The government’s draft 2026 budget sets interest rate subsidies for program loans...

BANKS Indonesia Banks Erwin Wijaya

In Feb-25, we wrote about what it would take to improve sustainability in the cellular space...

TELECOMS Indonesia Telecoms Erwin Wijaya

We expect a jump in terms of the number of kitchens (SPPG) opening in Aug-25...

CONSUMER RELATED Indonesia Consumer Sandy Ham Samuel Christian Jody Wijaya

We hosted Verdhana Connect – Indonesia Macro and Banks Day on 13-14 August 2025,...

EQUITY STRATEGY Indonesia Equity Strategy Jupriadi Tan Gerald Hugo Erwin Wijaya

We look at recent trends in Bank Indonesia Rupiah Securities’ (SRBI) declining yields...

BANKS Indonesia Banks Erwin Wijaya

In this report, we dissect Astra’s (ASII IJ, Buy) holdings (specifically the top 9 companies under it)...

AUTOS AUTO PARTS Astra International ASII ASII JK ASII IJ Jupriadi Tan David Tjahjadi Gerald Hugo

MAPA recorded its slowest 1H y-y sales growth on record, with 1H25...

RETAIL Map Aktif Adiperkasa MAPA MAPA JK MAPA IJ Jody Wijaya Sandy Ham Samuel Christian

MEDC posted 2Q25 revenue of USD554mn (-1% q-q, -5% y-y), with...

OIL AND GAS CHEMICALS ASIA Medco Energi Internasional MEDC MEDC JK MEDC IJ Michael Wildon Ng

Following the Lawson (unlisted) divestment in mid-May 2025, MIDI no longer...

RETAIL Midi Utama Indonesia MIDI MIDI JK MIDI IJ Jody Wijaya Sandy Ham Samuel Christian

Alfamart's SSSG in 2Q25 declined by 3% y-y, marking the first negative quarterly...

CONSUMER RELATED Sumber Alfaria Trijaya AMRT AMRT JK AMRT IJ Jody Wijaya Sandy Ham Samuel Christian

MYOR has consistently innovated to expand its market share domestically and abroad...

CONSUMER RELATED Mayora Indah MYOR MYOR JK MYOR IJ Sandy Ham Samuel Christian Jody Wijaya

Post 1H25 results, we have reduced our consolidated profit projections on TLKM by...

TELECOMS Telekomunikasi Indonesia Persero TLKM TLKM JK TLKM IJ Erwin Wijaya

Post ISAT's 1H25 results, which included profit that accounted for ~44% of our FY25F forecast...

TELECOMS Indosat ISAT ISAT JK ISAT IJ Erwin Wijaya

We take a deeper dive into the government’s recently approved ministerial...

BANKS Indonesia Banks Erwin Wijaya

We have been observing that middle-income-class consumers largely continue...

CONSUMER RELATED Sandy Ham Samuel Christian Jody Wijaya