reports
- Amerul Iqmal
- Andrew Agita Buntoro
- Bella Lu Yifei
- Claire Wang Kelai
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- Johnny Yum Chung Man
- Kai Jie Tang
- Ken Lee
- Kong Ho Meng
- Lester Siew
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, March 11, 2026
Greater China Economics | Trade China’s exports grew 21.8% yoy in Jan-Feb 26, way above Bloomberg consensus of 7.2% yoy. Imports were equally strong, up 19.8% yoy compared with an expected 7.0% yoy. Exports to the US fell 11.0% yoy, but were made up by strong exports growth to Hong Kong, ASEAN and the EU. While the manufacturing PMI new export orders sub-index improved in 4Q25, the strong data is a pleasant surprise, reflecting China’s success in trade diversification. Company Results | Foxco...
- Andrew Agita Buntoro
- Willinoy Sitorus
Telkom Indonesia (TLKM IJ) - AdMedika Divestment Marks Start Of Asset ...
Company Update | Telkom Indonesia (TLKM IJ/BUY/Rp2,960/Target: Rp4,200) We maintain BUY on TLKM with an unchanged target price of Rp4,200, reemphasising the improving industry ARPU discipline, ongoing asset monetisation, and potential upside from the TIF stake sale. TelkomMetra's divestment of AdMedika to Fullerton Health marks the first concrete step in TLKM's broader asset unlocking programme, with TIF, data centres, property, and GOTO still in the pipeline. A structurally rising DPR and poten...
- Andrew Agita Buntoro
- Maskun Ramli
- Willinoy Sitorus
Indonesia Daily - Wednesday, March 11, 2026
Company Update | Telkom Indonesia (TLKM IJ/BUY/Rp2,960/Target: Rp4,200) We maintain BUY on TLKM with an unchanged target price of Rp4,200, reemphasising the improving industry ARPU discipline, ongoing asset monetisation, and potential upside from the TIF stake sale. TelkomMetra's divestment of AdMedika to Fullerton Health marks the first concrete step in TLKM's broader asset unlocking programme, with TIF, data centres, property, and GOTO still in the pipeline. A structurally rising DPR and poten...
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - March 2026
Greater China Strategy | Alpha Picks: March Conviction Calls Chinese equities consolidated further in February, with the HSI and MSCI China Index declining 2.8% mom and 5.6% mom, respectively. March is expected to be volatile, as there are signs that the Middle East conflict could last for a while. We focus on names which have greater domestic exposure, adding Anta, China Duty Free, FII, Futu, Kuaishou and Tencent to our BUY list. Indonesia Strategy | Alpha Picks: Rotating To Commodities Amid M...
KTC KRUNGTHAI CARD PCL
00823 LINK REAL ESTATE INVESTMENT TRUST
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
ENRG ENERGI MEGA PERSADA
BN2 VALUETRONICS HOLDINGS
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
JPFA JAPFA COMFEED INDONESIA
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
5347 TENAGA NASIONAL BHD
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
BN4 KEPPEL CORPORATION LIMITED
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
MINT-R MINOR INTERNATIONAL PCL NVDR
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
PDD PINDUODUO INC. SPONSORED ADR CLASS A
RHBBANK RHB BANK BHD
VSI V.S. INDUSTRY BERHAD
BURSA BURSA MALAYSIA BHD
RATCH RATCH GROUP PUBLIC CO. LTD.
RSTON RIVERSTONE HOLDINGS LTD
FEH FOOD EMPIRE HOLDINGS LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09999 NETEASE INC
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
2269 WUXI BIOLOGICS (CAYMAN) INC.
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
06160 BEIGENE LTD.
09888 BAIDU INC
CLAR CAPITALAND ASCENDAS REIT
MDKA MERDEKA COPPER GOLD TBK PT
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
YINSON YINSON HOLDINGS BHD
IOIPG IOI PROPERTIES GROUP BHD
0303 ALPHA IVF GROUP
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
HRUM HARUM ENERGY TBK PT
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ZETRIX MK ZETRIX AI (ZETRIX MK)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
- Andrew Agita Buntoro
- Damon Shen
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- John Cheong Ming Chern
- Kasemsun Koonnara
- Kong Ho Meng
- Roy Chen Chengzhi
- Tanapon Cholkadidamrongkul
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, February 24, 2026
Greater China Sector Update | Hong Kong Property Residential prices rebounded more strongly than expected in 4Q25 and ytd, supported by positive rental yield spread over mortgage rates and stabilising population trends in Hong Kong. However, the yield spread has narrowed and supply remains relatively high despite easing sequentially. We raise our 2026 price growth forecast to 7% and primary transaction estimate to 25,000 units. We downgrade SHKP to HOLD, keep Kerry Properties at BUY, and maintai...
- Andrew Agita Buntoro
- Willinoy Sitorus
Telkom Indonesia (TLKM IJ) - Potential One-offs Ahead Of Fibre Spin-of...
Company Update | Telkom Indonesia (TLKM IJ/BUY/Rp3,550/Target: Rp4,200) We maintain BUY on TLKM with an unchanged target price of Rp4,200, supported by improving industry ARPU discipline, ongoing asset monetisation, and potential upside from the TIF stake sale. While near-term headline risks may arise from fibre depreciation reviews and legacy regulatory matters, both are largely non-cash and manageable. A structurally higher DPR and continued margin recovery should underpin earnings resilience ...
- Andrew Agita Buntoro
- Maskun Ramli
- Willinoy Sitorus
Indonesia Daily - Tuesday, February 24, 2026
Company Update | Telkom Indonesia (TLKM IJ/BUY/Rp3,550/Target: Rp4,200) We maintain BUY on TLKM with an unchanged target price of Rp4,200, supported by improving industry ARPU discipline, ongoing asset monetisation, and potential upside from the TIF stake sale. While near-term headline risks may arise from fibre depreciation reviews and legacy regulatory matters, both are largely non-cash and manageable. A structurally higher DPR and continued margin recovery should underpin earnings resilience ...
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks – February 2026
Greater China Strategy | Alpha Picks: February Conviction Calls Chinese equities recovered in January, with the HSI and MSCI China rising 6.9% and 5.0% mom respectively. Given the supportive macro policy environment, we maintain a constructive view on the markets despite the risk of further volatility in February. Accordingly, we are adding Alibaba, Ganfeng Lithium, and Minth to our BUY list, and Meituan to our SELL list. Indonesia Strategy | Alpha Picks: From MSCI Shock To Policy-Driven Rebala...
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
KTC KRUNGTHAI CARD PCL
00823 LINK REAL ESTATE INVESTMENT TRUST
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
ENRG ENERGI MEGA PERSADA
BN2 VALUETRONICS HOLDINGS
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
JPFA JAPFA COMFEED INDONESIA
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
5347 TENAGA NASIONAL BHD
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
BN4 KEPPEL CORPORATION LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
MINT-R MINOR INTERNATIONAL PCL NVDR
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
PDD PINDUODUO INC. SPONSORED ADR CLASS A
RHBBANK RHB BANK BHD
VSI V.S. INDUSTRY BERHAD
BURSA BURSA MALAYSIA BHD
CPN-R CENTRAL PATTANA PCL NVDR
RATCH RATCH GROUP PUBLIC CO. LTD.
RSTON RIVERSTONE HOLDINGS LTD
FEH FOOD EMPIRE HOLDINGS LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09999 NETEASE INC
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
PXP PLAINS EXPLORATION & PRODUCTION COMPANY
2269 WUXI BIOLOGICS (CAYMAN) INC.
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
06160 BEIGENE LTD.
09888 BAIDU INC
CLAR CAPITALAND ASCENDAS REIT
MDKA MERDEKA COPPER GOLD TBK PT
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
YINSON YINSON HOLDINGS BHD
IOIPG IOI PROPERTIES GROUP BHD
0303 ALPHA IVF GROUP
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
HRUM HARUM ENERGY TBK PT
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ZETRIX MK ZETRIX AI (ZETRIX MK)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
- Johnny Yum
Strategy - Alpha Picks: From MSCI Shock To Policy-Driven Rebalancing
Strategy | Alpha Picks: From MSCI Shock To Policy-Driven Rebalancing Our portfolio outperformed the JCI by 10.2%. January volatility hit the JCI after MSCI flagged free float transparency and investability risks, reversing record highs into foreign-led sell-offs and a late-month correction. In response, regulators are shifting from short-term stabilisation toward structural repair, with greater emphasis on transparency and investability. The strategy pivots towards liquid and dividend-paying blu...
- Audrey Celia
- Benjaphol Suthwanish
- Damon Shen
- Gigi Cheuk
- Jieqi Liu
- Johnny Yum
- Jonathan Koh
- Joyce Chu
- Kate Luang
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Krit Tanarattananon
- Roy Chen Chengzhi
- Suryaputra Wijaksana
- Thailand Research Team
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, February 03, 2026
Greater China Sector Update | China Property CRIC data show that the top 100 developers’ contracted sales fell 24.7% yoy in Jan 26, while new-home sales in 28 major cities declined 36% yoy. Second-hand transactions in three Tier 1 cities rose 1% yoy. Maintain UNDERWEIGHT but deepening industry downturn leads to rising possibility of policy support, supporting selective exposure. CR Land remains our top pick, with P/B at 1SD below the five-year mean, and PE and yield near the five-year average....
KTC KRUNGTHAI CARD PCL
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
FCT FRASERS CENTREPOINT TRUST
01109 CHINA RESOURCES LAND LIMITED
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
KLBF PT KALBE FARMA TBK
JPFA JAPFA COMFEED INDONESIA
AMRT SUMBER ALFARIA TRIJAYA TBK PT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
MYOR MAYORA INDAH
C6L SINGAPORE AIRLINES LTD.
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
BBCA PT BANK CENTRAL ASIA TBK
PTTEP PTT EXPLORATION & PRODUCTION PLC
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
Q5T FAR EAST HOSPITALITY TRUST
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
WPRTS MAPLETREE INDUSTRIAL TRUST
06088 WESTPORTS HOLDINGS BHD
ICBP FIT HON TENG LIMITED
RATCH INDOFOOD CBP SUKSES MAKMUR T
UHU RATCH GROUP PUBLIC CO. LTD.
CRPU UNITED HAMPSHIRE US REIT
CICT SASSEUR REIT (S CHIP)
SCGP CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP SCG PACKAGING PCL
OXMU LENDLEASE GLOBAL COMMERCIAL REIT
HMN PRIME US REIT
CLCT ASCOTT RESIDENCE TRUST
KORE CAPITALAND CHINA TRUST
BBNI KEPPEL PACIFIC OAK US REIT
GOTO BANK NEGARA INDONESIA PERSER
CMRY GOJEK TOKOPEDIA TBK PT
MXNU PT CISARUA MOUNTAIN DAIRY TBK
CLAR ELITE COMMERCIAL REIT MGNT PTE LTD
DCRU CAPITALAND ASCENDAS REIT
DIGITAL CORE REIT MANAGEMENT PTE. LTD.
- Audrey Celia
- Johnny Yum
- Maskun Ramli
- Suryaputra Wijaksana
- Willinoy Sitorus
Indonesia Daily - Tuesday, February 3, 2026
Economics | Indonesia Headline Inflation Rises On Low-base Effect, Core Inflation Remains Stable Indonesia's headline inflation rose to 3.55% yoy in Jan 26, primarily driven by temporary base effects from last year's low electricity tariffs and high global gold prices. However, core inflation remained stable at 2.45%, and prices fell mom due to a strong food harvest. This indicates underlying demand pressures are still contained. Consequently, Bank Indonesia is expected to maintain its benchmark...
KLBF PT KALBE FARMA TBK
JPFA JAPFA COMFEED INDONESIA
AMRT SUMBER ALFARIA TRIJAYA TBK PT
MYOR MAYORA INDAH
BBCA PT BANK CENTRAL ASIA TBK
ASII PT ASTRA INTERNATIONAL TBK
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
ICBP INDOFOOD CBP SUKSES MAKMUR T
BBNI BANK NEGARA INDONESIA PERSER
GOTO GOJEK TOKOPEDIA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
- Alden Gabriel Lam
- Willinoy Sitorus
Strategy - Positive Sentiment On LQ45
Strategy | Positive Sentiment On LQ45 Following MSCI’s freeze on index inclusions and deletions, the government plans to raise equity investment limits for pension funds and insurance companies from 8% to 20%, broadly in line with OECD practices. Investment allocation is expected to focus on LQ45 constituents. For context, the LQ45 index has underperformed the JCI by approximately 16.0% over the past year. Highlights • JCI declined by -7.2% over the past three trading days after the freeze on ...
AMRT SUMBER ALFARIA TRIJAYA TBK PT
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
ASII PT ASTRA INTERNATIONAL TBK
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
ICBP INDOFOOD CBP SUKSES MAKMUR T
BBNI BANK NEGARA INDONESIA PERSER
GOTO GOJEK TOKOPEDIA TBK PT
- Alden Gabriel Lam
- Arsit Pamaranont
- Bella Lu Yifei
- Benyamin Mikael
- Claire Wang Kelai
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, February 02, 2026
Greater China Economics | PMI January PMI was below Bloomberg’s consensus, as the manufacturing PMI dipped to 49.2 (-0.9pt mom). The manufacturing output sub-index stayed marginally expansionary, while the new orders and new export orders sub-indices weakened. The purchase prices sub-index surged, pointing to higher cost pressure for manufacturers. The non-manufacturing PMI also fell to 49.4 (-0.8pt mom), mainly driven by a sharp contraction in the construction industry index. Large enterpri...
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
IRPC IRPC PUBLIC CO. LTD.
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
BN2 VALUETRONICS HOLDINGS
002230 IFLYTEK CO. LTD. CLASS A
N2IU MAPLETREE COMMERCIAL TRUST
AMRT SUMBER ALFARIA TRIJAYA TBK PT
AJBU KEPPEL DC REIT
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
599A SANDS CHINA LTD.
ASII PT ASTRA INTERNATIONAL TBK
SPRC STAR PETROLEUM REFINING
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
00700 TENCENT HOLDINGS LTD.
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
ICBP INDOFOOD CBP SUKSES MAKMUR T
CAO CHINA AVIATION OIL SINGAPORE CORP LTD
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09988 ALIBABA GROUP HOLDING LTD.
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HLA HONG LEONG ASIA LTD
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
BBNI BANK NEGARA INDONESIA PERSER
GOTO GOJEK TOKOPEDIA TBK PT
DEWA IJ DARMA HENWA (DEWA IJ)
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
RGL RECLAIMS GLOBAL
- Alden Gabriel Lam
- Benyamin Mikael
- Maskun Ramli
- Willinoy Sitorus
Indonesia Daily - Monday, February 2, 2026
Strategy | Positive Sentiment On LQ45 Following MSCI’s freeze on index inclusions and deletions, the government plans to raise equity investment limits for pension funds and insurance companies from 8% to 20%, broadly in line with OECD practices. Investment allocation is expected to focus on LQ45 constituents. For context, the LQ45 index has underperformed the JCI by approximately 16.0% over the past year. Company Results | Darma Henwa (DEWA IJ/BUY/Rp540/Target: Rp1,500) DEWA delivered in-line ...
AMRT SUMBER ALFARIA TRIJAYA TBK PT
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
ASII PT ASTRA INTERNATIONAL TBK
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
ICBP INDOFOOD CBP SUKSES MAKMUR T
BBNI BANK NEGARA INDONESIA PERSER
GOTO GOJEK TOKOPEDIA TBK PT
DEWA IJ DARMA HENWA (DEWA IJ)
- Alden Gabriel Lam
- Willinoy Sitorus
Strategy - JCI Trading Halt On MSCI Announcement
Strategy | JCI Trading Halt On MSCI Announcement The JCI was halted with an intraday peak decline of 8.8% on MSCI’s free float methodology decision, led by large-cap and conglomerate stocks. On 28 Jan 26, MSCI concluded its consultation, citing concerns over shareholder transparency and possible coordinated trading. MSCI imposed an interim freeze for Feb 26, with no index additions, no upward FIF or NOS changes, and no size migration, while exclusions remain possible. Persistent issues by May 26...
- Alden Gabriel Lam
- Maskun Ramli
- Posmarito Pakpahan
- Willinoy Sitorus
Indonesia Daily - Thursday, January 29, 2026
Strategy | JCI Trading Halt On MSCI Announcement The JCI was halted with an intraday peak decline of 8.8% on MSCI’s free float methodology decision, led by large-cap and conglomerate stocks. On 28 Jan 26, MSCI concluded its consultation, citing concerns over shareholder transparency and possible coordinated trading. MSCI imposed an interim freeze for Feb 26, with no index additions, no upward FIF or NOS changes, and no size migration, while exclusions remain possible. Persistent issues by May 26...
- Andrew Agita Buntoro
- Willinoy Sitorus
Telkom Indonesia (TLKM IJ) - Mobile ARPU Consolidation And Asset Value...
Company Update | Telkom Indonesia (TLKM IJ/BUY/Rp3,850/Target: Rp4,200) We maintain our BUY rating with a higher target price of Rp4,200 (from Rp4,000), supported by stronger pricing discipline following the XL Smart merger and TLKM’s asset value-unlocking strategy. Mobile ARPU is improving in 2026, while the fibre carve-out into TIF and the planned sale of a 20-30% stake at a premium offer valuation upside. Additional catalysts include potential divestments in data centres, AdMedika, property, ...
- Andrew Agita Buntoro
- Maskun Ramli
- Suryaputra Wijaksana
- Willinoy Sitorus
Indonesia Daily - Tuesday, January 27, 2026
Economics | The Liquidity Paradox: Strong M2 Growth Amid Subdued Demand In Indonesia In 2025, Indonesia’s M2 growth hit a four-year high (9.6%), fuelled by central bank bond purchases, though credit demand stayed subdued. This liquidity boosted asset prices but weakened the rupiah. For 2026, growth is expected to accelerate amid supportive policies and confidence. Inflation should remain manageable, staying within the 1.5-3.5% target range. Bank Indonesia is likely to cut rates in 2H26, maintain...
- Andrew Agita Buntoro
- Benjaphol Suthwanish
- Damon Shen
- Desmond Chong Chee Wai
- Greater China Research Team
- Jieqi Liu
- Jonathan Koh
- Philip Wong
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
- Wei Xiang Ku
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, January 27, 2026
Greater China Sector Update | China Property In 2025, CR Land and COLI saw 15-20% yoy profit declines and Longfor’s core profit may turn from positive to negative due to weak DP margins. For 2026, the outlook remains constrained, though as it is the first year of the 15th Five-Year Plan, SOEs are expected to have clearer growth targets. In Jan 26, new-home sales in 28 major cities fell 40% yoy, while second-hand transactions in three Tier 1 cities declined 4% yoy. Maintain UNDERWEIGHT, but we se...
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