Conglomerates play a crucial role in nation-building. In this report, we analyze the businesses, profitability

Conglomerates Jupriadi Tan David Tjahjadi Gerald Hugo

Going into 2025, our view on the Indonesia banking sector remains largely intact

Banks Nicholas Santoso Erwin Wijaya

In this note, we take a closer look at the asset quality trends of major Indonesia banks and BRIS (Bank Syaria

Banks Nicholas Santoso Erwin Wijaya

We reduce FY24F/25F/26F earnings estimates by 20%/12%/5.1% as JIIPE (Java Integrated Industrial and Port Estat

POWER UTILITIES AKRA AKRA JK AKRA IJ Jupriadi Tan David Tjahjadi Gerald Hugo

We cut our FY24F/25F/26F earnings estimates for DRMA by 6.5%/9.0%/9.3% on likely subdued 4W wholesales in 2024

AUTOS AUTO PARTS DRMA DRMA JK DRMA IJ Jupriadi Tan David Tjahjadi Gerald Hugo

Over the past 18 years (i.e. since the start of intense cellular sector competition in Indonesia; 2007-2024),

TELECOMS TLKM TLKM JK TLKM IJ Nicholas Santoso Erwin Wijaya

In our recent note on BBRI, we wrote that the bank may face maturing micro/ultra-micro segments in coming year

Banks BBRI BBRI JK BBRI IJ Nicholas Santoso Erwin Wijaya

BBCA released its bank-only YTD Nov-24 results with headline profit of IDR50.5tn (+14% y-y),

Banks BBCA BBCA JK BBCA IJ Nicholas Santoso Erwin Wijaya

EXCL 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

Going into 2025F, we see continued headwinds for Jago (and other digital banks),

Banks ARTO ARTO JK ARTO IJ Nicholas Santoso Erwin Wijaya

On 6 December, we were invited to visit Arwana Citramulia’s Plant 2 in West Java to observe and learn about AR

Construction Materials ARNA ARNA JK ARNA IJ

We believe Indonesia’s logistics market is a potentially lucrative segment that is still underpenetrated.

Transport Logistics FMCG Jupriadi Tan David Tjahjadi Gerald Hugo

Despite the persistent challenging macroeconomic backdrops, as we head into 2025F,

Banks Nicholas Santoso Erwin Wijaya

Operating for more than 30 years, AADI is a fully integrated coal mining business with

Coal AADI AADI JK AADI IJ Michael Wildon Edward Prima

With the gap between crude palm oil (CPO) and crude oil widening, blending biodiesel into diesel has become ev

Agri-Related CPO Nicholas Goei