China's CPI Dropped 0.7% YoY in Feb-25

China's CPI Dropped 0.7% YoY in Feb-25

China's consumer prices fell 0.7% YoY in Feb-25 (vs Jan-25; +0.5%), marking the first deflation since Jan-24. The decline was driven by weaker seasonal demand post-Spring Festival, with food prices falling 3.3%—the sharpest drop in 13 months—led by fresh vegetables (-12.6%) and slower pork price growth (4.1% vs 13.8%). Core inflation dropped 0.1% (vs Jan-25; +0.6%). MoM, CPI fell 0.2%, reversing Jan-25's 0.7% rise.

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BCAS: SIDO IJ – FY24 Earnings In-line
 

- 4Q24 Net Profit at IDR393bn (+131.6% QoQ; +7.9% YoY), bringing FY24 earnings to IDR1.1tn (+23.2% YoY) in line with ours/cons at 100%/103%. Profitability improved with better raw material prices and better efficiency.
- 4Q24 revenue hit new record at IDR1.2tn (+77% QoQ; +7.3% YoY). QoQ saw strong growth, as expected with strong demand during rainy season for Herbal products. FY24 revenue at IDR3.9tn (+9.9% YoY) while F&B segment saw strongest growth at18.3% YoY, due to export demand and ASP increase.
The top-line might slightly miss the Co.'s guidance with at least 10% growth, but a strong turnaround considering negative growth previously. We will share more update as we wait for earnings call on Monday. Our last call is BUY with TP of IDR760/sh.