Company Report

29 October 2026

XA UPDATE REPORT | Aneka Tambang Tbk. (ANTM) &#...

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

XA Update Report | PT Bank Central Asia Tbk. (B...

BBCA continued to deliver resilient earnings in 9M26, with profit growth gaining moment...

26 August 2020

ASII – Tailing Economic Recovery Momentum

In 1H20, ASII booked a decline in total revenue to IDR 89.8 trillion, down by 22.7% from the same period last year at IDR116.2 trillion.

26 August 2020

TINS – Performance Gradually Improved

TINS posted a net loss of IDR390 billion in 1H20 but improved quarterly as the company recorded revenue recovery with a net profit of IDR23 billion in 2Q20. China’s refined tin imports in May already rose 1.762% YoY, hence we see that the condition will strengthen global tin prices and have the potential to improve TINS’s ASP in 2H20. We revised our estimates for 2020F and revised up the assumption of average global tin prices to USD16,805/tonnes. We maintain BUY recommendation for TINS.

19 August 2020

TLKM – Indihome Grows During Pandemic

On YoY basis in 1H20, income of the Internet Data and Indihome segments booked positive growth of 6.8% and 19.1% respectively during the Covid-19 pandemic period. However, the cannibalization by OTT and tight competition with mobile operators made the company’s income from the SMS, Cellular Phone segment down by 27.5%. This caused the net profit of the company to be pressured in the first quarter of 2020.

19 August 2020

KLBF – Remains Optimistic Despite Headwinds

KLBF 2Q20 earnings exceeded our expectations, with the modest growth in distribution and consumer health segment, but weighed down by prescription drugs and nutrition segment. We also see the new catalyst which is vaccine development will have a double edged sword effect on KLBF. Meanwhile, we expect a better second half of 2020 both revenue and earnings, thus we maintain our Buy recommendation.

19 August 2020

SMGR – Must Take Advantage of Economic Recovery

SMGR performance in 1H20 resulted in bottom line increase of 26.6% YoY, although the 2Q20 sales and profit both dropped by -9.5% and -25.5%. Under the National Economic Recovery (PEN), where the delayed infrastructure projects and construction will be continued, will help SMGR sales volume growth domestically. Export volume should also be intensified, considering export destination countries are gradually recovering.

Company Report

XA UPDATE REPORT | Aneka Tambang Tbk. (ANTM) &#...

XA Update Report | PT Bank Central Asia Tbk. (B...

ASII – Tailing Economic Recovery Momentum

TINS – Performance Gradually Improved

TLKM – Indihome Grows During Pandemic

KLBF – Remains Optimistic Despite Headwinds

SMGR – Must Take Advantage of Economic Recovery

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