we assess the profitability-adjusted valuation of large cap companies in Indonesia

EQUITY STRATEGY Jupriadi Tan Gerald Hugo David Tjahjadi Felix Justin

BMRI has released its bank-only Feb-25 results.

BANKS BMRI BMRI JK BMRI IJ Erwin Wijaya

We expect liquidity in the Indonesia banking sector to remain tight

BANKS BTPN BTPN JK BTPN IJ Erwin WIjaya

BBNI released its bank-only Feb-25 results.

BANKS BBNI BBNI JK BBNI IJ Erwin Wijaya

The company recorded +4% y-y Indonesia sales growth in 4Q24,

FOOD AND BEVERAGE ICBP ICBPJK ICBP IJ Sandy Ham Jody Wijaya Samuel Christian

CLEO booked strong 4Q24 sales growth of 23% y-y,

FOOD AND BEVERAGE CLEO CLEO JK CLEO IJ Sandy Ham Jody Wijaya Samuel Christian

We are turning positive on the Indonesian equity market.

EQUITY STRATEGY Jupriadi Tan Gerald Hugo David Tjahjadi Felix Justin

MIDI’s top line expanded by 15% y-y, driven by strong performance ex-Java (+23% y-y).

RETAIL MIDI MIDI JK MIDI IJ Jody Wijaya Sandy Ham Samuel Christian

AMRT’s sales growth in 2024 remained solid at +10% y-y,

CONSUMER RELATED AMRT AMRT JK AMRT IJ Jody Wijaya Sandy Ham Samuel Christian

Over the past year, major Indonesian banking stocks have faced selling pressure owing to several factors.

BANKS Erwin Wijaya

BBRI released its bank-only Feb-25 results.

BANKS BBRI BBRI JK BBRI IJ Erwin Wijaya

We estimate KLBF to record a sales CAGR of +7.5% (2018-2024F),

GENERAL CONSUMER KLBF KLBF JK KLBF IJ Sandy Ham Jody Wijaya Samuel Christian

In this Flow Radar, funds edition, we assess the cash positions and top 10 holdings of funds in January and Fe

EQUITY STRATEGY David Tjahjadi Nicholas Goei Jupriadi Tan Gerald Hugo

BBCA just released its bank-only Feb-25 results. Given that February is shorter than other months,

BANKS BBCA BBCA JK BBCA IJ Erwin Wijaya

We write this report to respond to investors’ concerns about Chinese FMCG companies competing in Indonesia.

FOOD AND BEVERAGE Sandy Ham Jody Wijaya Samuel Christian