Lately, Jakarta Fair (PRJ) has been one of the most talked-about events, with this year's school holiday driving even stronger visitor traffic and spending activity. While the bustling atmosphere reflects resilient consumer demand, our analyst believes the market is entering a phase where not all consumer companies will benefit equally, making stock selection increasingly important. 
 

Although consumer spending is expected to remain on an upward trend, our analyst believes the quality of growth is gradually weakening as consumers become increasingly value-conscious and shift toward more affordable products. At the same time, a weaker Rupiah is expected to raise imported raw material costs and put additional pressure on margins, while companies have limited room to pass higher costs on to consumers.
 

Reflecting this more cautious outlook, our analyst has revised FY26–27 earnings forecasts downward by around 10–15%, accompanied by lower target prices for most companies under coverage.
 

Despite the more conservative sector view, our analyst continues to favour companies with strong brands, pricing power, and resilient earnings. CMRY and MYOR remain our top picks, supported by stronger earnings visibility and more defensive business fundamentals.