Market Outlook 2024: Equity Strategy

The first nine months of 2023 have been one of a roller coaster ride first on the downside and then on the upside (Exhibit 23). Indonesia equity markets began 2023 on a weak note.

Market Outlook 2024: Banking Sector

Banking industries have continued to deliver compelling profitability, with earnings growing by 14% annually since the pre-pandemic period.

Fund Performance

Market Outlook 2024: Telecommunication Sector

In YTD 2023, competition has been stabilizing for telecommunication (telco) industry and we foresee the trajectory to remain positive for at least a few more quarters.

Market Outlook 2024: Consumer Sector

Expect election year to aid consumption growth. Despite economic headwinds and pandemic of the past few year, but we held more optimistic outlook as we enter 2024 with inflation and unemployment rate figure are expected to continue decrease.

Market Outlook 2024: Coal Sector

Thermal coal prices have disappointed investors so far this year, falling steadily before settling. At the time of writing, the benchmark Newcastle thermal coal price was down 65.6% YTD to USD 139.0/ton.

Market Outlook 2024: Metal Mining Sector

London Metal Exchange (LME) Nickel prices have steadily declined by 39.6% Ytd to USD18,450/ton, whilst China NpI prices have also declined 14.9% Ytd to USD13,830/ton.

Market Outlook 2024: Technology Sector

Indonesia digital economy value is expected to grow almost 5x from 2021-2030F from the value of USD70 mn in 2021 to USD330 mn in 2030F. Supported by its young demographic and rising smartphone penetration, Indonesia is the largest digital economy market in South East Asia with one of the fastest...

Market Outlook 2024: Property Sector

Demand for residential property remained soft in 1H23 where sales mainly were seen for the low to middle segment which offers affordable price units. Home purchase still mostly dominated by end users especially for landed housing.

Market Outlook 2024: Construction Sector

The government has been relying on massive infrastructure to achieve ambitious GDP growth target since President Jokowi took office in 2014. The country needs better transport links such as railways, airports, toll roads as well as energy supplies, and such projects promise long-term economic...

Market Outlook 2024: Plantations Sector

The global palm oil market size is expected to reach USD100 bn by 2030, expanding at 5.1% CAGR from 2023 to 2030.The growth is driven by increasing demand for food applications and eco-friendly, organic, and sustainable products.

Market Outlook 2024: Healthcare Sector

In terms of consumption, the Health and Social Activity component of GDP continues to attract attention, growing 8.3% YoY in 2Q23, coupled with a lower healthcare inflation rate.

ECONOMIC UPDATE - External trade review - Lower imports widen trade surplus

The additional forex reserves are essential for maintaining the stability of the Rupiah. We expect the average exchange rate to be Rp14,980/USD, while economic growth is projected to reach 5.0% YoY this year.

ECONOMIC OUTLOOK - 2H23 - Macroeconomic outlook ahead of general elections

We expect investment to grow by 4.80% YoY in 2H23, compared to our forecast for 1H22 at 3.60% YoY. However, it is crucial for the government to maintain political stability, as investors tend to wait and see amidst political escalation.