BBCA kicked off 2025 with decent bank-only Jan-25 results with headline profit of IDR4.7tn (+6% y-y).

BANKS BBCA BBCA JK BBCA IJ Erwin Wijaya

We raise our FY24F and FY25F earnings by 22% and 15%, respectively,

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

We believe BBRI will still face the issue of maturing micro/ultra-micro loans.

BANKS BBRI BBRI JK BBRI IJ Erwin Wijaya

We initiate coverage of Metrodata Electronics (MTDL) and Mastersystem Infotama (MSTI) with Buy ratings,

TECHNOLOGY Jupriadi Tan David Tjahjadi Gerald Hugo

AKRA’s share price has declined by -19% over the past three months,

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

We previously highlighted that BBRI might face maturing micro/ultra-micro segments,

BANKS BBRI BBRI JK BBRI IJ Erwin Wijaya

BBTN reported 4Q24 net profit (NP) of IDR925bn (+59% q-q; -22% y-y).

BANKS BBTN BBTN JK BBTN IJ Erwin Wijaya

We anticipate limited upside surprises in the retailers’ 4Q24F results,

RETAIL Jody Wijaya Sandy Ham Samuel Christian

We believe competitive pricing and strong branding remain the best catalysts to succeed in the Indonesia FMCG

FOOD And BEVERAGE Sandy Ham Jody Wijaya Samuel Christian

ISAT released expected 4Q24 results, with headline profit of IDR1.0tn (-10% q-q).

TELECOMS ISAT ISAT JK ISAT IJ Erwin Wijaya

Post FY24 results, we revise our FY25-26F earnings estimates.

Banks BMRI BMRI JK BMRI IJ Erwin Wijaya

Indonesia Flow Radar is a report series in which we track stock ownership

Equity Strategy Nicholas Goei David Tjahjadi Jupriadi Tan Gerald Hugo

CMRY has largely covered modern trade (MT) stores in Indonesia,

General Consumer CMRY CMRY JK CMRY IJ Sandy Ham Jody Wijaya Samuel Christian

BRIS continued to deliver solid 4Q24 results with headline profit of IDR1.9tr (+11% q-q / +26% y-y),

Banks BRIS BRIS JK BRIS IJ Erwin Wijaya

XL released its FY24 results which showed punchy performance.

Telecoms EXCL EXCL JK EXCL IJ Erwin Wijaya