Properties & Real Estate: Property Sales Growth Potential in 2H25F
BI rate has the potential to be cut by 25 bps - 50 bps in the remainder of 2025. Given Indonesia's relatively solid macroeconomic conditions, where the inflation rate is...
Baca Laporan
Retailers : Strong Expansion Drives Retailers Sector Growth
Public consumption tends to improve in April 2025. Inflation in Indonesia was at 1.95% YoY in April 2025, higher than the previous realization of 1.03% YoY in March 2025. This...
Baca Laporan
Cement : Softens in 1Q25, Recovery Likely Constrained
National cement sales volume in 1Q25 reached 13.16 million tons (-7.8% YoY ; -25.9% QoQ), missing both our forecast (20.6%) and the five-year average (23.1%). The weak performance was mainly...
Baca Laporan
Telco : Navigating Pricing Gains and Spectrum Bids in 2H25F
All telecom issuers under our coverage faced pressure in 1Q25. ISAT booked revenue of IDR13.58 trillion (-3.53% QoQ), dragged by a 2.94% QoQ contraction in data revenue. Despite a slight...
Baca Laporan
Tower : Navigating Post-Merger Network Rationalization and Fiber Growth in 2H25F
TBIG reported a modest 1.63% QoQ revenue increase in 4Q24 to IDR 1.74 trillion, buoyed by fiber (+4.00% QoQ) and tower leasing (+1.42% QoQ). Meanwhile, MTEL’s 1Q25 revenue contracted by...
Baca Laporan
Banking: Liquidity Tightening versus Prudential Macro Incentives
The banking sector is experiencing liquidity tightening in FY24. Indonesia's banking sector's loan-to-deposit ratio (LDR) increased by 474 bps YoY or 123 bps MoM to 88.57% in December 2024. All...
Baca Laporan
Poultry: Regulations Supports the Poultry Industry’s Bright Prospect
Domestic inflation stabilizes at low levels. CPI inflation in Indonesia was recorded at 2.12% YoY in August 2024, declining for the fifth consecutive month since April 2024. Inflation in the...
Baca Laporan
Banking: Maintaining Solid Performance in High Interest Rate Conditions
Term Deposit (TD) rates of banks in coverage are relatively well maintained. Loans and third-party funds growth in Indonesia have been on an upward trend since 2023. Non-Performing Loans (NPL)...
Baca Laporan
Food & Beverage: Potential Increase in Public Consumption
The Consumer Price Index (CPI) inflation rate continues to decline. The CPI inflation rate in Indonesia stood at 2.13% YoY in July 2024. We estimate that the sluggish CPI inflation...
Baca Laporan
