The Indonesia banking sector is likely to continue to face liquidity issues in 2025F,

BANKS PNBN PNBN JK PNBN IJ Erwin Wijaya

Our analysis suggests that local investors continue to seek shelter in liquid names.

EQUITY STRATEGY David Tjahjadi Nicholas Goei Jupriadi Tan Gerald Hugo

We like INCO for its vast nickel resources and extensive concession areas

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

We track stock ownership and fund flows in the Indonesia Flow Radar

EQUITY STRATEGY David Tjahjadi Nicholas Goei Jupriadi Tan Gerald Hugo

ULTJ recorded high A&P-to-sales ratios of 9.2%/15.9%

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

Major Indonesia banks (BBCA/BMRI/BBRI/BBNI/BRIS) have published their bank-only Jan-25 results,

BANKS Erwin Wijaya

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