“EXCL : Integration Headwinds Offset by Improving Core Metrics”
>EXCL continued to record pressured performance in 3Q25, as the integration phase with FREN remains ongoing. The company booked a net loss of IDR1.38tn for the quarter (vs IDR1.61tn in...
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“PGAS: Revenue meets estimates, higher supplier prices weigh on profits”
PGAS's performance in 9M25 was in line with our expectations. PGAS booked revenue of US$985 million (+1.43% QoQ) in 3Q25, therefore PGAS's revenue grew 3.78% YoY to US$2,923 million in...
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“ADMF: Financial Health Strengthens, Diversification Broadens”
ADMF booked a 2.3% increase in financing income in 3Q25. The durable goods segment was the main driver behind the rise in ADMF’s financing income in 3Q25, recording Rp496 billion...
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“INDF: Pressured by Exchange Rate Loss Amid Strong Operational Performance”
INDF booked revenue growth of 4.6% YoY to IDR90.98 trillion in 9M25. This growth was driven by increased sales across all business segments, with the highest increase in the agribusiness...
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“INTP : Margins Defended Amid Weak Market Conditions”
INTP delivered a broadly in-line set of results for 3Q25, supported by the historical seasonal uplift typically seen in the third quarter. Revenue reached IDR4.88tn (+20.37% QoQ; –6.02% YoY), bringing...
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“TOWR : Resilience Amid Tenant Rationalization, Fiber Gains Traction”
>TOWR delivered a relatively muted set of results in 3Q25, with segmental performance showing a mixed trend. Revenue came in at IDR3.29tn (+3.35% QoQ; -0.08% YoY), bringing 9M25 revenue to...
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“AMRT: Sales Outside Java Drive Revenue Growth”
AMRT booked revenue growth of 7.1% YoY to IDR94.48 trillion in 9M25 (equivalent to 72% of our FY25F). This growth was driven by an increase in sales in the food...
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“CTRA: Solid performance in 9M25, maintain buy rating for CTRA”
CTRA's net profit grew 27% YoY to IDR 1.6 trillion in 9M25 (65% of our FY25 estimate). This achievement is in line with revenue growth of 17.9% YoY to IDR...
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“MTEL : Margins Steady, Fiber Growth Offsets Tower Pressure “
MTEL delivered a slightly softer set of results in 3Q25, reflecting moderation in its core tower leasing segment. Revenue reached IDR2.28tn (-2.10% QoQ; -6.50% YoY), bringing 9M25 revenue to IDR6.88tn...
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