reports
- Andrew Agita Buntoro
- Willinoy Sitorus
Indosat (ISAT IJ) - Strengthening Mobile ARPU And Ongoing Expansion
Company Update | Indosat (ISAT IJ/BUY/Rp2,230/Target: Rp2,500) Upgrade Indosat to BUY from HOLD with a revised target price of Rp2,500 (previously Rp2,400) based on 4.6x 2026F EV/EBITDA, in line with its five-year historical average. The upgrade reflects a stronger-than-expected mobile ARPU recovery, supporting a more sustainable earnings trajectory. The FiberCo divestment strengthens the balance sheet, unlocks value, and creates potential for a special dividend, while the rapidly scaling, high-...
- Andrew Agita Buntoro
- Claire Wang Kelai
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kai Jie Tang
- Lester Siew
- Malaysia Research Team
- Ming San Soong
- Philip Wong
- Suryaputra Wijaksana
- Tham Mun Hon
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, January 15, 2026
Greater China Economics | Trade Exports growth accelerated to 6.6% yoy in December (+0.7ppt mom), well above consensus, supported by strong shipments growth to Hong Kong and ASEAN, while exports growth to the US weakened further. Import growth surged to 5.7% yoy (+3.8ppt mom), beating expectations amid broad-based commodity recovery. Trade surplus widened to US$114.1b. Growths of motor vehicle, hi-tech, and mechanical & electrical exports strengthened. Overall, December’s trade data is marke...
ISAT INDOSAT
TISCO TISCO FINANCIAL GROUP
SOP SARAWAK OIL PALMS BERHAD
ROTH BRITISH AMERICAN TOBACCO BHD
KIML KIM LOONG RESOURCES BHD
FNH FRASER & NEAVE HOLDINGS BHD
HEIM HEINEKEN MALAYSIA BHD
CAB CARLSBERG BREWERY MALAYSIA B
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
CAO CHINA AVIATION OIL SINGAPORE CORP LTD
GENP GENTING PLANTATIONS BHD
NESZ NESTLE (MALAYSIA) BERHAD
QLG QL RESOURCES BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
MRDIY MR DIY GROUP M BHD
09618 JD.COM INC. CLASS A
FFB FARM FRESH BHD
SDG SD GUTHRIE BHD
99SMART 99 SPEED MART RETAIL HOLDINGS BHD
KOPI MK INDOSAT TBK PT
ECOSHOP MK ORIENTAL KOPI HOLDINGS BHD
ECO-SHOP MARKETING BHD
- Andrew Agita Buntoro
- Maskun Ramli
- Suryaputra Wijaksana
- Willinoy Sitorus
Indonesia Daily - Thursday, January 15, 2026
Economics | Indonesian Consumption Accelerates, But Recovery Remains Uneven Indonesian consumer activity strengthened in late-25, driven by government spending and improved production, lifting full-year GDP growth to 5.1%. However, the recovery remains uneven, with robust spending from middle- and upper-income households contrasting with persistent weakness among the budget-conscious lower-middle class. For 2026, consumption is expected to accelerate further, supported by expansive policies. A f...
- Chris Hoare
Indonesian Telcos Q3 25 review: Momentum expected into Q4
Mobile rebounded sharply after 4 quarters of declines, as the price up initiatives in 1H25 have started to flow through. To some extent though this is already reflected in consensus which expects momentum to continue into Q4, which are broadly in-line with the recalibrated guidance. YTD, XLSmart’s stock has been the outperformer and rightfully so given the anticipated synergies.
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - December 2025
Greater China Strategy | Alpha Picks: December Conviction Calls Market consolidation slowed in November as expectations of a 25bp Fed cut buoyed sentiment. The HSI and MSCI China fell 0.2% and 2.4% mom respectively amid weak data and limited catalysts. While the upcoming Economic Work Conference may offer a catalyst to end this phase, we remain cautious, preferring defensives and oversold names. We add BeOne Medicines, HKEX, NetEase and Plover Bay to BUY, take profit on AIA, and cut losses on Ja...
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
02232 CRYSTAL INTERNATIONAL GROUP
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
EXCL XLSMART TELECOM SEJAHTERA
- Andrew Agita Buntoro
- Willinoy Sitorus
Telecommunications - Implications Of Indonesia’s FWA Rollout With WIFI...
Sector Update | Telecommunications Indonesia’s fixed-broadband market is entering a transition phase as the 1.4GHz spectrum enables low-cost FWA rollout from 2026 onwards. WIFI is positioned to scale quickly through backbone ownership and potential LINK integration, while ecosystem synergies with INET, PADA, KETR, IRSX and DOOH support rapid expansion. Tower operators may gain tenancy upside, while fixed-broadband ARPU faces pressure. Ultimately, real impact remains dependent on rollout executio...
- Andrew Agita Buntoro
- Maskun Ramli
- Willinoy Sitorus
Indonesia Daily - Monday, December 1, 2025
Sector Update | Telecommunications Indonesia’s fixed-broadband market is entering a transition phase as the 1.4GHz spectrum enables low-cost FWA rollout from 2026 onwards. WIFI is positioned to scale quickly through backbone ownership and potential LINK integration, while ecosystem synergies with INET, PADA, KETR, IRSX and DOOH support rapid expansion. Tower operators may gain tenancy upside, while fixed-broadband ARPU faces pressure. Ultimately, real impact remains dependent on rollout executio...
- Andrew Agita Buntoro
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Claire Wang Kelai
- Ejann Hiew
- Jonathan Koh
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, December 01, 2025
Greater China Economics | PMI November PMI undershot expectations; manufacturing PMI was at 49.2 (+0.2pt mom) and non-manufacturing PMI slipped to 49.5 (-0.6pt mom), the first contraction in nearly three years. With the services industry index weakened to 49.5 (-0.7pt mom). PMI data confirms growth momentum is easing, so expect more supportive policies to be rolled out soon, but for economic confidence to return, we need a sustainable bottom in the real estate sector. Sector Update | Heal...
1023 CIMB GROUP HOLDINGS BHD
01093 CSPC PHARMACEUTICAL GROUP LIMITED
ISAT INDOSAT
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
TOWR PT SARANA MENARA NUSANTARA TBK
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
5347 TENAGA NASIONAL BHD
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
Q5T FAR EAST HOSPITALITY TRUST
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
HCM HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
TENAGA CDL HOSPITALITY TRUSTS
CDREIT MEITUAN CLASS B
03690 SUNTECH SA
SUN KEPPEL REIT
KREIT MAPLETREE LOGISTICS TRUST
MLT PARKWAYLIFE REAL ESTATE
PREIT MAPLETREE INDUSTRIAL TRUST
MINT CHINA SHINEWAY PHARMACEUTICA
2877 INNOVENT BIOLOGICS INC.
01801 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
1833 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
300760 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
603882 CSPC PHARMACEUTICAL GROUP LTD
1093 UNITED HAMPSHIRE US REIT
UHU SASSEUR REIT (S CHIP)
CRPU CAPITALAND INTEGRATED COMMERCIAL TRUST
CICT SCG PACKAGING PCL
SCGP LENDLEASE GLOBAL COMMERCIAL REIT
LREIT SP WUXI BIOLOGICS (CAYMAN) INC.
2269 PRIME US REIT
OXMU ASCOTT RESIDENCE TRUST
HMN CAPITALAND CHINA TRUST
CLCT KEPPEL PACIFIC OAK US REIT
KORE HANSOH PHARMACEUTICAL GROUP
3692 BEIGENE LTD.
06160 WUXI APPTEC CO. LTD. CLASS H
EXCL XL AXIATA (EXCELCOMINDO)
300765 CSPC INNOVATION PHARMACEUTICAL CO L
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
MTEL IJ PT DAYAMITRA TELEKOMUNIKASI
300244 DIAN DIAGNOSTICS GROUP CO
ONC@US@ XLSMART TELECOM SEJAHTERA
BEONE MEDICINE INC
- Andrew Agita Buntoro
- Benjaphol Suthwanish
- Claire Wang Kelai
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kasemsun Koonnara
- Kong Ho Meng
- Lester Siew
- Roy Chen Chengzhi
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, November 17, 2025
Greater China Economics | Economic Activity Industrial production growth slowed sharply to 4.9% yoy in Oct 25 (-1.6ppt mom). FAI also stayed weak, falling 1.7% yoy ytd (-1.2ppt mom), dragged by property FAI which dropped 14.5% yoy ytd. Retail sales growth edged lower to 2.9% yoy (-0.1ppt yoy). On a positive note, unemployment improved to 5.1%. Overall, the data points to a weakening growth momentum. Indonesia Company Results | XLSMART Telecom Sejahtera (EXCL IJ/BUY/Rp2,720/Target: Rp3,10...
- Andrew Agita Buntoro
- Willinoy Sitorus
XLSMART Telecom Sejahtera (EXCL IJ) - 3Q25: Revenue Grows Despite Merg...
Company Results | XLSMART Telecom Sejahtera (EXCL IJ/BUY/Rp2,720/Target: Rp3,100) We upgrade our call to BUY from HOLD with a target price of Rp3,100 based on 5.9x 2026F EV/EBITDA, up from Rp2,900 previously. EXCL posted an ARPU-led rebound with a stronger qoq revenue, margin expansion, and a narrower net loss despite higher merger one-offs. Integration costs are set to remain elevated in 4Q25 before easing in 2026. Historical ISAT data shows stronger share prices alongside post-merger EBITDA ma...
- Andrew Agita Buntoro
- Maskun Ramli
- Willinoy Sitorus
Indonesia Daily - Monday, November 17, 2025
Company Results | XLSMART Telecom Sejahtera (EXCL IJ/BUY/Rp2,720/Target: Rp3,100) We upgrade our call to BUY from HOLD with a target price of Rp3,100 based on 5.9x 2026F EV/EBITDA, up from Rp2,900 previously. EXCL posted an ARPU-led rebound with a stronger qoq revenue, margin expansion, and a narrower net loss despite higher merger one-offs. Integration costs are set to remain elevated in 4Q25 before easing in 2026. Historical ISAT data shows stronger share prices alongside post-merger EBITDA ma...
- Andrew Agita Buntoro
- Benjaphol Suthwanish
- Gigi Cheuk
- Heidi Mo Jinghui
- Jo Yee Ng
- John Cheong Ming Chern
- Joyce Chu
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kate Luang
- Lester Siew
- Ming San Soong
- Philip Wong
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, November 11, 2025
Greater China Strategy | Small/Mid Cap Monthly – BUY JBM Healthcare On Recent Price Corrections We attribute JBM’s recent price correction to the absence of positive profit alert for 1HFY26, which disappointed the market. We believe the market overreacted, given: a) a relatively high base in 1HFY25, following a 112% EPS CAGR in 1HFY22-1HFY25; b) solid 1HFY26 performance, backed by robust volume growth of its iconic products and gross margin expansion; and c) undemanding valuations of 10.0x FY26F...
- Andrew Agita Buntoro
- Willinoy Sitorus
XLSMART Telecom Sejahtera (EXCL IJ) - 9M25 Results Preview
Company Update | XLSMART Telecom Sejahtera (EXCL IJ/HOLD/Rp2,750/Target: Rp2,900) We maintain our HOLD call with a target price of Rp2,900 based on 5.6x 2026 EV/EBITDA. 9M25 results will likely remain a loss, but the key focus is on qoq improvement. EXCL’s operations appear to have improved after the merger, though additional impairments and integration costs are expected. A potential sale of Link Net could be a positive surprise, as EXCL’s 19% stake is valued at Rp1.3t. Link Net’s loss-making s...
- Andrew Agita Buntoro
- Maskun Ramli
- Willinoy Sitorus
Indonesia Daily - Tuesday, November 11, 2025
Company Update | XLSMART Telecom Sejahtera (EXCL IJ/HOLD/Rp2,750/Target: Rp2,900) We maintain our HOLD call with a target price of Rp2,900 based on 5.6x 2026 EV/EBITDA. 9M25 results will likely remain a loss, but the key focus is on qoq improvement. EXCL’s operations appear to have improved after the merger, though additional impairments and integration costs are expected. A potential sale of Link Net could be a positive surprise, as EXCL’s 19% stake is valued at Rp1.3t. Link Net’s loss-making s...
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - November 2025
Greater China Strategy | Alpha Picks: November Conviction Calls HSI and MSCI China fell 3.5%/4.0% mom in October, dragged by renewed US-China trade tensions and lack of fresh policy signals from the 4th Plenum. We remain constructive in the medium term but expect further consolidation as uncertainties persist. The best performer among our picks was SELL-rated Li Auto (+21.4% mom). For November, we rotate into oversold names with near-term upside: add AIA, LINK REIT, NAURA, Pinduoduo, PICC P&C an...
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
EXCL XLSMART TELECOM SEJAHTERA
- Andrew Agita Buntoro
- Willinoy Sitorus
Telecommunications - Upcoming Spectrum Auctions
Highlights • FWA expansion. The 1.4 GHz auction this 13 October targets low-cost fixed wireless access with Telkom, DSSA, and WIFI competing. • Tower upside. The 1.4 GHz rollout provides clear incremental tenancy opportunities for tower operators, potentially improving tenancy ratios.
- Andrew Agita Buntoro
- Maskun Ramli
- Suryaputra Wijaksana
- Willinoy Sitorus
Indonesia Daily - Friday, October 10, 2025
Economics | Indonesian Consumer Activity: Assessing 3Q Slowdown And Path To 4Q Recovery Indonesian consumer activity weakened in Aug 25, with retail sales growth slowing to 3.5% yoy. This was driven by eroding purchasing power and low consumer confidence due to layoffs. The impact is evident in the pressured retail, automobile and banking sectors. Consequently, 3Q25 economic growth is projected to stagnate at 4.9-5.1%. A recovery to 5.2-5.5% is forecast for 4Q25, fuelled by accelerated governmen...
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - October 2025
Greater China Strategy | Alpha Picks: October Conviction Calls The HSI and MSCI China gained 7.1%/8.2% mom in September on Fed easing and optimism over advancements in semiconductors and AI. We remain positive in the medium term but expect near-term consolidation after the recent strong gains. The best performer of the month was Alibaba (+53.0% mom). With some rotations expected in non-tech stocks, our October calls are: add Galaxy, Jacobson, Ping An, Trip.com and WuXi Bio to BUY; SELL Meituan. ...
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
EXCL XLSMART TELECOM SEJAHTERA
- Chris Hoare
- Willinoy Sitorus
XLSMART Telecom Sejahtera (EXCL IJ) - Focusing On Long-term Benefits O...
We raise EXCL’s target price to Rp2,900 but downgrade our rating from BUY to HOLD. We expect EXCL’s EBITDA and net profit to stabilise in 2026. EXCL has been the bestperforming stock among Indonesian telecoms, up 22% ytd versus its peers TLKM (up 15%) and ISAT (down 21%).
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