Below, we present two charts (Fig. 1 and Fig. 2) depicting the loan-to-CASA and loan-to-saving trends across I

Banks Nicholas Santoso Erwin Wijaya

We trim our 2024F/2025F earnings estimates for AKRA by 7.2%/3.4% due to unfavorable general market conditions

Power and Utilities AKRA JK AKRA IJ Jupriadi Tan Gerald Hugo

We believe Mayora’s 3Q24F GPM will likely be lower than market expectation due to the full impact of higher co

Consumer Related MYOR JK MYOR IJ Sandy Ham Jody Wijaya Samuel Christian

Aspirasi Hidup Indonesia (ACES IJ, Neutral) — We estimate a robust 11%/13% y-y increase in both sales/net prof

Retail Jody Wijaya Sandy Ham Samuel Christian

ANTM’s subsidiary, PT Gag Nikel (PTGN, unlisted), has announced a 30% stake acquisition of a Tsingshan-owned R

Metals Mining ANTM JK ANTM IJ Michael Wildon Edward Prima

On a YTD basis, BBRI had underperformed its major peers by ~13-30%, with predominantly net foreign selling amo

Banks BBRI JK BBRI IJ Nicholas Santoso Erwin Wijaya

Car sales in Indonesia have been sluggish — the latest sales (6MMA) at 70k vs pre-COVID normalized period of 8

Autos Auto Parts Jupriadi Tan Gerald Hugo

In this note, we assess major telcos’ upcoming 3Q24F results (to be released end of Oct 2024).

Telco Telecoms Nicholas Santoso Erwin Wijaya

HRUM has announced a strategic partnership with Eternal Tsingshan (ET, unlisted) to release up to 49% of its n

Coal HRUM JK HRUM IJ Michael Wildon Edward Prima

Over its nearly 30-year history, ACES has faced numerous challenges, including intense competition and the dis

Consumer Related ACES JK ACES IJ Jody Wijaya Sandy Ham Samuel Christian

We maintain our Buy rating on Saratoga Investama Sedaya (SRTG), with a target price of IDR3,000.

Conglomerates SRTG JK SRTG IJ Jupriadi Tan Gerald Hugo

Indonesia is a young nation (110mn population are below 40yrs, based on BPS) as well as social media-savvy (th

Consumer Related Sandy Ham Jody Wijaya Samuel Christian

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