Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-Indonesia in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Astra International, Aneka Tambang, Bank Mandiri, Caesars Entertainment, Inc. Common Stock, Indah Kiat Pulp &amp; Paper, Barito Pacific, APA Corporation Common Stock, Telkom Indonesia.</li>
</ul>


We analysed the earning revision of component stocks of MS-Indonesia in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Astra International, Aneka Tambang, Bank Mandiri, Caesars Entertainment, Inc. Common Stock, Indah Kiat Pulp &amp; Paper, Barito Pacific, APA Corporation Common Stock, Telkom Indonesia.


MS-Indonesia Index Earning Revision (Mar): Astra International, Aneka Tambang, Bank Mandiri

<ul>
<li>We analysed the earning revision of component stocks of MS-Indonesia in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Bank Mandiri, Merdeka Copper Gold, Gudang Garam, Medco Energi Internasional, Astra International, Telkom Indonesia.</li>
</ul>


We analysed the earning revision of component stocks of MS-Indonesia in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Bank Mandiri, Merdeka Copper Gold, Gudang Garam, Medco Energi Internasional, Astra International, Telkom Indonesia.


MS-Indonesia Index Earning Revision (Feb): Bank Mandiri, Merdeka Copper Gold, Gudang Garam

<ul>
<li>We analysed the earning revision of component stocks of MS-Indonesia in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on XL Axiata, Telkom Indonesia (Persero), Vale Indonesia, Bank Mandiri Persero, Astra International, Sariguna Primatirta, Aneka Tambang Persero.</li>
</ul>


We analysed the earning revision of component stocks of MS-Indonesia in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on XL Axiata, Telkom Indonesia (Persero), Vale Indonesia, Bank Mandiri Persero, Astra International, Sariguna Primatirta, Aneka Tambang Persero.


MS-Indonesia Index Earning Revision (Jan): XL Axiata, Telkom Indonesia, Vale Indonesia

<ul>
<li>We analysed the earning revision of component stocks of MS-Indonesia in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Indo Tambangraya Megah, Bumi Resources Minerals, Bank Mandiri Persero, Astra International, PT Indofood Sukses Makmur, Indah Kiat Pulp &amp; Paper, XL Axiata.</li>
</ul>


We analysed the earning revision of component stocks of MS-Indonesia in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Indo Tambangraya Megah, Bumi Resources Minerals, Bank Mandiri Persero, Astra International, PT Indofood Sukses Makmur, Indah Kiat Pulp &amp; Paper, XL Axiata.


MS-Indonesia Index Earning Revision (Dec): Indo Tambangraya Megah, Bumi Resources Minerals

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>CATL, Antam, and IBC officially broke ground on a $6 billion integrated battery project in Indonesia on July 1, 2025.</li>
<li>What it is: A full value-chain initiative spanning nickel mining to battery recycling, anchored across Karawang (cell production) and East Halmahera (mining, cathode, and recycling).</li>
<li>Why it matters: Positions CATL to secure long-term upstream supply and expand regional capacity (~15% of global base), while Antam gains transformative exposure to high-margin downstream battery economics.</li>
</ul>


CATL, Antam, and IBC officially broke ground on a $6 billion integrated battery project in Indonesia on July 1, 2025.
What it is: A full value-chain initiative spanning nickel mining to battery recycling, anchored across Karawang (cell production) and East Halmahera (mining, cathode, and recycling).
Why it matters: Positions CATL to secure long-term upstream supply and expand regional capacity (~15% of global base), while Antam gains transformative exposure to high-margin downstream battery economics.


CATL (3750 HK) & Antam (ANTM IJ) Break Ground on $6B Integrated Battery Project in Indonesia

Indonesia

PT ANTAM (Persero) Tbk is a diversified, vertically integrated, state-owned mining and metals company in Indonesia. It engages in the exploration, mining, processing, and marketing of mineral resources, with core businesses in nickel, gold, silver, bauxite, and alumina. Its products include ferronickel, nickel ore, gold bullion, and alumina, serving various industries domestically and internationally. The company is headquartered in Jakarta, Indonesia, and was established in 1968.

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Antam (ANTM IJ)

MS-Indonesia Index Earning Revision (Mar): Astra International, Aneka Tambang, Bank Mandiri

We analyzed MS-Indonesia's consensus for Mar 2026 and highlighted changes of EPS in Astra International (ASII IJ), Aneka Tambang (ANTM IJ), Bank...

Ke Yan, CFA, FRM

MS-Indonesia Index Earning Revision (Feb): Bank Mandiri, Merdeka Copper Gold, Gudang Garam

We analyzed MS-Indonesia's consensus for Feb 2026 and highlighted changes of EPS in Bank Mandiri, Merdeka Copper Gold, Gudang Garam, Medco Energi...

Ke Yan, CFA, FRM

MS-Indonesia Index Earning Revision (Jan): XL Axiata, Telkom Indonesia, Vale Indonesia

We analyzed MS-Indonesia's consensus for Jan 2026 and highlighted changes of EPS in XL Axiata (EXCL IJ), Telkom Indonesia (Persero) (TLKM IJ), Vale...

Ke Yan, CFA, FRM

MS-Indonesia Index Earning Revision (Dec): Indo Tambangraya Megah, Bumi Resources Minerals

We analyzed MS-Indonesia's consensus for Dec 2025 and highlighted changes of EPS in Indo Tambangraya Megah (ITMG IJ), Bumi Resources Minerals (BRMS...

Ke Yan, CFA, FRM

CATL (3750 HK) & Antam (ANTM IJ) Break Ground on $6B Integrated Battery Project in Indonesia

CATL, Antam, and IBC launch $6 billion integrated battery project in Indonesia, securing supply chain and expanding regional capacity.

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MS-Indonesia Index Earning Revision (Mar): Astra International, Aneka Tambang, Bank Mandiri

We analyzed MS-Indonesia's consensus for Mar 2026 and highlighted changes of EPS in Astra International (ASII IJ), Aneka Tambang (ANTM IJ), Bank...

Ke Yan, CFA, FRM

MS-Indonesia Index Earning Revision (Feb): Bank Mandiri, Merdeka Copper Gold, Gudang Garam

We analyzed MS-Indonesia's consensus for Feb 2026 and highlighted changes of EPS in Bank Mandiri, Merdeka Copper Gold, Gudang Garam, Medco Energi...

Ke Yan, CFA, FRM

MS-Indonesia Index Earning Revision (Jan): XL Axiata, Telkom Indonesia, Vale Indonesia

We analyzed MS-Indonesia's consensus for Jan 2026 and highlighted changes of EPS in XL Axiata (EXCL IJ), Telkom Indonesia (Persero) (TLKM IJ), Vale...

Ke Yan, CFA, FRM

MS-Indonesia Index Earning Revision (Dec): Indo Tambangraya Megah, Bumi Resources Minerals

We analyzed MS-Indonesia's consensus for Dec 2025 and highlighted changes of EPS in Indo Tambangraya Megah (ITMG IJ), Bumi Resources Minerals (BRMS...

Ke Yan, CFA, FRM

CATL (3750 HK) & Antam (ANTM IJ) Break Ground on $6B Integrated Battery Project in Indonesia

​CATL, Antam, and IBC launch $6 billion integrated battery project in Indonesia, securing supply chain and expanding regional capacity.

Rahul Jain

CATL, Antam, and IBC launch $6 billion integrated battery project in Indonesia, securing supply chain and expanding regional capacity.