We analyze Astra’s investments over the past seven years – which have largely been unfruitful,

AUTOS AND AUTO PARTS ASII ASII JK ASII IJ Jupriadi Tan David Tjahjadi Gerald Hugo

The JCI has declined by 11% over the past three months, owing to market concerns about consumers’ weak purchas

EQUITY STRATEGY Jupriadi Tan Gerald Hugo

ARNA delivered 4Q24 revenue of IDR710bn (+1.4% q-q, +17.3% y-y), bringing FY24 revenue to IDR2.63tn (+8% y-y).

CONSTRUCTION MATERIALS ARNA ARNA JK ARNA IJ Michael Wildon Ng Edward Prima

ANTM's 4Q operational results indicate a strong FY24 earnings outlook, with projected earnings of >IDR3tn,

METALS AND MINING ANTM ANTM JK ANTM IJ Michael Wildon Ng Edward Prima

Rising global gold prices and the substantial progress on the Awak Mas Gold Project

COAL INDY INDY JK INDY IJ Michael Wildon Ng Edward Prima

We think the Indonesia banking sector may enter a tactical tailwind period,

BANKS Erwin Wijaya

Post BTPS's FY24 results release, which came in below our expectations, we identify several areas of concern.

BANKS BTPS BTPS JK BTPS IJ Erwin Wijaya

2024 was a challenging year for the major telcos (as well as for the passive infrastructure companies such as

TELECOMS Erwin Wijaya

In this report, we assess the cash position of the funds that we track as of January 2025,

EQUITY STRATEGY Nicholas Goei David Tjahjadi Jupriadi Tan Gerald Hugo

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