Based on the Indonesia government’s latest 2025 budget, we think there will potentially be less exposure to

Banks BBRI BBRI JK BBRI IJ Nicholas Santoso Erwin Wijaya

Brent Crude futures are back to USD81/bbl, recovering from a 13% decline in July.

Oil Gas Michael Wildon

In this note, we reiterate our Buy call on the stock following the recent announcement that XL has entered

Telco EXCL Sandy Ham Jody Wijaya Samuel Christian

Based on our survey of FMCG wholesalers and distributors, we reckon that ULTJ booked very strong sales growth

Food Beverage ULTJ Sandy Ham Jody Wijaya Samuel Christian

All local nickel producers under our coverage posted significant margin recoveries following the rise in

Mining Nickel Michael Wildon Edward Prima

BBCA’s bank-only Jul-24 earnings of IDR4.9tr (+1% m-m / +17% y-y) brings YTD Jul-24 headline profit to

Banks BBCA Nicholas Santoso Erwin Wijaya

ANTM recorded a strong earnings recovery in 2Q24, with profits surging 450% q-q and 479% y-y.

Mining ANTM Michael Wildon Edward Prima

In this note, we reiterate our Buy call on the stock. Of late, the stock has declined from a recent high of ~I

Telco Telecoms Nicholas Santoso Erwin Wijaya Raymond Kosasih

MYOR is one of the biggest and fastest-growing FMCG exporters among listed firms in Indonesia

Consumer Sandy Ham Jody Wijaya Samuel Christian

XL Axiata released a set of solid 1H24 operating results, as its 1H24 operating income

Telco EXCL JK EXCL IJ Nicholas Santoso Erwin Wijaya Raymond Kosasih

Over the past 2-3 years, organic growth has been slow for Indonesian towercos.

Telco Telecoms Nicholas Santoso Erwin Wijaya Raymond Kosasih

2Q24 result miss due to lower GPM; but it should be bottom GPM for the year

Retail MAPA JK MAPA IJ Jody Wijaya Sandy Ham Samuel Christian

2Q24 review: Healthcare still showed some of the strongest sector growth in JCI Index Overall strong result

Health Care Pharmaceuticals Jody Wijaya Sandy Ham Samuel Christian Elvira Mulia

In our recent report, we mentioned that one of the main catalysts for MEDC is AMMN IJ (Not rated)s operational

MEDC JK MEDC IJ OIL GAS Michael Wildon

Overall results were above our projections, with 2Q24 profit of IDR1.8tn (+80% q-q), bringing 1H24 profit to

NCKL JK NCKL IJ Mining Michael Wildon