In this note, we look at 1H24 results from major Indonesia telecom towercos, which have shown positive upward

Telco Telecoms Nicholas Santoso Erwin Wijaya

MDKA recorded 2Q24 earnings of USD3mn, below our/consensus estimates.

Basic Materials MDKA JK MDKA IJ Michael Wildon Ng Edward Prima

Major Indonesia banks (BBCA/BMRI/BBRI/BBNI) have published their bank-only Aug-24 results,

Banks Nicholas Santoso Erwin Wijaya

We continue to like the six FMCG stocks (out of 12 under our coverage) in the order of

Food Beverage Sandy Ham Jody Wijaya Samuel Christian

In this note, we assess the growth trend of the used car market and its correlation with new car prices in Ind

Autos Auto Parts Jupriadi Tan Gerald Hugo

AMRT has consistently outperformed its FMCG peers in terms of sales growth over the past decade

Consumer AMRT JK AMRT IJ Jody Wijaya Sandy Ham Samuel Christian

BRIS has released its YTD Aug-24 results, which came in largely inline with our projections.

Banks BRIS JK BRIS IJ Nicholas Santoso Erwin Wijaya

BBNI has released its bank-only YTD Aug-24 results, which suggest limited operating improvements for the bank.

Banks BBNI JK BBNI IJ Nicholas Santoso Erwin Wijaya

ICBP’s share price has performed well in the past three months (3M: +23% vs JCI 12.5%),

Food and Beverage ICBP JK ICBP IJ Sandy Ham Jody Wijaya

On a YTD basis, BBRI’s share price has underperformed its peers (BMRI / BBCA / BBNI / BRIS – all Buys)

Banks BBRI JK BBRI IJ Nicholas Santoso Erwin Wijaya

BBCA has released its bank-only Aug-24 results. Monthly earnings of IDR4.6tn (-6% m-m / +22% y-y)

Banks BBCA JK BBCA IJ Nicholas Santoso Erwin Wijaya

BBRI has released its bank-only Aug-24 results which suggests potential for the bank

Banks BBRI JK BBRI IJ Nicholas Santoso Erwin Wijaya

Following on our recent note on the banking sector (Indonesia Banks) in

Banks Nicholas Santoso Erwin Wijaya

Our analysis of FMCG and retail sales data of companies we track across Indonesia suggests that Sulawesi,

General Consumer Sandy Ham Jody Wijaya Samuel Christian

BBNI’s YTD Jul-24 results suggest minor operating improvement for the bank.

Banks BBNI JK BBNI IJ Nicholas Santoso Erwin Wijaya