Bank Rakyat Indonesia (BBRI IJ) (Buy) - Conservative stance
NS EWIn our recent note on BBRI, we wrote that the bank may face maturing micro/ultra-micro segments in coming year
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Bank Central Asia (BBCA IJ) (Buy) - Solid YTD Nov-24 results
NS EWBBCA released its bank-only YTD Nov-24 results with headline profit of IDR50.5tn (+14% y-y),
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XL Axiata (EXCL IJ) (Buy) - Merger plan
NS EWEXCL and FREN (FREN IJ, Not rated) have officially announced a definitive agreement for a proposed merger,
Telecoms XL Axiata EXCL EXCL JK EXCL IJ Nicholas Santoso Erwin Wijaya
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Bank Jago (ARTO IJ) (Neutral) - Steady trend – maintain Neutral; raise TP to IDR3,000
NS EWGoing into 2025F, we see continued headwinds for Jago (and other digital banks),
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Indonesia banks - Outlook 2025: Improved earnings profile
NS EWDespite the persistent challenging macroeconomic backdrops, as we head into 2025F,
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Bank Syariah Indonesia (BRIS IJ) (Buy) - YTD Oct-24 results: In line with our projections
NS EWBRIS has released its YTD Oct-24 results, which came in largely in line with our projections.
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Indonesian Banking Sector - YTD Oct-24 summary
NS EWMajor Indonesia banks (BBCA/BMRI/BBRI/BBNI) have published their bank-only Oct-24 results,
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Bank Rakyat Indonesia (BBRI IJ) (Buy) - YTD Oct-24 results: Still elevated CoC
NS EWBBRI has released its YTD Oct-24 results with PPOP and net profit of IDR89.5tr (+15% y-y)
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Bank Negara Indonesia (BBNI IJ) (Buy) - YTD Oct-24 results: Better yield trends
NS EWBBNI released its bank-only YTD Oct24 results with net profit of IDR18.1tn (+4% y-y),
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Indonesia Equity Strategy - Passing the Baton – Full takeaways
JT GH NS EW SH JW SC MW EP FJWe hosted Verdhana Indonesia Conference 2024 – Passing the Baton on 4-8 November 2024.
Equity Strategy Jupriadi Tan Gerald Hugo Nicholas Santoso Erwin Wijaya Sandy Ham Jody Wijaya Samuel Christian Michael Wildon Edward Prima Felix Justin
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Bank Central Asia (BBCA IJ) (Buy) - Solid YTD Oct-24 results
NS EWBBCA released its bank-only YTD Oct-24 results with headline profit of IDR46.2tn (+15% y-y),
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XL Axiata (EXCL IJ) (Buy) - Soft 9M24 operating results
NS EWXL Axiata released soft 3Q24 operating results, with 3Q24 profit at IDR292bn (-40% q-q, -21% y-y).
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Indonesia banks - 9M24 results summary
NS EWIn this note, we look at the 9M24 consolidated results of the major Indonesia banks under our coverage.
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Indonesia Tower - 9M24 results review
NS EWIn this note, we look at 9M24 results from major Indonesia telecom towercos,
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Sarana Menara Nusantara (TOWR IJ) (Buy) - 3Q24 – IBST value accretive to performance
NS EWHeadline revenue reached IDR3.3tn (+12.0% y-y / +6.0% q-q), bringing 9M24 revenue to IDR9.4tn (+8.4% y-y)