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Indonesia

Bank Central Asia Tbk is an Indonesian commercial bank that provides a comprehensive range of banking solutions, including individual, commercial, and corporate banking services. Its offerings encompass savings accounts, credit cards, investment products, various types of loans, and electronic banking services such as mobile and internet banking. The company was founded in 1955 and is headquartered in Jakarta, Indonesia.

PT Bank Rakyat Indonesia (Persero) Tbk is one of Indonesia's largest banks, specializing in providing banking products and services, including savings accounts, loans, and other financial solutions to micro, small, and medium enterprises (MSMEs), as well as retail and corporate clients. The company also offers investment, insurance, and digital banking services. Headquartered in Jakarta, Indonesia, the bank was founded on December 16, 1895.

PT Bank Mandiri (Persero) Tbk is Indonesia's largest bank, providing a wide range of banking products and services to individuals and businesses. These offerings include savings and current accounts, various loans, credit and debit cards, e-banking, investment products, and insurance services. The bank was formed on October 2, 1998, through the merger of four state-owned banks and is headquartered in Jakarta, Indonesia.

United Tractors is a leading Indonesian company that distributes heavy equipment and operates in mining contracting, coal mining, gold mining, construction industry, and energy sectors. It serves as an exclusive distributor for brands like Komatsu, UD Trucks, Scania, Bomag, and Tadano in Indonesia. The company is headquartered in Jakarta, Indonesia, and was founded on October 13, 1972.

Sinarmas Land Limited is an investment holding company primarily engaged in property development and management across Indonesia, Malaysia, Singapore, China, Australia, and the United Kingdom. The company develops and manages townships, residential, commercial, industrial, and hospitality properties, including hotels and resorts. It was founded in 1988 and is headquartered in Singapore.

PT Bukit Asam (Persero) Tbk is an Indonesian state-owned enterprise primarily engaged in coal mining activities, encompassing general surveying, exploration, exploitation, processing, refining, transportation, and trading of coal. The company also operates steam-fired power plants, manages special coal dock facilities, and provides services such as briquette processing, mining services, palm plantation and processing, and health services. It was founded in 1919 with the initiation of coal mining by the Dutch Colonial Government and is headquartered in Tanjung Enim, South Sumatra, Indonesia.

PT Astra Agro Lestari Tbk is a leading Indonesian agribusiness company primarily engaged in oil palm cultivation and the production of crude palm oil (CPO) and palm kernel oil. The company manages extensive plantations across Sumatra, Kalimantan, and Sulawesi, and operates palm oil mills and refineries to produce various derivatives. It sells its palm-based raw materials to industrial buyers globally. The company was established in 1988 and is headquartered in Jakarta, Indonesia.

Bank Negara Indonesia (BNI) is an Indonesian state-owned bank providing a comprehensive range of commercial and consumer banking products and services. These include savings, loans, credit cards, wealth management, trade finance, and digital banking solutions. Established on July 5, 1946, it is headquartered in Jakarta, Indonesia.

Sojitz Corporation is a general trading company.  The Company has business divisions such as Machinery & Aerospace, Energy & Mineral Resources, Chemicals & Plastics, Real Estate Development & Forest Products, Consumer Lifestyle Business, and New Business Development Group.  Sojitz was formed through the business integration between Nichimen and Nissho Iwai.

Indo Tambangraya Megah engages in coal mining and energy activities, producing thermal coal for power plants. The company is also involved in coal trading, fuel trading, energy marketing, electricity generation, mining contractor services, and solar rooftop installations. It was founded in 1987 and is headquartered in South Jakarta, Indonesia.

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Indonesian Equities | Buy-Side Investment Research

Defriansyah Has

Buy-side investment professional focused on listed equities, combining bottom-up fundamental analysis with macroeconomic and capital allocation perspectives. I focus on intrinsic value, valuation, catalysts, downside risk, and the gap between fundamentals and market expectations, with the objective of identifying mispriced opportunities and translating research into disciplined investment decisions. 15+ years of experience across Indonesia’s Ministry of Finance, private investment, and independent research.

Defriansyah Has
Indonesian Equities | Buy-Side Investment Research

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