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 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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Dharma Polimetal (DRMA IJ) (Buy) - Resilient despite weak autos market
JT DT GHIn our view, DRMA has been able to grow...
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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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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
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AKR Corporindo (AKRA IJ) (Buy) - Core business-driven results
JT DT GHAKRA posted resilient 1Q25 NPAT of IDR565bn...
POWER AND UTILITIES AKRA AKRA JK AKRA IJ Jupriadi Tan David Tjahjadi Gerald Hugo
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Indonesia Auto - Record EV penetration due to Denza
JT DT GHIndonesia’s EV market reached a record high...
AUTOS AND AUTO PARTS Jupriadi Tan David Tjahjadi Gerald Hugo
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Metrodata Electronic (MTDL IJ) (Buy) - Consistent compounder with solid FY24 delivery
JT DT GHMTDL posted 14% yoy growth in both revenue...
SOFTWARE AND SERVICES MTDL MTDL JK MTDL IJ Jupriadi Tan David Tjahjadi Gerald Hugo
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AKR Corporindo (AKRA IJ) (Buy) - Resilient logistics and JIIPE support earnings
JT DT GHAKRA’s logistics and estate moat remains robust,
POWER AND UTILITIES AKRA AKRA JK AKRA IJ Jupriadi Tan David Tjahjadi Gerald Hugo