Research
17 April 2026 NEW!
The JCI closed flat at -0.03% in the red zone at 7,621.4, as some market participants a...
Research
17 April 2026 NEW!
We maintain our BUY rating on SMDR with an upgraded TP of IDR 500 (Previously IDR 400) ...
14 April 2026
NHKSI Research Team forecast USD/IDR with an End Of Year Target at 17,250-17,350 due to external geopolitical uncertainties causing lack of confidence with Indonesia. Furthermore, the negative outlook given by multinational credit ratings agencies Moody’s and Fitch has raised concerns over the lack of clarity with impacts from the current administration’s social programs as a measure for aggressive economic growth.
1 December 2021
Although social-activity restrictions (PPKM) were re-tightened at the beginning of third quarter as Delta-variant struck, Indonesia was able to maintain recovery momentum with 3Q21 GDP growth of 1,55% QoQ or 3.51% YoY.
24 June 2021
With the economic recovery going slower than expected, projection for Indonesian 2021 GDP growth was cut to 4.1% -5.1%.
11 December 2020
Under the 2021 Macroeconomic assumptions, the government is targeting an economic growth of 4.5% - 5.5%. If this recovery can be achieved, Indonesia will return to its long-term economic growth. Meanwhile, NHKSI research sets a base case 2021 JCI target of 6,800; which implies a forward P/E of 18.1x. Our top picks for 2021 include: Banking (BBNI, BMRI); Consumer Goods (MYOR, KLBF); Telecommunication (TOWR, TLKM,EXCL); and Property (CTRA, PWON).
11 November 2020
Indonesia officially entered into a recession zone after posting negative economic growth for 2 consecutive quarters. However, the JCI drew strength from US election where Joe Biden is projected to be the winner. This is reinforced by the chance that GOP will retain a majority seat in the senate, which would block any policy plans that deemed unfavorable to business. Other than thatwe are trying to identify companies which performed well in 3Q20.
