FY25 Outlook: Attractive Valuation Emerges as Headwind and Soft Growth Outlook Are Priced In
Despite external headwinds on Rupiah and liquidity, we believe JCI valuation has currently priced in a soft growth outlook for FY25.
332 Views
Indonesia: Macro Stability and Attractive Valuations Create a Buying Opportunity
Equity valuations (11.75x trailing PER) are attractive (vs 20yr mean of 16.2x). Shrinking CAD helps stabilize IDR, likely allowing a rate cut this...
222 Views
Indonesia: Prabowo Risk Beginning to Hurt IDR, Requiring Tighter Money
Despite a smaller fiscal deficit (1.6% of GDP) in 2023, markets are pricing in "Prabowo risk". The switch to a current account deficit will...
266 Views
Elections Likely to Hand a Decisive Mandate to Strongman Prabowo
Controversial ex-general Prabowo is poised to win the presidential election with Jokowi's son as his running-mate, potentially leading to unstable...
318 Views
Indonesia: Attractively Valued Amid Good Growth with Low Inflation and CA Surplus
With a real policy rate of +2.23% & 3.5% IDR appreciation ytd, BI saw no need to match the US rate hike. Solid 5%+ RGDP growth with a CA surplus...
234 Views