reports
Moody's Ratings changes outlooks on five Indonesian banks to negative ...
Moody's Ratings (Moody's) has today changed the outlooks on five Indonesian banks to negative from stable, following the affirmation of the Government of Indonesia's Baa2 issuer rating and change in outlook to negative from stable on 5 February 2026. The five banks include Bank Mandiri (Persero) Tbk...
Bank Rakyat Indonesia (Persero) Tbk PT: 1 director
A director at Bank Rakyat Indonesia (Persero) Tbk PT bought 98,000 shares at 3,640.000IDR and the significance rating of the trade was 51/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors ove...
- 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)
- Posmarito Pakpahan
Banking - 11M25: 2025 On Track, Composition Sets 2026 Outlook
Sector Update | Banking 11M25 results confirm that FY25 earnings are broadly in line, but the sector’s earnings framework has shifted. All major banks saw declines in NIMs and asset yields and moderating core profitability, reflecting a broader normalisation in earnings drivers. As liquidity conditions improve, the sector moves into 2026 with earnings more dependent on loan growth delivery, funding mix optimisation, and operating execution. Highlights • 11M25 broadly in line; but earnings compo...
- Maskun Ramli
- Posmarito Pakpahan
Indonesia Daily - Wednesday, January 21, 2026
Sector Update | Banking 11M25 results confirm that FY25 earnings are broadly in line, but the sector’s earnings framework has shifted. All major banks saw declines in NIMs and asset yields and moderating core profitability, reflecting a broader normalisation in earnings drivers. As liquidity conditions improve, the sector moves into 2026 with earnings more dependent on loan growth delivery, funding mix optimisation, and operating execution. Technical Analysis AKR Corporindo | AKRA IJ Trading Bu...
- Posmarito Pakpahan
Banking - Liquidity Is Back, But Growth Must Be Earned
Sector Update | Banking Indonesia’s banking sector enters 2026 in a normalisation phase, with liquidity improving and funding costs easing, leaving system liquidity more manageable. Achieving BI’s 8-12% loan growth target hinges on a broader corporate and MSME recovery. Meanwhile, with NIM expected to be stable to mildly softer and credit costs near structural floors for some banks, the key differentiator shifts to deployable liquidity and credit-cost resilience across banks. Valuations remain r...
- Maskun Ramli
- Posmarito Pakpahan
Indonesia Daily - Monday, January 19, 2026
Sector Update | Banking Indonesia’s banking sector enters 2026 in a normalisation phase, with liquidity improving and funding costs easing, leaving system liquidity more manageable. Achieving BI’s 8-12% loan growth target hinges on a broader corporate and MSME recovery. Meanwhile, with NIM expected to be stable to mildly softer and credit costs near structural floors for some banks, the key differentiator shifts to deployable liquidity and credit-cost resilience across banks. Valuations remain r...
- Posmarito Pakpahan
Banking - Contained Banking-Sector Risk From Sumatra Floods
Sector Update | Banking The Sumatra floods have caused severe local disruptions and exacted a tragic humanitarian toll, resulting in a GDP drag of 0.1% in 4Q25. Banking-system exposure is modest at 5% of loans, with near-term pressure concentrated in micro and SME borrowers. Provisioning may rise slightly in 1Q26 but remains manageable given strong sector buffers. Exposure varies across banks, with BRIS and BBRI being the most affected. Despite short-term noise, the event does not alter the sect...
- Maskun Ramli
- Posmarito Pakpahan
- Suryaputra Wijaksana
Indonesia Daily - Wednesday, December 10, 2025
Economics | Directive Approach, Structural Limits: Assessing Indonesia's New Forex Proceed Rules Indonesia's 2026 revision of its export proceeds (DHE) rules mandates that all export earnings be placed exclusively in state-owned banks, while cutting the rupiah conversion limit to 50%. This state-directed strategy aims to mechanically boost forex reserves and stabilise the onshore currency market. However, it risks distorting the banking sector, creating liabilities for state banks and squeezing ...
- 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
- 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
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Ken Lee
- Kenny Yong Hui Lim
- Lester Siew
- Malaysia Research Team
- Posmarito Pakpahan
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Vincent Khoo Boo Aik
- Wei Xiang Ku
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Friday, October 31, 2025
Greater China Company Results | ASMPT (522 HK/BUY/HK$83.85/Target: HK$104.00) ASMPT’s 3Q25 print missed expectations on a weaker product mix and one-off restructuring costs. Revenue was largely in line with the mid-point of its guidance, but gross margin was below expectations at 35.7% due to changes in product mix and inventory write-off from the restructuring. Nevertheless, ASMPT reported solid progress with TCB in both HBM4 and advanced logic C2W/C2S, while its mainstream tools continued to r...
ASM PACIFIC TECHNOLOGY LIMITED
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
F34 WILMAR INTERNATIONAL LIMITED
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
PTTEP PTT EXPLORATION & PRODUCTION PLC
BN4 KEPPEL CORPORATION LIMITED
1211 BYD COMPANY LIMITED CLASS H
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
BURSA BURSA MALAYSIA BHD
BANPU TB BANPU
CPN-R CENTRAL PATTANA PCL NVDR
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
CRC CENTRAL RETAIL CORP
CTOS CTOS DIGITAL BHD
ARCI IJ ARCHI INDONESIA (ARCI IJ)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
- Posmarito Pakpahan
Bank Rakyat Indonesia (BBRI IJ) - 3Q25: Earnings Recovery On Lower Pro...
Company Results | Bank Rakyat Indonesia (BBRI IJ/BUY/Rp3,930/Target: Rp4,250) BBRI posted a 15.1% qoq rise in 3Q25 net profit to Rp15.4t on lower provisions and stronger non-interest income, with 9M25 earnings in line at 74% of our forecast. Loan growth re-accelerated to 6.3% yoy, supported by consumer and corporate lending, while micro remained subdued but is guided to recover starting from 2026. Asset quality pressures have peaked, with write-offs and restructuring trending down and CASA risin...
- Benyamin Mikael
- Maskun Ramli
- Posmarito Pakpahan
Indonesia Daily - Friday, October 31, 2025
Company Results | Archi Indonesia (ARCI IJ/BUY/Rp1,185 /Target: Rp2,050) ARCI booked US$36m net profit in 3Q25 (+44.8% qoq), driven by higher gold ASP (US$3,508/oz; +46% yoy) and production (37,000 oz; +27.6% yoy), bringing 9M25 profit to US$70m, in line with estimates. Maintain BUY, with a target price of Rp2,050, as we expect sustained high ASP and upside from reserve upgrades and the Kopra underground project. Company Results | Bank Rakyat Indonesia (BBRI IJ/BUY/Rp3,930/Target: Rp4,250) BBRI...
- Willinoy Sitorus
Strategy - JCI Down On MSCI’s Proposed Inclusion Methodology
Strategy | JCI Down on MSCI’s Proposed Inclusion Methodology The JCI fell 1.87% after MSCI proposed changes to free float calculation, triggering selling of large caps, especially conglomerate-theme stocks. The proposal implies higher free float thresholds for most MSCI EM Indonesian stocks, raising exclusion risks for some constituents. The methodology remains under consultation, with outcomes dependent on feedback and MSCI's final review by 31 Dec 25. Re-iterate our preference for big-cap lagg...
JPFA JAPFA COMFEED INDONESIA
AMRT SUMBER ALFARIA TRIJAYA TBK PT
INKP PT INDAH KIAT PULP & PAPER TBK
BBCA PT BANK CENTRAL ASIA TBK
BBNI BANK NEGARA INDONESIA PERSER
HRUM HARUM ENERGY TBK PT
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
AADI IJ ADARO ANDALAN INDONESIA
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