Avia Avian (AVIA IJ) (Buy) - Strong 1Q26, monitoring margin transmission into 2H26F
GH FJ JTAVIA delivered a record 1Q26 with revenue...
CHEMICALS Avia Avian AVIA AVIA JK AVIA IJ Gerald Hugo Felix Justin Jupriadi Tan
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Adi Sarana Armada (ASSA IJ) (Buy) - Solid top-line growth
JT DTASSA booked 1Q26 revenue of IDR1.5tn (+11% y-y, -2.3% q-q)..
TRANSPORT OR LOGISTICS Adi Sarana Armada ASSA ASSA JK ASSA IJ Jupriadi Tan David Tjahjadi
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Avia Avian (AVIA IJ) (Buy) - Short-term pain, long-term gain
GH FJ JTWe maintain AVIA as our preferred name in the...
CHEMICALS Avia Avian AVIA AVIA JK AVIA IJ Gerald Hugo Felix Justin Jupriadi Tan
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Blue Bird (BIRD IJ) (Buy) - Strong results thanks to high fleet productivity
JT DT GHBlue Bird posted FY25 revenue of IDR5,705bn (+13% y-y)...
TRANSPORT OR LOGISTICS Blue Bird BIRD BIRD JK BIRD IJ Jupriadi Tan David Tjahjadi Gerald Hugo
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Indonesia IT Services - Steady compounder – growth despite low capex
JT DTThe Indonesia IT services sector continued to...
TECHNOLOGY Indonesia IT Services Jupriadi Tan David Tjahjadi
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AKR Corporindo (AKRA IJ) (Buy) - NDR feedback: Solid harbor
JT DTWe concluded AKRA’s NDR to Singapore and Kuala Lumpur...
POWER AND UTILITIES AKR Corporindo AKRA AKRA JK AKRA IJ Jupriadi Tan David Tjahjadi
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AKR Corporindo (AKRA IJ) (Buy) - Earnings quadrupled yet share price lagged
JT DT GHWe 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
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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