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...

2 June 2020

UNTR – Construction Machinery Continues to Weaken

1Q20 result is below our expectation with a decrease in net profit by 40% YoY, which is the result of a 19% YoY decrease in revenue and an increase in forex loss by 418% YoY.

2 June 2020

GGRM – 1Q20: A Touch Below Our Estimate, FY Outlook Lowered

GGRM still recorded modest growth in revenue and net profit in 1Q20, supported by advances in all seg-ments such as SKM, SKT and paperboard. However, GPM and EBIT margins still recorded a contraction due to a moderate increase in ASP amid an increase in excise tax rates and downward trend in cigarettes volume sales.

30 April 2020

INDF – 4Q19 Review Strong Margins and Better Earnings

INDF posted significant profit growth in FY19 compared to FY18's growth; that was attributable to its positive performance—particularly CBP and Bogasari's best performance as well as improving margins of the agribusiness and distribution segments. We project that FY20's revenue and earnings are likely to weaken as PSBB and uncertain Idul Fitri holiday bonuses (THR) payout are two hiccups in solid domestic consumption. Despite the hiccups, INDF's outlook is pretty sound as it is one of the defensive players and the market leader in food-branded products.

15 April 2020

WSKT – Sluggish Construction, FY19’s Outlook Is Grim

WSKT in 2019 obtained new contract of IDR26 trillion equal to 57.8% of the target as FY19's revenue and profit accounted for IDR31.4 trillion (-36% YoY) and IDR938 billion (-76% YoY), respectively. The divestment of its two toll-road sections had yet to result in the positive growth of bottom-line and top-line. Conversely, turnkey project payments of IDR9 trillion turned FY19's cash-flow performance into positive. WSKT in 2020 targets to divest its six toll-road sections to spur revenue and cash-flow performance.

19 March 2020

TLKM – Cost Control Manifest in 3Q19 Sound Performance

TLKM records a sharp correction as fears of COVID-19 spook foreign investors to panically pull out their capital. Despite the fact, NHKSI is sanguine about TLKM's reviving outlook, backed by its 2020's performance.

Company Report

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

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

UNTR – Construction Machinery Continues to Weaken

GGRM – 1Q20: A Touch Below Our Estimate, FY Outlook Lowered

INDF – 4Q19 Review Strong Margins and Better Earnings

WSKT – Sluggish Construction, FY19’s Outlook Is Grim

TLKM – Cost Control Manifest in 3Q19 Sound Performance

Contact Us

Link

Certified By