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Bank Negara Indonesia (BBNI IJ) (Buy) - YTD Jul-25 soft results
EWBBNI has released its bank-only Jul-25 results, which came in behind our ...
BANKS Bank Negara Indonesia BBNI BBNI JK BBNI IJ Erwin Wijaya
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Aneka Tambang (ANTM IJ) (Buy) - Earnings raised following impressive results
MWANTM delivered an impressive set of 2Q25 results, above our/consensus forecasts...
METALS AND MINING Aneka Tambang ANTM ANTM JK ANTM IJ Michael Wildon Ng
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Saratoga Investama Sedaya (SRTG IJ) (Buy) - Persistent discount despite strong fundamentals
JT DT GHSRTG continues to trade at a steep discount to NAV of ~55%, near its...
CONGLOMERATES Saratoga Investama Sedaya SRTG SRTG JK SRTG IJ Jupriadi Tan David Tjahjadi Gerald Hugo
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Indonesia Banks - Strengthening tailwinds
EWLiquidity conditions are turning more supportive. M2 growth has continued to...
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Bank Rakyat Indonesia (BBRI IJ) (Buy) - YTD Jul-25 profit -9% y-y
EWBBRI has released its bank-only Jul-25 results, which came in...
BANKS Bank Rakyat Indonesia BBRI BBRI JK BBRI IJ Erwin Wijaya
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United Tractors (UNTR IJ) (Buy) - Unpacking UNTR’s assets
MWIn this note we provide a detailed breakdown of each of UNTR’s segments...
ENGINEERING AND CONSTRUCTION United Tractors UNTR UNTR JK UNTR IJ Michael Wildon Ng
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Bank Central Asia (BBCA IJ) (Buy) - Resilient YTD Jul-25 results
EWBBCA released its bank-only Jul-25 results on 19 August...
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Erajaya Swasembada (ERAA IJ) (Buy) - Eyeing the next catalyst
JW SH SCErajaya (ERAA) delivered its best-ever quarterly sales and net profit in 2Q25...
RETAIL Erajaya Swasembada ERAA ERAA JK ERAA IJ Jody Wijaya Sandy Ham Samuel Christian
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Indonesia Banks - Flat interest rate subsidies
EWThe government’s draft 2026 budget sets interest rate subsidies for program loans...
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Indonesia Telecoms - Towards better sustainability
EWIn Feb-25, we wrote about what it would take to improve sustainability in the cellular space...
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Indonesia Consumer - Acceleration of government’s free nutritious meal program
SH SC JWWe expect a jump in terms of the number of kitchens (SPPG) opening in Aug-25...
CONSUMER RELATED Indonesia Consumer Sandy Ham Samuel Christian Jody Wijaya
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Indonesia Equity Strategy - Verdhana Connect – Indonesia Macro and Banks Day
JT GH EWWe hosted Verdhana Connect – Indonesia Macro and Banks Day on 13-14 August 2025,...
EQUITY STRATEGY Indonesia Equity Strategy Jupriadi Tan Gerald Hugo Erwin Wijaya
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Indonesia Banks - Potentially lower yield for government bonds
EWWe look at recent trends in Bank Indonesia Rupiah Securities’ (SRBI) declining yields...
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Astra International (ASII IJ) (Buy) - Unpacking Astra’s assets
JT DT GHIn this report, we dissect Astra’s (ASII IJ, Buy) holdings (specifically the top 9 companies under it)...
AUTOS AUTO PARTS Astra International ASII ASII JK ASII IJ Jupriadi Tan David Tjahjadi Gerald Hugo
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Map Aktif Adiperkasa (MAPA IJ) (Buy) - Overseas drives margin afloat
JW SH SCMAPA recorded its slowest 1H y-y sales growth on record, with 1H25...
RETAIL Map Aktif Adiperkasa MAPA MAPA JK MAPA IJ Jody Wijaya Sandy Ham Samuel Christian