XL Axiata (EXCL IJ) (Buy) - EXCL - Soft 1H25 Results Pending Merger Synergies
EWEXCL’s 1H25 results came in below our projections. However,...
-
-
Indonesia Banks - Strengthening tailwinds
EWLiquidity conditions are turning more supportive. M2 growth has continued to...
-
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
-
Bank Central Asia (BBCA IJ) (Buy) - Resilient YTD Jul-25 results
EWBBCA released its bank-only Jul-25 results on 19 August...
-
Indonesia Banks - Flat interest rate subsidies
EWThe government’s draft 2026 budget sets interest rate subsidies for program loans...
-
Indonesia Telecoms - Towards better sustainability
EWIn Feb-25, we wrote about what it would take to improve sustainability in the cellular space...
-
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
-
Indonesia Banks - Potentially lower yield for government bonds
EWWe look at recent trends in Bank Indonesia Rupiah Securities’ (SRBI) declining yields...
-
Telekomunikasi Indonesia Persero (TLKM IJ) (Buy) - Earnings cut by ~6.9-7.3% post 1H25 adjustments
EWPost 1H25 results, we have reduced our consolidated profit projections on TLKM by...
TELECOMS Telekomunikasi Indonesia Persero TLKM TLKM JK TLKM IJ Erwin Wijaya
-
Indosat (ISAT IJ) (Buy) - Earnings cut ~10-12% post 1H25 results
EWPost ISAT's 1H25 results, which included profit that accounted for ~44% of our FY25F forecast...
-
Indonesia Banks - More details on village cooperatives
EWWe take a deeper dive into the government’s recently approved ministerial...
-
Telekomunikasi Indonesia Persero (TLKM IJ) (Buy) - Expecting better 2H25F than 1H25
EWTLKM has released its consolidated 2Q25 results, which in our view has...
-
Sarana Menara Nusantara (TOWR IJ) (Buy) - 1H25 results within expectations
EWTOWR has released its 1H25 results. Headline 1H25 profit came in at IDR1.7tn...
-
Bank Rakyat Indonesia (BBRI IJ) (Buy) - 1H25 profit down 12% y-y
EWBBRI has released both bank-only and consolidated 1H25 results, whereby profits...
-
Tower Bersama Infrastructure (TBIG IJ) (Neutral) - 1H25 ahead of our projections
EWTBIG has released its 1H25 results. Headline 1H25 profit of...