In this Nusantara (previous one on e-bike here), we provide our findings from our on-the-ground survey

Equity Strategy Jupriadi Tan Gerald Hugo

GJAW 2024, as the third automotive expo this year, underscored the changing dynamics of Indonesia’s automotive

Autos Auto Parts Jupriadi Tan Gerald Hugo

In line with insights from our Anchor Report on purchasing power,

Equity Strategy Jupriadi Tan Gerald Hugo

The wholesales of 4W market in 10M24 remained weak, with sales volume down 15% yoy to 710k units.

Autos Autos Parts Jupriadi Tan Gerald Hugo

The plan to revise the minimum wage formula (news) presents an opportunity to enhance purchasing power, which

Equity Strategy Jupriadi Tan Gerald Hugo

Indonesia’s automotive and transport sector has reported relatively strong results for 9M24 despite weak 4W s

Autos Auto Parts Jupriadi Tan Gerald Hugo

ASII reported 3Q24 results, with revenue at IDR86tn (+10% y-y) and NPAT of IDR10tn (+21% y-y),

Autos Auto Parts ASII ASII JK ASII IJ Jupriadi Tan Gerald Hugo

AKRA delivered weak 9M24 result as expected, due to the weak trading business as

Power Utilities Jupriadi Tan Gerald Hugo

We introduce the Nusantara Series, an in-depth market research that leverages our surveys and channel checks a

Autos Auto Parts Jupriadi Tan Gerald Hugo

Indonesia's 9M24 4W sales reached IDR232tn (-12% y-y), with 633k units sold (-16% y-y) at an ASP of IDR368mn (

Autos Auto Parts Jupriadi Tan Gerald Hugo

We trim our 2024F/2025F earnings estimates for AKRA by 7.2%/3.4% due to unfavorable general market conditions

Power and Utilities AKRA JK AKRA IJ Jupriadi Tan Gerald Hugo

Car sales in Indonesia have been sluggish — the latest sales (6MMA) at 70k vs pre-COVID normalized period of 8

Autos Auto Parts Jupriadi Tan Gerald Hugo

We maintain our Buy rating on Saratoga Investama Sedaya (SRTG), with a target price of IDR3,000.

Conglomerates SRTG JK SRTG IJ Jupriadi Tan Gerald Hugo

In this note, we assess the growth trend of the used car market and its correlation with new car prices in Ind

Autos Auto Parts Jupriadi Tan Gerald Hugo

Jasa Marga (JSMR) is a state-owned enterprise (SOE) holding company involved in the toll road business

Infra Engineering Construction JSMR JK JSMR IJ Jupriadi Tan Gerald Hugo