November 9, 2025
[Deep Dive] Alfamart (AMRT.JK) - Longer term consumer story overshadowed by near-term headwinds
AMRT is down 32% YTD on weak Indonesian consumption and near-term opex overruns from its 3 new distribution centres. Still, Indonesia’s structural consumer story remains intact, and AMRT’s logistics build-out should deepen its moat despite short-term pain. The current pullback may offer an attractive entry into a high-quality compounder ahead of sentiment recovery.