Conglomerates play a crucial role in nation-building. In this report, we analyze the businesses, profitability

Conglomerates Jupriadi Tan David Tjahjadi Gerald Hugo

We reduce FY24F/25F/26F earnings estimates by 20%/12%/5.1% as JIIPE (Java Integrated Industrial and Port Estat

POWER UTILITIES AKRA AKRA JK AKRA IJ Jupriadi Tan David Tjahjadi Gerald Hugo

We cut our FY24F/25F/26F earnings estimates for DRMA by 6.5%/9.0%/9.3% on likely subdued 4W wholesales in 2024

AUTOS AUTO PARTS DRMA DRMA JK DRMA IJ Jupriadi Tan David Tjahjadi Gerald Hugo

We believe Indonesia’s logistics market is a potentially lucrative segment that is still underpenetrated.

Transport Logistics FMCG Jupriadi Tan David Tjahjadi Gerald Hugo