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

BBCA released its FY24 results with headline profit at IDR54.8tn (+13% y-y),

Banks BBCA BBCA JK BBCA IJ Erwin Wijaya

BBNI released its FY24 results with a net profit of IDR21.5tn (+3% y-y),

Banks BBNI BBNI JK BBNI IJ Erwin Wijaya

In our opinion, the last three SRBI (Sekuritas Rupiah Bank Indonesia) issuances this year,

Banks Erwin Wijaya

We maintain a neutral outlook for the auto sector. FY24 sales reached the lowest level since 2011

Autos Auto Parts Jupriadi Tan David Tjahjadi Gerald Hugo

Bank Indonesia has made a surprise 25bp benchmark rate cut to 5.75%.

Banks Erwin Wijaya

Overall, the bank sees improvements in its micro segment,

Banks BBRI BBRI JK BBRI IJ Erwin Wijaya

In this Nusantara (previous one on e-bike here), we provide our findings from our on-the-ground survey

Equity Strategy Jupriadi Tan Gerald Hugo

According to BBRI, the government has finalized the KUR (People’s Business Credit) disbursement target of IDR3

Banks BBRI BBRI JK BBRI IJ Nicholas Santoso Erwin Wijaya

Conglomerates play a crucial role in nation-building. In this report, we analyze the businesses, profitability

Conglomerates Jupriadi Tan David Tjahjadi Gerald Hugo

Going into 2025, our view on the Indonesia banking sector remains largely intact

Banks Nicholas Santoso Erwin Wijaya

In this note, we take a closer look at the asset quality trends of major Indonesia banks and BRIS (Bank Syaria

Banks Nicholas Santoso Erwin Wijaya

We reduce FY24F/25F/26F earnings estimates by 20%/12%/5.1% as JIIPE (Java Integrated Industrial and Port Estat

POWER UTILITIES AKRA AKRA JK AKRA IJ Jupriadi Tan David Tjahjadi Gerald Hugo

We cut our FY24F/25F/26F earnings estimates for DRMA by 6.5%/9.0%/9.3% on likely subdued 4W wholesales in 2024

AUTOS AUTO PARTS DRMA DRMA JK DRMA IJ Jupriadi Tan David Tjahjadi Gerald Hugo