yudi
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Joined 2 years ago
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Indonesia Equity Strategy - Tax refund analysis – limited impact
JT GHThe parliament's proposal to curb the ~IDR361trn annual tax refund pool...
EQUITY STRATEGY Indonesia Equity Strategy Jupriadi Tan Gerald Hugo
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Mitratel (MTEL IJ) (Buy) - FY25 results largely in-line
EWMTEL has released its FY25 results, which were largely...
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Bank Central Asia (BBCA IJ) (Buy) - Lowering earnings estimates by ~2%
EWWe revise down our FY26-28F earnings estimates for BBCA by...
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Telekomunikasi Indonesia Persero (TLKM IJ) (Buy) - Lowering earnings estimates by ~3-15%
EWWe lower FY25-27F EPS by ~3-15% to incorporate...
TELECOMS Telekomunikasi Indonesia Persero TLKM TLKM JK TLKM IJ Erwin Wijaya
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Indonesia FMCG - 1Q26F preview: Strong sales-to-market
SH SC JW NYBased on our analysis of 14 FMCG manufacturers under our coverage...
CONSUMER RELATED Indonesia FMCG Sandy Ham Samuel Christian Jody Wijaya Nayla Yasmin
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Bank Rakyat Indonesia (BBRI IJ) (Buy) - Earnings accretive from PNM spin-off
EWThe Indonesian government, through the Ministry of Finance (MoF), has planned to...
BANKS Bank Rakyat Indonesia BBRI BBRI JK BBRI IJ Erwin Wijaya
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Tower Bersama Infrastructure (TBIG IJ) (Neutral) - FY25 results in-line
EWTBIG delivered a steady FY25 with revenue of...
TELECOMS Tower Bersama Infrastructure TBIG TBIG JK TBIG IJ Erwin Wijaya
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Avia Avian (AVIA IJ) (Buy) - Short-term pain, long-term gain
GH FJ JTWe maintain AVIA as our preferred name in the...
CHEMICALS Avia Avian AVIA AVIA JK AVIA IJ Gerald Hugo Felix Justin Jupriadi Tan
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Indonesia Retailers - Strong profits, soft demand
JW SH NY SCRetailers delivered mediocre same-store sales growth (SSSG) in 4Q25...
RETAIL Indonesia Retailers Jody Wijaya Sandy Ham Nayla Yasmin Samuel Christian
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Map Aktif Adiperkasa (MAPA IJ) (Buy) - Executing well despite a tough backdrop
JW SH NY SCMAPA delivered very strong earnings growth in 4Q25...
RETAIL Map Aktif Adiperkasa MAPA MAPA JK MAPA IJ Jody Wijaya Sandy Ham Nayla Yasmin Samuel Christian
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Mitra Adiperkasa (MAPI IJ) (Buy) - Holding up for now
JW SH NY SCMAPI delivered strong 4Q25 earnings growth...
RETAIL Mitra Adiperkasa MAPI MAPI JK MAPI IJ Jody Wijaya Sandy Ham Nayla Yasmin Samuel Christian
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Erajaya Swasembada (ERAA IJ) (Buy) - Execution in focus as growth normalizes
JW SH NY SCERAA delivered strong earnings growth in 4Q25...
RETAIL Erajaya Swasembada ERAA ERAA JK ERAA IJ Jody Wijaya Sandy Ham Nayla Yasmin Samuel Christian
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Blue Bird (BIRD IJ) (Buy) - Strong results thanks to high fleet productivity
JT DT GHBlue Bird posted FY25 revenue of IDR5,705bn (+13% y-y)...
TRANSPORT OR LOGISTICS Blue Bird BIRD BIRD JK BIRD IJ Jupriadi Tan David Tjahjadi Gerald Hugo
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Sarana Menara Nusantara (TOWR IJ) (Buy) - FY25 results better than expected
EWTOWR posted FY25 revenues of IDR13.3tn (+4.6% y-y; 103% of our forecast)...
TELECOMS Sarana Menara Nusantara TOWR TOWR JK TOWR IJ Erwin Wijaya
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Selamat Sempurna (SMSM IJ) (Buy) - Solid growth track record
JT DT GHSelamat Sempurna (SMSM) posted FY25 revenue of IDR5,339bn (+3.4% y-y)...
AUTOS AND AUTO PARTS Selamat Sempurna SMSM SMSM JK SMSM IJ Jupriadi Tan David Tjahjadi Gerald Hugo