We took a closer look at BMRI’s provisioning expenses (12MMA CoC) which has stabilised at ~70-80bp in 1H24.

Banks BMRI BMRI JK BMRI IJ Nicholas Santoso Erwin Wijaya

We introduce the Nusantara Series, an in-depth market research that leverages our surveys and channel checks a

Autos Auto Parts Jupriadi Tan Gerald Hugo

According to recent news (LINK 1), the government is looking to provide debt forgiveness for written-off loans

Banks Nicholas Santoso Erwin Wijaya

BBCA released its 9M24 results with headline profit at IDR41.1tn (+13% y-y) accounting for ~78% of our FY24F p

Banks BBCA JK BBCA IJ Nicholas Santoso Erwin Wijaya

Despite recent Bank Indonesia’s (BI) benchmark rate cut, funding costs may continue to inch higher

Banks Nicholas Santoso Erwien Wijaya

Largely in line with our view (see Indonesia Nickel: Nickel ore drives downstream prices, 16 August 2024),

Metals Mining Michael Wildon Edward Prima

Indonesia's 9M24 4W sales reached IDR232tn (-12% y-y), with 633k units sold (-16% y-y) at an ASP of IDR368mn (

Autos Auto Parts Jupriadi Tan Gerald Hugo

Our survey on wholesalers and distributors of 15 large FMCG firms suggests that 3Q24F sales performance remain

Food and Beverage Sandy Ham Jody Wijaya Samuel Christian

ISAT conducted a stock split in the ratio of 1-to-4 on 14 October 2024. Before the stock split, ISAT’s nominal

Telecoms ISAT JK ISAT IJ Nicholas Santoso Erwin Wijaya

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