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Algo Research Team
Industry
What's Next for Indonesian Coal Stocks?
23 September 2024
The Indonesian coal sector was astounded by perhaps one of the most interesting potential corporate actions, whereby ADRO plans to sell up to 100% of its coal business to focus more on green investment. Such a move took the market by a su
Economics
Is Poverty Built By Design in Indonesia?
13 September 2024
Poverty in Indonesia is not just an unfortunate reality but seems systematically entrenched. While difficult to definitively claim that poverty is intentionally "built by design", the policies implemented by the government suggest that fi
Market
IHSG: Downside Risks in Septem-Bear
9 September 2024
IHSG is trading +4% above its previous peak, but Sri-Kehati, which is more reflective of Indonesian market catalysts, is still -8% below its all-time high. Other main indexes that show the broader market sentiment by large or liquid stock
Is There Enough Money for IKN?
3 September 2024
During our market outlook in July 2024, we stated that a limited fiscal budget will likely force Prabowo to make a choice between starting his own legacy or continuing existing legacy. Specifically, there will come a time when Prabowo wil
EV Sales Increased +158% in Indonesia
25 August 2024
The Indonesian Electric Vehicle (EV) market is heating up the country’s auto industry as competition intensifies with new entrance of Chinese brands that are positively welcomed by customers. Such as move is posing a threat for existing p
IHSG: Waiting for Reversal, Remain on the Sideline
22 August 2024
In early August, we called to stay away from equity (read here: Starting August with A Crisis) as it appeared that markets were heading into downside due to deleveraging of carry trade and US data indicating a slowdown. However, the corre
M&A Season in the Indonesian Insurance Industry?
18 August 2024
The Indonesian insurance industry is often overlooked compared to others within the financial sector such as banking or multifinance. In the past 5 years, premium growth has been muted while market penetration has consistently declined. Co
IHSG: Starting August With A Crisis
5 August 2024
The Black-Swan event. Volatility is melting higher. Sell first, fundamental later. Global financial markets in major sell-offs, negative corrections. Past 1-month Japan market (NIKKEI) crashed -25%, US indexes (NASDAQ, S&P500) down -5% to
IHSG: Positive Coal, Take Profit The Rest
22 July 2024
IHSG has outperformed significantly in July 2024, up +3.3% or +8.6% since its bottom in June. The performance was driven by institutional flows buying large-cap banks in the past 1-month: BBCA (+2%), BBRI (+7%), BMRI (+6%) and BBNI (+9%).
Fintech P2PL: Struggling With New Realities
17 July 2024
What was once one of the "darlings" and proxy for Indonesia's future, the fintech P2P lending sector is now faced with regulatory hurdles, deteriorating asset quality and slowing growth that have weakened its outlook. Turns out, the use o