Based on recent bank-only performance data from major Indonesian banks...

BANKS Indonesia Banks Erwin Wijaya

The MSCI Indonesia Index has declined by 20% since September 2024...

EQUITY STRATEGY Indonesia Equity Strategy Jupriadi Tan Gerald Hugo Sandy Ham Jody Wijaya Michael Wildon Erwin Wijaya Samuel Christian David Tjahjadi Felix Justin Nayla Yasmin

We reiterate our positive outlook for the Indonesia telecom sector,

TELECOMS Indonesia telecoms Erwin Wijaya

Indonesia’s major banks (BBCA IJ, BRIS IJ, BMRI IJ, BBNI IJ and BBRI IJ – ...

BANKS Erwin Wijaya

Following our previous research on TSR, in this report we analyze...

EQUITY STRATEGY Indonesia Equity Strategy Jupriadi Tan Gerald Hugo

Interest rates have been trending lower over the past few years,

EQUITY STRATEGY Indonesia Equity Strategy Jupriadi Tan Gerald Hugo

Currently the government of Indonesia holds one golden share of Bank Syariah Indonesia...

BANKS Bank Mandiri BMRI BMRI JK BMRI IJ Erwin Wijaya

We recently had a discussion with Telkom management. Among the key...

TELECOMS Telekomunikasi Indonesia Persero TLKM TLKM JK TLKM IJ Erwin Wijaya

We estimate AKRA’s 2025F earnings will expand structurally from...

POWER AND UTILITIES AKR Corporindo AKRA AKRA JK AKRA IJ Jupriadi Tan David Tjahjadi Gerald Hugo

BBCA has released its bank-only Oct-2025 results. Overall,...

BANKS Bank Central Asia BBCA BBCA JK BBCA IJ Erwin Wijaya

We believe that market repair efforts have been...

TELECOMS Indonesia Telecom Erwin Wijaya

XLSmart’s recently released 9M25 earnings have shown large losses...

TELECOMS EXCL EXCL JK EXCL IJ Erwin Wijaya

We revise up AUTO’s earnings by 7%/10%/8% for FY25F/Fy6F27F.

AUTOS AND AUTO PARTS Astra Otoparts AUTO AUTO JK AUTO IJ Jupriadi Tan David Tjahjadi Gerald Hugo

XLSmart’s 9M25 results came below our projections. However,

TELECOMS XLSMART Telecom EXCL EXCL JK EXCL IJ Erwin Wijaya

Despite the decline in gold and nickel ore volumes, ANTM’s overall...

METALS AND MINING Aneka Tambang ANTM JK ANTM IJ Michael Wildon