Latest update: 24-11-2025, 23:45
INDUSTRY
Government Canceled Waste-to-Energy Projects in Tangerang and Tangsel
The govt. canceled the PSEL projects in Tangerang and South Tangerang following President Prabowo’s directive due to high tipping fees and stalled progress. Analysts viewed the move as fiscally prudent, sparing local govts. from heavy financial burdens. (Beritasatu)
COMPANY
BCAS: BMRI IJ - 3Q25 Earnings In-Line
- BMRI 3Q25 net profit came in at IDR 13.3 tn (+17.9% QoQ; -14.2% YoY), bringing 9M25 net profit to IDR 37.7 tn (-10.2% YoY), in line at 74.8% of consensus numbers.
- Net interest income stood at IDR 25.9 tn (-3.7% QoQ; +1.4% YoY), totaling IDR 78.3 tn in 9M25 (+4.9% YoY). - Operating income rose to IDR 38.5 tn (+6.1% QoQ; +3.7% YoY), bringing 9M25 operating income to IDR 112 tn (+4.9% YoY), in line with street estimates at 72.4%.
- Operating profit recorded at IDR 17.9 tn (+17.4% QoQ; -13.2% YoY), while 9M25 total stood at IDR 51.4 tn (-10.3% YoY), affected by rising operating expenses (+28.6% YoY).
- LDR stood at 91.0% (vs Jun-25: 90.1%; Sep-24: 92.1%), gross NPL maintained at 1.2%, and NPL coverage at 243%. ROE came at 18.4% (vs 18.1% in Jun-25; 21.7% in Sep-24).
BCAS: ANTM IJ - 9M25 results –Inline ours but beat street estimates
- 9M25 earnings increased by 171.4% YoY to IDR5.97tn. Forming 75.7/81.4% of our forecast and consensus respectively. 3Q25 earnings changed by -50.2% QoQ and +96.4% YoY to IDR1.27tn
- 9M25 EBIT increased by 58.6% YoY to IDR7.88tn. Forming 83.3/87.7% of our forecast and consensus respectively. EBIT changed by -49.2% QoQ and +31.4% YoY to IDR1.75tn
- 9M25 revenue increased by 66.7% YoY to IDR72.02tn. Forming 76.2/73.7% of our forecast and consensus respectively. Revenue declined by 60.4% QoQ and 35.0% YoY to IDR13.01tn
- Overall result was dragged by lower gold sales volume and nickel ore, however this impact is widely expected by market. inline ours and above consensus expectation. we will maintain our forecast and TP of IDR3,600/sh.
