Mayora Indah MYOR.JK MYOR IJ Nomura Securities Malaysia Sdn Bhd 25 June 2026 EQUITY: CONSUMER RELATED Forex tailwind Resilient margins with FY25-28F NPAT CAGR of 21% and undemanding valuation of 11x FY26F P/E Margin recovery endures We believe MYOR has one of the most resilient margins among listed Indonesia FMCG firms, led by its strong USD-denominated revenue generated from exports. We raise FY26F gross margin projection to 23.8% from 23.4%, repesenting a 180bp y-y rise. Strong GPM recovery is attributabl ...