AKRA’s logistics and estate moat remains robust,

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

Indonesia's auto sector recorded overall in-line results for FY24,

AUTOS AND AUTO PARTS Jupriadi Tan David Tjahjadi Gerald Hugo

4W sales rebounded in February 2025, driven by IIMS (Indonesia International Motor Show) expo;

AUTOS AND AUTO PARTS Jupriadi Tan David Tjahjadi Gerald Hug

ASII booked relatively in-line results, with FY24F top line growing by 4.5%

AUTOS AND AUTO PARTS Jupriadi Tan David Tjahjadi Gerald Hugo

We analyze Astra’s investments over the past seven years – which have largely been unfruitful,

AUTOS AND AUTO PARTS ASII ASII JK ASII IJ Jupriadi Tan David Tjahjadi Gerald Hugo

We initiate coverage of Metrodata Electronics (MTDL) and Mastersystem Infotama (MSTI) with Buy ratings,

TECHNOLOGY Jupriadi Tan David Tjahjadi Gerald Hugo

AKRA’s share price has declined by -19% over the past three months,

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

Our proprietary Verdhana Macro-Micro Index (VMMI, see previous reports here and here)

Equity Strategy Jupriadi Tan Gerald Hugo David Tjahjadi

We maintain a neutral outlook for the auto sector. FY24 sales reached the lowest level since 2011

Autos Auto Parts Jupriadi Tan David Tjahjadi Gerald Hugo

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