Based on our conversations with investors, many are concerned about the overall Indonesia consumer demand outl

RETAIL Jody Wijaya Sandy Ham Samuel Christian

BBNI is off to a fine start in 2025. In this note, we look into its bank-only Jan-25 results

BANKS BBNI BBNI JK BBNI IJ Erwin Wijaya

CMRY booked a +25% NPAT CAGR over the 2021-2024 period,

GENERAL CONSUMER Sandy Ham Jody Wijaya Samuel Christian

We believe the middle-income class continues to prefer value-for-money FMCG products,

CONSUMER RELATED Sandy Ham Jody Wijaya Samuel Christian

BBRI kicked off 2025 with soft bank-only results.

BANKS BBRI BBRI JK BBRI IJ Erwin Wijaya

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

AUTOS AND AUTO PARTS Jupriadi Tan David Tjahjadi Gerald Hugo

The government introduced the new HPM (index for metals) and HPB (index for coal)

COAL Michael Wildon Edward Prima

We believe the government’s commitment to alleviate

FOOD AND BEVERAGE ICBP ICBP JK ICBP IJ Sandy Ham Jody Wijaya Samuel Christian

Bank CIMB (BNGA) has a notable position in Indonesia’s SME and consumer businesses,

BANKS BNGA BNGA JK BNGA IJ Erwin Wijaya

BRIS is off to a solid start in 2025. The bank delivered strong Jan-25 results,

BANKS BRIS BRIS JK BRIS IJ Erwin WIjaya

BMRI started 2025 with satisfactory bank-only Jan-25 results—

BANKS BMRI BMRI JK BMRI IJ Erwin Wijaya

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

The JCI has declined by 11% over the past three months, owing to market concerns about consumers’ weak purchas

EQUITY STRATEGY Jupriadi Tan Gerald Hugo

ARNA delivered 4Q24 revenue of IDR710bn (+1.4% q-q, +17.3% y-y), bringing FY24 revenue to IDR2.63tn (+8% y-y).

CONSTRUCTION MATERIALS ARNA ARNA JK ARNA IJ Michael Wildon Ng Edward Prima

ANTM's 4Q operational results indicate a strong FY24 earnings outlook, with projected earnings of >IDR3tn,

METALS AND MINING ANTM ANTM JK ANTM IJ Michael Wildon Ng Edward Prima