Indonesia Autos - Asset quality and sales correlation
JT DT GHIn this note, we assess the preconditions for a four-wheeler (4W) sales recovery to...
AUTOS AUTO PARTS Indonesia Auto Jupriadi Tan David Tjahjadi Gerald Hugo
In this note, we assess the preconditions for a four-wheeler (4W) sales recovery to...
AUTOS AUTO PARTS Indonesia Auto Jupriadi Tan David Tjahjadi Gerald Hugo
BBNI has released its bank-only Jul-25 results, which came in behind our ...
BANKS Bank Negara Indonesia BBNI BBNI JK BBNI IJ Erwin Wijaya
ANTM delivered an impressive set of 2Q25 results, above our/consensus forecasts...
METALS AND MINING Aneka Tambang ANTM ANTM JK ANTM IJ Michael Wildon Ng
SRTG continues to trade at a steep discount to NAV of ~55%, near its...
CONGLOMERATES Saratoga Investama Sedaya SRTG SRTG JK SRTG IJ Jupriadi Tan David Tjahjadi Gerald Hugo
Liquidity conditions are turning more supportive. M2 growth has continued to...
BBRI has released its bank-only Jul-25 results, which came in...
BANKS Bank Rakyat Indonesia BBRI BBRI JK BBRI IJ Erwin Wijaya
In this note we provide a detailed breakdown of each of UNTR’s segments...
ENGINEERING AND CONSTRUCTION United Tractors UNTR UNTR JK UNTR IJ Michael Wildon Ng
BBCA released its bank-only Jul-25 results on 19 August...
Erajaya (ERAA) delivered its best-ever quarterly sales and net profit in 2Q25...
RETAIL Erajaya Swasembada ERAA ERAA JK ERAA IJ Jody Wijaya Sandy Ham Samuel Christian
The government’s draft 2026 budget sets interest rate subsidies for program loans...
In Feb-25, we wrote about what it would take to improve sustainability in the cellular space...
We expect a jump in terms of the number of kitchens (SPPG) opening in Aug-25...
CONSUMER RELATED Indonesia Consumer Sandy Ham Samuel Christian Jody Wijaya
We hosted Verdhana Connect – Indonesia Macro and Banks Day on 13-14 August 2025,...
EQUITY STRATEGY Indonesia Equity Strategy Jupriadi Tan Gerald Hugo Erwin Wijaya
We look at recent trends in Bank Indonesia Rupiah Securities’ (SRBI) declining yields...
In this report, we dissect Astra’s (ASII IJ, Buy) holdings (specifically the top 9 companies under it)...
AUTOS AUTO PARTS Astra International ASII ASII JK ASII IJ Jupriadi Tan David Tjahjadi Gerald Hugo