Adi Sarana Armada (ASSA IJ) (Buy) - Heading into a growth phase
JT DT GHWe increase our 2025/26F earnings estimates by...
TRANSPORT AND LOGISTICS Adi Sarana Armada ASSA ASSA JK ASSA IJ Jupriadi Tan David Tjahjadi Gerald Hugo
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Avia Avian (AVIA IJ) (Buy) - Pockets of growth
GH FJ JTAmid persistent weak consumption, we view...
CHEMICALS Avia Avian AVIA AVIA JK AVIA IJ Gerald Hugo Felix Justin Jupriadi Tan
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Adi Sarana Armada (ASSA IJ) (Buy) - Another quarter of record-high profits; good TSR
JT DT GHASSA booked another record quarter, with 3Q25...
TRANSPORT LOGISTICS Adi Sarana Armada ASSA ASSA JK ASSA IJ Jupriadi Tan David Tjahjadi Gerald Hugo
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Blue Bird (BIRD IJ) (Buy) - New engine powers the ascent
JT DT GHWe project BIRD’s revenue to record a CAGR of...
TRANSPORT LOGISTICS Blue Bird BIRD BIRD JK BIRD IJ Jupriadi Tan David Tjahjadi Gerald Hugo
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Metrodata Electronic (MTDL IJ) (Buy) - Structural tailwinds from IT sector growth
JT DT GHOver the past decade, Metrodata Electronic’s (MTDL)...
SOFTWARE AND SERVICES Metrodata Electronic MTDL MTDL JK MTDL IJ Jupriadi Tan David Tjahjadi Gerald Hugo
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Metrodata Electronic (MTDL IJ) (Buy) - Another strong and consistent result
JT DT GHMTDL delivered another strong and consistent set of results for 1H25...
SOFTWARE AND SERVICES MTDL MTDL JK MTDL IJ Jupriadi Tan David Tjahjadi Gerald Hugo
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Adi Sarana Armada (ASSA IJ) (Buy) - Logistic boosts business
JT DT GHWe estimate ASSA will book 1H25F NPAT of IDR190bn (+48% y-y)...
TRANSPORT LOGISTICS ASSA ASSA JK ASSA ID Jupriadi Tan David Tjahjadi Gerald Hugo
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Metrodata Electronic (MTDL IJ) (Buy) - Consistent compounder with solid FY24 delivery
JT DT GHMTDL posted 14% yoy growth in both revenue...
SOFTWARE AND SERVICES MTDL MTDL JK MTDL IJ Jupriadi Tan David Tjahjadi Gerald Hugo
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Avia Avian (AVIA IJ) (Buy) - Well positioned to capture future growth
GH FJ JTAvia Avian (AVIA) leads Indonesia’s decorative paint...
CHEMICALS AVIA AVIA JK AVIA IJ Gerald Hugo Felix Justin Jupriadi Tan
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Indonesia IT Services - Steady as it goes
JT DT GHWe initiate coverage of Metrodata Electronics (MTDL) and Mastersystem Infotama (MSTI) with Buy ratings,
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Indonesia logistics - Analyzing FMCG logistics addressable market
JT DT GHWe believe Indonesia’s logistics market is a potentially lucrative segment that is still underpenetrated.
Transport Logistics FMCG Jupriadi Tan David Tjahjadi Gerald Hugo
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AKR Corporindo AKRA IJ -Buy- Short-term headwinds before 2025F tailwinds
JT GHWe trim our 2024F/2025F earnings estimates for AKRA by 7.2%/3.4% due to unfavorable general market conditions
Power and Utilities AKRA JK AKRA IJ Jupriadi Tan Gerald Hugo