Consumer: Room for Growth Is Still in Store (OVERWEIGHT)
We maintain our sector OW rating and expect ICBP (TP Rp13,000) and MYOR (TP Rp3,500) to fare better under a soft recovery scenario.
509 Views
Equity Strategy: FY24 Outlook: The Road to JCI 8,000
JCI’s 13x PE implies room for a rerating if growth improves, while Indonesia’s resilient economic growth offers downside protection.
321 Views
Consumer: Festive events in 1H24 and higher social aid to cushion soft recovery in FY24 (OVERWEIGHT)
We expect more provision for social aid and the festive events in 1H24 to cushion soft purchasing power recovery amid modest wage hikes.
312 Views
Macro and Flows Tracker - Not All Is Well
The global manufacturing sector depicted some positive signs in July, with more countries reporting stronger activity, including Indonesia
331 Views
Macro and Flows Tracker - Glimpse of Recovery
We anticipate improvements in the banking sector's intermediary function, supported by ample liquidity and favourable rates
210 Views