Overall listed FMCG firms’ sales growth hovered at 10.9% y-y in 3Q24 (vs 3.9% in 3Q23),

Food Beverage FMCG Sandy Ham Jody Wijaya Samuel Christian

ASII reported 3Q24 results, with revenue at IDR86tn (+10% y-y) and NPAT of IDR10tn (+21% y-y),

Autos Auto Parts ASII ASII JK ASII IJ Jupriadi Tan Gerald Hugo

We believe the overall 3Q24 results were in line with our estimates. Historically,

Consumer Related AMRT AMRT JK AMRT IJ Jody Wijaya Sandy Ham Samuel Christian

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

The ceramic industry is currently benefiting from three significant tailwinds, in our view.

Construction Materials ARNA ARNA JK ARNA IJ Michael Wildon Edward Prima Gerald Hugo

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

Crude palm oil (CPO) prices have recently broken above USD1,000/ton this year,

Agri-Related TAPG TAPG JK TAPG IJ Nicholas Goei Sandy Ham

AKRA delivered weak 9M24 result as expected, due to the weak trading business as

Power Utilities Jupriadi Tan Gerald Hugo

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

Despite the anticipated rate cut cycle, we believe Indonesia banks have limited room to lower their cost of fu

Equity Strategy Jupriadi Tan Erwin Wijaya