Macro Strategy: 2026: Reassessing the Investment Cycle
Manufacturing-led FDI now anchors investment growth, lifting GFCF and widening regional benefit with Ex-Java areas benefiting the most.
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Macro Strategy: 2026: The Dual Levers
Indonesia’s growth is driven by steady consumption and increasingly important investment, both forming dual engine for growth expansion.
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Banks: Middle Income Trapped (NEUTRAL)
Investment loans continue to be the backbone of growth and asset quality, while deteriorating consumer asset quality persisted in 1H25.
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Banks: USD Deposits and IDR Liquidity...
Amid the bottoming liquidity, we retain Neutral rating on the sector with BBCA as our LT stock pick as we remain cautious on asset quality.
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Banks: Liquidity Support, Asset Quality Risk: A Double-Edged Sword (NEUTRAL)
Amid the bottoming liquidity, we retain Neutral rating on the sector with BBCA as our LT stock pick as we remain cautious on asset quality.
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