Company Report
29 October 2026
ANTM’s 9M26 results were in line, with revenue of IDR 88.48 tn (+22.8% YoY, 74.3% of ou...
Company Report
29 October 2026
BBCA continued to deliver resilient earnings in 9M26, with profit growth gaining moment...
11 November 2020
Despite booking soft revenue numbers, UNVR succeeded to record margin improvement in 3Q20. When looking into 3Q20 numbers, our concern is the continued weakness in the F&R segment. However, we believe that its portfolio expansion and A&P also started back on track would support its near to medium-term earnings growth.
10 November 2020
PTPP’s performance in 3Q20 was under below expectations. PTPP recorded an income of IDR3.27 trillion (-38.7% YoY, -2% QoQ) and profit of IDR10 billion (-94.2% YoY). Up to September 2020, PTPP new contracts reached 46% of its 2020 target. However, contract acquisition slowed down in 3Q20. PTPP is expected to realize potential assets divestment to gain fresh flow of funds and boost the FY20 and FY21 performance.
10 November 2020
TOWR booked continuous positive performance in Q3/2020. The company’s income came from an increase in tower tenancy income by 23.5% YoY with PT Hutchison 3 Indonesia (TRI) still the biggest contributor. Meanwhile, tax expenses fell 36.5% YoY, boosting bottom line performance 19.5% YoY to IDR1.9 trillion.
9 November 2020
BMRI booked a net income of IDR14 trillion in 9M20 or 82% of our FY20E estimate. High liquidity with 84.4% LDR, but with lower CoF. We maintain BUY with IDR7,000 TP (1.7x PBV FY20E). Meanwhile, BMRI will become the parent company of Islamic SOE bank, as Bank Syariah Mandiri provides the highest contribution for assets of the merged entity.
6 November 2020
In 3Q20, WIKA booked an income of IDR3.25 trillion (-53% YoY, +11% QoQ). However, the high financial cost of IDR397 billion pushed the bottom line to record a net loss of IDR200 billion and 9M20 profit to IDR50 billion. New contract acquisitions in 3Q20 which were better than 2Q20 provides a positive cataltyst for WIKA’s performance until the end of the year. Meanwhile, WIKA must control its interest-bearing debt, in order to withstand a jump in leverage ratio.
