XLSmart’s 9M25 results came below our projections. However,

TELECOMS XLSMART Telecom EXCL EXCL JK EXCL IJ Erwin Wijaya

Despite the decline in gold and nickel ore volumes, ANTM’s overall...

METALS AND MINING Aneka Tambang ANTM JK ANTM IJ Michael Wildon

Our 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

We increase our 2025/26F earnings estimates by...

TRANSPORT AND LOGISTICS Adi Sarana Armada ASSA ASSA JK ASSA IJ Jupriadi Tan David Tjahjadi Gerald Hugo

Indonesia’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

We review 3Q25 results across our coverage in the property, industrial estate...

PROPERTY Property And Building Materials Gerald Hugo Felix Justin

NCKL’s 3Q25 revenue and earnings came in...

METALS AND MINING Trimegah Bangun Persada NCKL NCKL JK NCKL IJ Michael Wildon

Indonesia’s major banks (BBCA IJ, BRIS IJ, BMRI IJ, BBNI IJ and BBRI IJ...

BANKS Indonesia Banks Erwin Wijaya

In our 3Q25F earnings preview of 13 October...

RETAIL Indonesia Retailers Jody Wijaya Sandy Ham Nayla Yasmin Samuel Christian

Indonesia’s ceramic industry is showing...

CONSTRUCTION MATERIALS Arwana Citramulia ARNA ARNA JK ARNA IJ Gerald Hugo Felix Justin Michael Wildon

INCO booked a positive earnings momentum in 3Q25...

METALS AND MINING Vale Indonesia INCO INCO JK INCO IJ Michael Wildon Ng

Indonesia’s tower companies – TOWR IJ, MTEL IJ and TBIG IJ...

TELECOMS Indonesia Tower Erwin Wijaya

Overall sales showed a better growth trajectory...

CONSUMER RELATED Indonesia FMCG Sandy Ham Samuel Christian Jody Wijaya

Amid persistent weak consumption, we view...

CHEMICALS Avia Avian AVIA AVIA JK AVIA IJ Gerald Hugo Felix Justin Jupriadi Tan

TLKM released its 9M25 results, with headline...

TELECOMS Telekomunikasi Indonesia Persero TLKM TLKM JK TLKM IJ Erwin Wijaya