-on-year in the nine months in 2025. SIDO exports maintained a strong momentum.

Malaysia remains the largest export market, representing about 4 percent of export sales, followed by Nigeria and the Philippines, which account for about 1-2 percent each.

SIDO's continued expansion of its international footprint demonstrates increased brand acceptance and supports the company's long-term diversification strategy.

The BRI Danareksa Securities team also assessed that export expansion was a structural catalyst for SIDO. According to them, exports can expand revenue sources outside the domestic market and reduce dependence on local consumption.

"Operating cash flow increased significantly, up 16.2 percent year-on-year per quarter III-2025, confirming the solid profit quality and healthy operational fundamentals," said the BRI Danareksa Securities Team.

In addition to the development of the export business, SIDO's new innovations are also moncer. In October 2025, SIDO expanded its health and beauty portfolio with the launch of C+ Collagen Strawberry Lemonade, which targets a demographic that is increasingly aware of health.

SIDO also introduced Sido Muncul Natural Mahoni (mahoni seed extract) and Sido Muncul Natural Sari Daun Salam (salam leaf extract), which further enrich its herbal range and are in line with consumers' increasing preference for natural and preventive health solutions in Indonesia.

SIDO is said to have market leadership in the herbal product category for flu symptoms, promising export growth, and a high dividend payout ratio.