XLSMART Telecom (EXCL IJ) (Neutral) - Soft FY25 results
EWXLSmart’s (EXCL) FY25 results came in below our expectations...
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Indonesia consumer - Strong start for FMCG
SH JW SC NYOur industry survey encompassing 15 large FMCG...
CONSUMER RELATED Indonesia consumer Sandy Ham Jody Wijaya Samuel Christian Nayla Yasmin
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Merdeka Gold Resources (EMAS IJ) (Buy) - Accelerated expansion boosts earnings trajectory
MW NMThe construction of EMAS’ heap-leach operation...
METALS AND MINING Merdeka Gold Resources EMAS EMAS JK EMAS IJ Michael Wildon Ng Nizam M Syafik
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Bank Mandiri (BMRI IJ) (Buy) - Upward earnings revisions; maintain TP of IDR6,000
EWFollowing strong FY25 results from Bank Mandiri (BMRI), we revise...
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Indosat (ISAT IJ) (Buy) - Earnings update; TP remains IDR3,300
EWFollowing Indosat’s (ISAT) strong FY25 results, we revise...
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Indosat (ISAT IJ) (Buy) - FY25 results – Better than expected
EWISAT’s FY25 results came in ahead of Bloomberg...
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Bank Syariah Indonesia (BRIS IJ) (Buy) - Solid FY25 results
EWBRIS has continued to deliver strong performance...
BANKS Bank Syariah Indonesia BBRI BRIS JK BRIS IJ Erwin Wijaya
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Bank Mandiri (BMRI IJ) (Buy) - Better than expected FY25 results
EWBMRI delivered FY25 results broadly...
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Bank Negara Indonesia (BBNI IJ) (Buy) - FY25 results in line
EWBBNI delivered FY25 results broadly in line with...
BANKS Bank Negara Indonesia BBNI BBNI JK BBNI IJ Erwin Wijaya
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Indonesia Coal - Attractive risk-reward
MW NSAs of late January 2026, Newcastle coal price...
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Indonesia Banks - Sector outlook – 4Q25F bottoming-out profits
EWIndonesia’s major state-owned-enterprise (SOE) banks will...
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Telekomunikasi Indonesia Persero (TLKM IJ) (Buy) - Cushion with growth and elevated dividend
EWWe reiterate our Buy recommendation on...
TELECOMS Telekomunikasi Indonesia Persero TLKM TLKM JK TLKM IJ Erwin Wijaya
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Anchor Report: Indonesia Consumer - Fight for relevance
SH JW SC NYWe believe consumer sector is the least regulated...
CONSUMER RELATED Indonesia Consumer Sandy Ham Jody Wijaya Samuel Christian Nayla Yasmin
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Indonesia equity strategy - Back to Basics TSR Lens
JT GHThe recent MSCI-related volatility, which saw...
EQUITY STRATEGY Indonesia Equity Strategy Jupriadi Tan Gerald Hugo
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Bank Central Asia (BBCA IJ) (Buy) - Quality over hype
EWThe recent MSCI announcement triggered broad-based selling...