JAKARTA. PT Industri Jamu dan Farmasi Sido Muncul Tbk (SIDO) recorded a decline in performance in the first semester of 2022. However, for the rest of this year, SIDO's performance is projected to remain prospective.
Analyst from PT Kanaka Hita Solvera (KHS), Daniel Agustinus said that although Sido Muncul's profit fell from Rp502 billion in the first semester of 2021 to Rp445 billion in the first six months of 2022, the various efforts of the Tolak Angin producer in boosting performance are considered to provide positive growth for the company. SIDO performance.
"SIDO's growth prospects are quite good because it plans to expand its export market, with one of its main targets being the African continent," Daniel told VOI, Friday, August 5.
As an illustration, Sido Muncul recorded sales of Rp. 1.61 trillion as of June 2022. This achievement decreased by 2.58 percent on an annual basis from Rp. 1.65 trillion as of June 2021.
However, export sales, which contribute 6 percent to sales, have the potential to boost SIDO's performance. Sido Muncul's exports have grown 80 percent and there is still potential for growth.
In addition, continued Daniel, Sido Muncul's sales growth in the Southeast Asia region is also quite good.
"165 percent in the Philippines, and 43 percent in Malaysia," said Daniel.
Kanaka Hita Solvera pinned a buy on weakness recommendation for SIDO in the Rp700-750 area with a target price of Rp900 per share.
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