TAPG : Sustaining Strong Yields, Powering Future Growth
We expect TAPG booked revenue of IDR 10.5 trillion in FY25F (+9.0% YoY), supported by higher sales volumes of CPO (~680 thousand tons, +6.9% YoY) and PKO (~27 thousand tons,...
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MDKA : Built to Scale, Engineered for Profit
MDKA recorded FY24 revenue of US$2.24 billion, representing a 31.2% YoY increase compared to US$1.71 billion in FY23. This growth was primarily driven by the nickel segment, which contributed 82.4%...
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PTPP : A Challenging Start, With Opportunities Ahead
PTPP recorded revenue of IDR3.51 trillion in 1Q25 (–39.6% QoQ; –23.9% YoY), mainly due to a significant contraction in the construction services segment (–35.5% QoQ; –24.3% YoY) and a sharp...
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ERAA : iPhone 16 Series Potentially Drives Revenue in FY25
ERAA booked a decrease in revenue by 4.61% YoY to IDR15.88 trillion in 1Q25. This decrease was caused by the operator product segment sales, which decreased significantly by 28.23%% YoY...
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INCO : Initial Ore Sales Offset by Lower Nickel Matte ASP
INCO reported a net profit of US$21.80 million in 1Q25 (+228% QoQ; +252% YoY). This result was driven by gains from a fair value assessment of a call option related...
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PANI: PIK 2 Strategic Development Supports PANI’s Net Profit
PANI's revenue decrease 4% YoY to Rp612 billion in 3M25. This decline was in line with the decrease in other revenues by 69% YoY to Rp6.9 billion in 3M25 due...
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TLKM: Soft Start, Brighter Ahead
TLKM reported 1Q25 revenue of IDR 36.64 trillion (-2.9% QoQ; -2.1% YoY), in line with expectations (Phintas: 23.72%, Cons: 23.60%). The decline was driven by weaker performance in Data, Internet...
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BBNI : Moderation in Term Deposit Rate Potentially Becomes BBNI’s Catalyst in FY25F
BBNI’s net profit grew 1% YoY (4.4% QoQ) to IDR 5.4 trillion in 3M25. BBNI’s net interest income rose 4.7% YoY but declined 10.9% QoQ in 3M25. The increase in...
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ACES : Net Profit Growth Driven by Solid Revenue in FY24
ACES booked revenue growth of 12.75% YoY to IDR8.58 trillion in FY24. The growth was driven by a significant increase in lifestyle product sales by 17.99% YoY to IDR3.71 trillion,...
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