Indonesia Equity Strategy - How do stocks fare on potential 2026F TSR?
JT GHFollowing our previous research on TSR, in this report we analyze...
EQUITY STRATEGY Indonesia Equity Strategy Jupriadi Tan Gerald Hugo
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Indonesia Equity Strategy - Lower interest rates – who benefits?
JT GHInterest rates have been trending lower over the past few years,
EQUITY STRATEGY Indonesia Equity Strategy Jupriadi Tan Gerald Hugo
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Bank Mandiri (BMRI IJ) (Buy) - Bank Syariah Indonesia’s deconsolidation
EWCurrently the government of Indonesia holds one golden share of Bank Syariah Indonesia...
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Telekomunikasi Indonesia Persero (TLKM IJ) (Buy) - Elevated payout can be afforded
EWWe recently had a discussion with Telkom management. Among the key...
TELECOMS Telekomunikasi Indonesia Persero TLKM TLKM JK TLKM IJ Erwin Wijaya
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AKR Corporindo (AKRA IJ) (Buy) - Earnings quadrupled yet share price lagged
JT DT GHWe estimate AKRA’s 2025F earnings will expand structurally from...
POWER AND UTILITIES AKR Corporindo AKRA AKRA JK AKRA IJ Jupriadi Tan David Tjahjadi Gerald Hugo
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Bank Central Asia (BBCA IJ) (Buy) - Resilient YTD Oct-2025 results
EWBBCA has released its bank-only Oct-2025 results. Overall,...
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Indonesia Telecom - Path to (better) profitability
EWWe believe that market repair efforts have been...
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XLSMART Telecom (EXCL IJ) (Neutral) - Laying groundwork
EWXLSmart’s recently released 9M25 earnings have shown large losses...
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Astra Otoparts (AUTO IJ) (Buy) - Jack of all trades
JT DT GHWe revise up AUTO’s earnings by 7%/10%/8% for FY25F/Fy6F27F.
AUTOS AND AUTO PARTS Astra Otoparts AUTO AUTO JK AUTO IJ Jupriadi Tan David Tjahjadi Gerald Hugo
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XLSMART Telecom (EXCL IJ) (Buy) - 9M25 results still pending merger synergies
EWXLSmart’s 9M25 results came below our projections. However,
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Aneka Tambang (ANTM IJ) (Buy) - Strong nickel ore biz; on track to meet consensus EPS
MWDespite the decline in gold and nickel ore volumes, ANTM’s overall...
METALS AND MINING Aneka Tambang ANTM JK ANTM IJ Michael Wildon
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Daya Intiguna Yasa (MDIY IJ) (Buy) - Unlocking the archipelago
JW SH NY SCOur analysis suggests that only a few retailers have...
RETAIL Daya Intiguna Yasa MDIY MDIY JK MDIY IJ Jody Wijaya Sandy Ham Nayla Yasmin Samuel Christian
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Adi Sarana Armada (ASSA IJ) (Buy) - Heading into a growth phase
JT DT GHWe increase our 2025/26F earnings estimates by...
TRANSPORT AND LOGISTICS Adi Sarana Armada ASSA ASSA JK ASSA IJ Jupriadi Tan David Tjahjadi Gerald Hugo
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Sumber Alfaria Trijaya (AMRT IJ) (Buy) - Downtrading wave strengthens
JW SH NY SCIndonesia’s mini-market y-y sales growth came in...
CONSUMER RELATED Sumber Alfaria Trijaya AMRT AMRT JK AMRT IJ Jody Wijaya Sandy Ham Nayla Yasmin Samuel Christian
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Property & Building Materials - 3Q25 results recap: mixed performance
GH FJWe review 3Q25 results across our coverage in the property, industrial estate...
PROPERTY Property And Building Materials Gerald Hugo Felix Justin