Indonesia telecoms - Dual tailwinds
EWWe reiterate our positive outlook for the Indonesia telecom sector,
We reiterate our positive outlook for the Indonesia telecom sector,
Indonesia’s major banks (BBCA IJ, BRIS IJ, BMRI IJ, BBNI IJ and BBRI IJ – ...
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...
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,...
We believe that market repair efforts have been...
XLSmart’s recently released 9M25 earnings have shown large losses...
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,
Despite the decline in gold and nickel ore volumes, ANTM’s overall...
METALS AND MINING Aneka Tambang ANTM JK ANTM IJ Michael Wildon
Our analysis suggests that only a few retailers have...
RETAIL Daya Intiguna Yasa MDIY MDIY JK MDIY IJ Jody Wijaya Sandy Ham Nayla Yasmin Samuel Christian
We increase our 2025/26F earnings estimates by...
TRANSPORT AND LOGISTICS Adi Sarana Armada ASSA ASSA JK ASSA IJ Jupriadi Tan David Tjahjadi Gerald Hugo