AADI’s revenue in 9M25 was in line with our expectations. The company recorded revenue of US$1.21 billion in 3Q25 (-2.1% QoQ; -13.2% YoY), resulting in a 10.9% YoY decline in...

AALI posted a solid 3Q25 performance with revenue of IDR 7.67tn (+3.4% QoQ; +28.4% YoY), bringing 9M25 revenue to IDR 22.12tn, above both our estimate and consensus. Growth was supported...

Saprolite Ore Unlocking New Revenue Stream in 9M25. INCO booked its initial saprolite ore sales of 896,263 Wet Metric Ton (Wmt) from the Bahodopi and Pomalaa blocks in 3Q25, earlier...

ANTM’s revenue expanded 66.7% YoY to IDR 71.03 trillion in 9M25. This growth was supported by a 64.3% YoY increase in gold sales to IDR 58.67 trillion, a 171.9% YoY...

>PT Sinergi Inti Andalan Prima Tbk (INET) continues to strengthen its positioning as an integrated digital-infrastructure operator, underpinned by fast-expanding capacity and accelerating contribution from newly developed business segments. Since...

CPIN booked limited revenue growth of 1.8% YoY to IDR50.6 trillion in 9M25. This revenue was driven by an increase in sales in the feed segment of 20.2% YoY to...

>TLKM delivered a moderate set of results in 3Q25, with topline growth beginning to stabilize. Revenue reached IDR36.61tn (+0.68% QoQ; –0.85% YoY), bringing 9M25 revenue to IDR109.62tn (–2.32% YoY). Legacy...

The aluminum smelter is scheduled to commence operations in stages. Phase 1 commissioning is targeted for the end of 2025, with 500 ktpa of ingots produced within the North Kalimantan...

JPFA booked revenue growth of 4.4% YoY to IDR43.1 trillion in 9M25. This growth was driven by increased sales across all business segments, with the highest sales increase from the...