Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

The recent rate cut by Bank Indonesia at its policy meeting on 16th June is expected to provide some support to domestic demand in the months ahead. The benchmark rate now stands at 6.50%. With inflation expected to stay within Bank Indonesia’s target range of 3% to 5% in the near term, having edged lower to 3.3% y-o-y in May, growth concerns were clearly the dominant driver for the recent move.Credit growth in Indonesia has continued to slow, with lending by commercial banks having risen 8.0%…

The recent rate cut by Bank Indonesia at its policy meeting on 16th June is expected to provide some support to domestic demand in the months ahead. The benchmark rate now stands at 6.50%. With inflation expected to stay within Bank Indonesia’s target range of 3% to 5% in the near term, having edged lower to 3.3% y-o-y in May, growth concerns were clearly the dominant driver for the recent move.Credit growth in Indonesia has continued to slow, with lending by commercial banks having risen 8.0%…

Indonesia: Bank Indonesia May Have Room to Cut Rates Further

Bespoke Research on China and neighbouring regions, Bixmoor

Bixmoor

Bespoke Research on China and neighbouring regions

Bixmoor specialises in providing bespoke research to business, governments and the financial community on China and neighbouring regions. We seek to build long-term relationships with our clients, based on our expertise, our reliability and our determination to find the right solution.

Thematic (Sector/Industry)

Foreign direct investment into Indonesia continues to arrive, but there are issues in relation to radical Islam, labor constraints and corruption. If the new government of President Widodo can resolve some of these, even larger capital inflows can be expected.

Foreign direct investment into Indonesia continues to arrive, but there are issues in relation to radical Islam, labor constraints and corruption. If the new government of President Widodo can resolve some of these, even larger capital inflows can be expected.

FDI into Indonesia on a Roll, but Reforms Needed

Global Head of Research, Smartkarma

Mark Artherton

Global Head of Research

Ecstrat

Ecstrat is a consultancy advising on asset allocation between global equity markets, with a focus on the intersection of governments, geopolitics, governance and markets.
 
Over the past few years and more especially since the Great Financial Crisis (GFC), investors have become more focused on short-term market movements and real-time returns and have consequently neglected the analysis of the underlying structural themes that underpin longer term performance.
​
More specifically we believe that the evolution of governance-based relationships between investors, controlling shareholders, labour and the state is one of the primary determinants of both relative and absolute performance between individual equity markets.
 
We will endeavour to provide investors with some of the context surrounding governance-related issues which encompass many different disciplines including history, economics and political science, as well as the financial metrics which are the most obvious manifestation of the structural characteristics of each market.
 
We will pay particular attention to the shifts and potential inflection points for governance in individual markets as these are often the best lead indicators for both economic and market performance.

<div class="content-highlight">The failure to use or the aggressive implementation of asset write downs in emerging markets and Asia will have far reaching implications for investors.</div> We live in a world where investors are uncertain about asset values both in financial and non-financial companies.  Whilst a lot is written about the nature of bad debts at banks, little has been comprehensively written about the balance sheets of non-financial companies.We see the following evidence in our analysis: <ul><li><div class="content-highlight">The failure of some…</div></li></ul>

The failure to use or the aggressive implementation of asset write downs in emerging markets and Asia will have far reaching implications for investors. We live in a world where investors are uncertain about asset values both in financial and non-financial companies.  Whilst a lot is written about the nature of bad debts at banks, little has been comprehensively written about the balance sheets of non-financial companies.We see the following evidence in our analysis: The failure of some…

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 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

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Tower Bersama Infrastructure / Index Rebalance

<ul>
<li>The review period for the LQ45 Index ended on 29 December. The changes should be announced in the last week of January, becoming effective after the close on 31 January.</li>
<li>Based on the index methodology, there could be up to 5 changes at the rebalance. Plus there will be capping changes for <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat (BBRI)</a> and <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA)</a>.</li>
<li>The impact of passive trading will be higher on the deletions than the inclusions since lower liquidity stocks are replaced with higher liquidity stocks.</li>
</ul>


The review period for the LQ45 Index ended on 29 December. The changes should be announced in the last week of January, becoming effective after the close on 31 January.
Based on the index methodology, there could be up to 5 changes at the rebalance. Plus there will be capping changes for Bank Rakyat (BBRI) and Bank Central Asia (BBCA).
The impact of passive trading will be higher on the deletions than the inclusions since lower liquidity stocks are replaced with higher liquidity stocks.


LQ45 Index Rebalance Preview (Jan): Reading the Tea Leaves

Indonesia

Wijaya Karya (Persero) Tbk is an integrated engineering, procurement, construction (EPC), and investment company. It provides civil construction services, including roads, bridges, harbors, airports, and dams, along with building construction, energy and industrial plant development, and real estate. The company is headquartered in Jakarta, Indonesia, and was founded in 1960.

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Wijaya Karya (WIKA IJ)

Indonesia: Bank Indonesia May Have Room to Cut Rates Further

The recent rate cut by Bank Indonesia at its policy meeting on 16th June is expected to provide some support to domestic demand in the months...

Rajan Govil

FDI into Indonesia on a Roll, but Reforms Needed

Foreign direct investment into Indonesia continues to arrive, but there are issues in relation to radical Islam, labor constraints and corruption....

Bixmoor

Beware Impairments in EM and Asia

The failure to use or the aggressive implementation of asset write downs in emerging markets and Asia will have far reaching implications for...

Mark Artherton

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

LQ45 Index Rebalance Preview (Jan): Reading the Tea Leaves

There could be 5 potential changes for the LQ45 Index in January. The potential adds have performed well while the potential deletes are trading...

Brian Freitas

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52-week Range

Market Cap (USDm)

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