PT Ultrajaya Milk Industry & Trading Company Tbk (ULTJ)

Entering Expansive Teritory / Temporary Problems and Long Term Expansion Plans

https://www.idx.co.id/StaticData/NewsAndAnnouncement/ANNOUNCEMENTSTOCK/From_EREP/
202212/f3c5aa7c6b_26a14b99f8.pdf

https://www.vibiznews.com/2023/04/12/kinerja-emiten-dairy-2022-ultrajaya-ultj-laporkan-penurunan-
laba-bersih-24-4-menjadi-rp961-miliar/

https://www.liputan6.com/saham/read/5159115/harga-komoditas-tekan-laba-ultrajaya-pada-2022

https://dataindonesia.id/sektor-riil/detail/angka-konsumsi-susu-penduduk-indonesia-masih-rendah

Company Overview

PT Ultrajaya Milk Industry & Trading Company Tbk (ULTJ) is one of the largest food and beverage
manufacturer in Indonesia which focuses on producing a wide range of beverage products such as liquid
milk, powdered milk, tea, traditional beverages, and healthy drinks. ULTJ was first founded in 1960 and
started as a family company and in mid 1970s, it started to produce with Ultra High Temprature (UHT)
technology processing combined with aseptic packaging in carton packs. In 1975, ULTJ started
commercially produced its UHT milk under the brand name “Ultra Milk”. ULTJ majority shareholder are
its own president director, Sabana Prawirawidjaja with 44.56% ownership. The rest of ownership are
Public (24.04%), PT Prawirawidjaja Prakarsa (21.4%) and 10% as treasury stocks.

Revenue Breakdown and Product Line

ULTJ generates revenue through

Business Model and Cost Breakdown

ULTJ operates its business through

Industry Overview

“Increased Consumption and GDP”

“Lower Milk Consumption in Indonesia compared to its Peers”

https://databoks.katadata.co.id/datapublish/2023/03/06/terus-meningkat-produksi-susu-segar-
indonesia-tembus-968-ribu-ton-pada-2022

https://repository.cips-indonesia.org/publications/557428/transfer-teknologi-dan-pengetahuan-
untuk-peternakan-sapi-perah-kontribusi-sektor

“High Domestic Demand but low domestic Production”

Investment Thesis

“Increase in Production Capacity”

“Higher Mrgin through the increase of ASP”

“Integrated Supply Chain” Apakah ultj punya sapi sendiri ?

“Attractive Valuation despite its dominance”