Astra International (ASII) is a leading Indonesian conglomerate with its renowned diversified business interests spanning from automotive, financials, heavy equipment, agriculture, information technology and infrastructure. The company is...

This is the first conglomerate research series by Algo, where we analyze large corporations with a focus on exposure to public market. Here, we try to assess the catalysts and momentum of Emtek Group, which could potentially be an attractiv...

What was once the most anticipated IPO in IDX, Bukalapak disappointed the market where its public debut (priced at IDR850/share) lasted only 2 days to reach an all-time-high of IDR1,325/share before descending significantly by -91% to now I...

Since our research at the beginning of April, where we correctly predicted that the overall banks' earnings could miss estimates (read here: Seasonally Weak 2Q, Sell Banks), large-cap banking stocks have underperformed led by BBRI, which is...

Bank Danamon recently published its FY23 results which showed sequential improvement. 4Q23 earnings grew by +21% YoY from decent PPOP (+9%) and flat provision charges (+0.4%), bringing the total FY23 net profit up +6% YoY. On a full-year...

Nickel is one of the most underperforming global commodities recently. Over the past year, several factors have led to lower nickel price such as oversupply concern, monetary policy, waning global EV demand and lack of stimulus from China...

BBNI recently posted its 1H23 result, whereby earnings grew +17% YoY to IDR10.3tn (2Q23: +5% YoY, -3% QoQ) that was slightly below market estimate (48% of FY23 consensus). The miss came from contraction in net interest margin (NIM) from 4.7...

As market could become more conducive in 2H23, one name that can provide upside is Bank Danamon (BDMN). The last time we wrote about the banking industry (Banks: Flashing Downside Risk), we outlined potential risks for the sector such as cy...

Have you got milk? One company that we are looking at the moment is Ultrajaya (ULTJ) who is the leading pioneer of dairy products in Indonesia and its famous Ultra Milk commands the no.1 leadership position in UHT milk by volume. The compan...

BRIS (Bank Syariah Indonesia) is up +22% this week as recent news emerges that according to the Vice Minister of SOE, there could be a potential new strategic investor while 2 existing investors, BBRI and BBNI, will gradually sell their sta...