Indonesia Equity Strategy - MoF Purbaya Policy Statements and VSI Take
JT GH DT FJIn the months since his appointment, Minister Purbaya has...
EQUITY STRATEGY Indonesia Equity Strategy Jupriadi Tan Gerald Hugo David Tjahjadi Felix Justin
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Metrodata Electronic (MTDL IJ) (Buy) - Structural tailwinds from IT sector growth
JT DT GHOver the past decade, Metrodata Electronic’s (MTDL)...
SOFTWARE AND SERVICES Metrodata Electronic MTDL MTDL JK MTDL IJ Jupriadi Tan David Tjahjadi Gerald Hugo
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Indonesia Equity Strategy - 2Q25 corporate health check
JT GH DT FJWe have compiled data from 260 companies in the JCI...
EQUITY STRATEGY Indonesia Equity Strategy Jupriadi Tan Gerald Hugo David Tjahjadi Felix Justin
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Indonesia Autos - Asset quality and sales correlation
JT DT GHIn this note, we assess the preconditions for a four-wheeler (4W) sales recovery to...
AUTOS AUTO PARTS Indonesia Auto Jupriadi Tan David Tjahjadi Gerald Hugo
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Saratoga Investama Sedaya (SRTG IJ) (Buy) - Persistent discount despite strong fundamentals
JT DT GHSRTG continues to trade at a steep discount to NAV of ~55%, near its...
CONGLOMERATES Saratoga Investama Sedaya SRTG SRTG JK SRTG IJ Jupriadi Tan David Tjahjadi Gerald Hugo
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Astra International (ASII IJ) (Buy) - Unpacking Astra’s assets
JT DT GHIn this report, we dissect Astra’s (ASII IJ, Buy) holdings (specifically the top 9 companies under it)...
AUTOS AUTO PARTS Astra International ASII ASII JK ASII IJ Jupriadi Tan David Tjahjadi Gerald Hugo
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Metrodata Electronic (MTDL IJ) (Buy) - Another strong and consistent result
JT DT GHMTDL delivered another strong and consistent set of results for 1H25...
SOFTWARE AND SERVICES MTDL MTDL JK MTDL IJ Jupriadi Tan David Tjahjadi Gerald Hugo
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Adi Sarana Armada (ASSA IJ) (Buy) - Logistic boosts business
JT DT GHWe estimate ASSA will book 1H25F NPAT of IDR190bn (+48% y-y)...
TRANSPORT LOGISTICS ASSA ASSA JK ASSA ID Jupriadi Tan David Tjahjadi Gerald Hugo
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Indonesia Equity Strategy - Evaluating stocks through a TSR framework
JT GH DT FJThis report introduces Total Shareholder Return (TSR)...
EQUITY STRATEGY Indonesia Equity Strategy Jupriadi Tan Gerald Hugo David Tjahjadi Felix Justin
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Indonesia Autos - 1H25F preview – Neutral to negative outlook
JT DT GHWe expect the listed autos companies under our coverage to post...
AUTOS AND AUTO PARTS Indonesia Autos Jupriadi Tan David Tjahjadi Gerald Hugo
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Saratoga Investama Sedaya (SRTG IJ) (Buy) - Disproportionately inexpensive
JT DT GHSaratoga Investama Sedaya (SRTG) trades at a steep 56% discount to NAV...
CONGLOMERATES SRTG SRTG JK SRTG IJ Jupriadi Tan David Tjahjadi Gerald Hugo
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Astra Otoparts (AUTO IJ) (Buy) - Spare parts trading powerhouse
JT DT GHWe view AUTO primarily as a trading business...
AUTOS AUTO PARTS AUTO AUTO JK AUTO IJ Jupriadi Tan David Tjahjadi Gerald Hugo
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Indonesia Equity Strategy - Yield spread compression
JT GH FJ DTWe believe that the recovery in the Indonesia equity market may still...
EQUITY STRATEGY Jupriadi Tan Gerald Hugo Felix Justin David Tjahjadi
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Astra International (ASII IJ) (Buy) - Dividend stock
JT DT GHWe cut Astra’s earnings for 2025F/2026F by 7%/5% and introduce 2027F earnings...
AUTOS AND AUTO PARTS ASII ASII JK ASII IJ Jupriadi Tan David Tjahjadi Gerald Hugo
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Indonesia Autos - Autos value chain: winners and laggards based on 1Q results
JT DT GHwe examine the 1Q25 results and do a deep dive into the automotive...
AUTOS AND AUTO PARTS Jupriadi Tan David Tjahjadi Gerald Hugo