CLEO booked strong 4Q24 sales growth of 23% y-y,

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

We are turning positive on the Indonesian equity market.

EQUITY STRATEGY Jupriadi Tan Gerald Hugo David Tjahjadi Felix Justin

MIDI’s top line expanded by 15% y-y, driven by strong performance ex-Java (+23% y-y).

RETAIL MIDI MIDI JK MIDI IJ Jody Wijaya Sandy Ham Samuel Christian

AMRT’s sales growth in 2024 remained solid at +10% y-y,

CONSUMER RELATED AMRT AMRT JK AMRT IJ Jody Wijaya Sandy Ham Samuel Christian

Over the past year, major Indonesian banking stocks have faced selling pressure owing to several factors.

BANKS Erwin Wijaya

BBRI released its bank-only Feb-25 results.

BANKS BBRI BBRI JK BBRI IJ Erwin Wijaya

We estimate KLBF to record a sales CAGR of +7.5% (2018-2024F),

GENERAL CONSUMER KLBF KLBF JK KLBF IJ Sandy Ham Jody Wijaya Samuel Christian

In this Flow Radar, funds edition, we assess the cash positions and top 10 holdings of funds in January and Fe

EQUITY STRATEGY David Tjahjadi Nicholas Goei Jupriadi Tan Gerald Hugo

BBCA just released its bank-only Feb-25 results. Given that February is shorter than other months,

BANKS BBCA BBCA JK BBCA IJ Erwin Wijaya

We write this report to respond to investors’ concerns about Chinese FMCG companies competing in Indonesia.

FOOD AND BEVERAGE Sandy Ham Jody Wijaya Samuel Christian

For decades, East Asian popular culture, including K-pop, K-dramas, and anime, has thrived domestically.

GENERAL CONSUMER Jody Wijaya Sandy Ham Samuel Christian

The Indonesian government recently announced a proposal to revamp the royalty schemes for natural resources.

METALS AND MINING Michael Wildon Ng Edward Prima

4W sales rebounded in February 2025, driven by IIMS (Indonesia International Motor Show) expo;

AUTOS AND AUTO PARTS Jupriadi Tan David Tjahjadi Gerald Hug

Across major telcos, we anticipate growing efforts to foster a healthier market environment.

TELECOMS Erwin Wijaya

EXCL and FREN (FREN IJ, Not rated) had in 2024 officially announced a definitive agreement for a proposed merg

TELECOMS EXCL EXCL JK EXCL IJ Erwin Wijaya