Macro Strategy: The 2026 Proposed Budget: Building Up Momentum
The 2026 budget balances fiscal prudence with acceleration growth, prioritizing 8 national agendas, aiming for 5.4% GDP growth.
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Macro Strategy: The Tailwinds and Trade-Off
Liquidity shows early signs of improvement as SRBI yields fall and IndONIA drops; fiscal disbursement expected to lead recovery further.
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Telco: 1H25 OpenSignal Results: Two-Horse Race Intensifies, One Defends, One Advances
IM3 narrows the download speed gap at 24.2 Mbps, closing in on XL and TSEL; progressively asserting network leadership in non-core regions.
394 Views
Telco: Few Risk Factors Ahead of 2Q25 Results, but Largely Priced In (OVERWEIGHT)
Our ground check shows starter pack rationalization remains unevenly absorbed in offline channels, posing delayed risk to yield recovery.
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Telco: Tracking the Progress of Product Simplification Plan (OVERWEIGHT)
We see TLKM with the greatest product simplification potential, EXCL with room to streamline, and ISAT well-positioned for price increases.
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