Everyone in Indonesia has had that classic moment of saying “Can you grab me a Tolak Angin?” whether it’s before catching a cold, getting drenched in the rain, or staying up too late. That little yellow sachet that lives in everyone’s bag and medicine drawer is once again SIDO’s growth engine this year. Tolak Angin and the rest of the herbal line continued to power through in 9M25, boosted by the hot humid weather that tends to lift supplement demand. As a result, SIDO delivered a solid 3Q25 with sales growing, margins improving, and performance landing right in line with management and consensus expectations.

What makes the SIDO story even more interesting is how margins are getting thicker. Raw material costs eased, while the F&B segment stayed steady, helped by stronger energy drink and kids milk sales. Exports are also on fire with 28 percent YoY growth, and now contribute 10 percent of total revenue. With SKU expansion and a focus on markets that are responding well, SIDO looks well positioned to drive even stronger organic growth going forward.
 

With momentum staying clean, herbal demand holding firm, and potential government stimulus supporting health related spending, SIDO keeps a solid earnings outlook for 2025 and 2026. Add in its 72 percent market share leadership and branding that’s practically top of mind across the country, and the stock sits comfortably as a defensive name with clear upside potential.

Given the combination of steady herbal demand, smoother margins, and export growth that’s accelerating fast, SIDO is shaping up to be one of the most dependable momentum names in the staples space. It’s the kind of stock that doesn’t bring drama but delivers quarter after quarter. For investors looking for consistency with room for a mid term re rating, SIDO stands out as a solid name to hold.