BBTN reported 4Q24 net profit (NP) of IDR925bn (+59% q-q; -22% y-y).

BANKS BBTN BBTN JK BBTN IJ Erwin Wijaya

We anticipate limited upside surprises in the retailers’ 4Q24F results,

RETAIL Jody Wijaya Sandy Ham Samuel Christian

We believe competitive pricing and strong branding remain the best catalysts to succeed in the Indonesia FMCG

FOOD And BEVERAGE Sandy Ham Jody Wijaya Samuel Christian

ISAT released expected 4Q24 results, with headline profit of IDR1.0tn (-10% q-q).

TELECOMS ISAT ISAT JK ISAT IJ Erwin Wijaya

Post FY24 results, we revise our FY25-26F earnings estimates.

Banks BMRI BMRI JK BMRI IJ Erwin Wijaya

Indonesia Flow Radar is a report series in which we track stock ownership

Equity Strategy Nicholas Goei David Tjahjadi Jupriadi Tan Gerald Hugo

CMRY has largely covered modern trade (MT) stores in Indonesia,

General Consumer CMRY CMRY JK CMRY IJ Sandy Ham Jody Wijaya Samuel Christian

BRIS continued to deliver solid 4Q24 results with headline profit of IDR1.9tr (+11% q-q / +26% y-y),

Banks BRIS BRIS JK BRIS IJ Erwin Wijaya

XL released its FY24 results which showed punchy performance.

Telecoms EXCL EXCL JK EXCL IJ Erwin Wijaya

BMRI has released its FY24 results with headline consolidated profit at IDR55.8tn (+1.3% y-y).

Banks BMRI BMRI JK BMRI IJ Erwin Wijaya

We estimate KLBF booked 7-8% y-y sales growth in 4Q24F, driven by its pharma and consumer health divisions.

General Consumer KLBF KLBF JK KLBF IJ Sandy Ham Jody Wijaya Samuel Christian

Post FY24 results, we revise FY25F-26F earnings estimates. We also add a new forecast year FY27F.

Banks BBNI BBNI JK BBNI IJ Erwin Wijaya

Based on the latest SRBI issuances (dated 31 Jan 2025), we see some improvements in liquidity

Banks Erwin Wijaya

We have updated our earnings projections for BBCA for FY25-26F

Banks BBCA BBCA JK BBCA IJ Erwin Wijaya

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

Equity Strategy Jupriadi Tan Gerald Hugo David Tjahjadi