XL Axiata released soft 3Q24 operating results, with 3Q24 profit at IDR292bn (-40% q-q, -21% y-y).

Telecoms EXCL EXCL JK EXCL IJ Nicholas Santoso Erwin Wijaya

In this note, we look at the 9M24 consolidated results of the major Indonesia banks under our coverage.

Banks Nicholas Santoso Erwin Wijaya

In this note, we look at 9M24 results from major Indonesia telecom towercos,

Telecoms Nicholas Santoso Erwin Wijaya

Headline revenue reached IDR3.3tn (+12.0% y-y / +6.0% q-q), bringing 9M24 revenue to IDR9.4tn (+8.4% y-y)

Telecoms TOWR TOWR JK TOWR IJ Nicholas Santoso Erwin Wijaya

TLKM has released its consolidated 9M24 results, with headline consolidated profit of IDR17.7tn (-9.4% y-y),

Telecoms TLKM TLKM JK TLKM IJ Nicholas Santoso Erwin Wijaya

ISAT has released soft 3Q24 results, as expected, with headline profit of IDR1.1tn (-21% q-q / +30% y-y).

Telco Telecoms ISAT ISAT JK ISAT IJ Nicholas Santoso Erwin Wijaya

BMRI released its 9M24 results on 30 October, with the company remaining on a steady growth trajectory.

Banks BMRI BMRI JK BMRI IJ Nicholas Santoso Erwin Wijaya

In our recent note, we wrote that BBRI might face maturing micro/ultra-micro segments in the next few years.

Banks BBRI BBRI JK BBRI IJ Nicholas Santoso Erwin Wijaya

BRIS continued to deliver solid 3Q24 bottom line performance with the numbers coming in largely in-line with o

Banks BRIS BRIS JK BRIS IJ Nicholas Santoso Erwin Wijaya

We have become more positive on the Indonesia tower sector’s long-term outlook.

Telecoms MTEL MTEL JK MTEL IJ Nicholas Santoso Erwin Wijaya

BBNI released its 9M24 results with headline profit at IDR16.3tn (+3.3% y-y),

Banks BBNI BBNI JK BBNI IJ Nicholas Santoso Erwin Wijaya

We took a closer look at BMRI’s provisioning expenses (12MMA CoC) which has stabilised at ~70-80bp in 1H24.

Banks BMRI BMRI JK BMRI IJ Nicholas Santoso Erwin Wijaya

According to recent news (LINK 1), the government is looking to provide debt forgiveness for written-off loans

Banks Nicholas Santoso Erwin Wijaya

BBCA released its 9M24 results with headline profit at IDR41.1tn (+13% y-y) accounting for ~78% of our FY24F p

Banks BBCA JK BBCA IJ Nicholas Santoso Erwin Wijaya

Despite recent Bank Indonesia’s (BI) benchmark rate cut, funding costs may continue to inch higher

Banks Nicholas Santoso Erwien Wijaya