Research you can audit, not just read.
Valuation, scenarios, and macro context for one company or a whole sector. Every number comes with the model behind it, so your team can stress-test the assumptions instead of taking them on faith.
What the research covers
Pick one piece or combine them. Each comes with the working files, not a screenshot of them.
- 01
Company valuation
DCF, DDM, and relative valuation, triangulated into one target price with the range shown, not hidden.
- 02
Macro outlook
Rates, the rupiah, commodities, and flows, translated into what they mean for earnings and positioning.
- 03
Sector deep-dives
Industry structure, competitive position, and a comparable-company table that stays maintained.
- 04
Scenarios & sensitivity
Bear, base, and bull cases with explicit drivers, plus sensitivity grids on the inputs that move value most.
One report, opened up
An interactive version of a typical initiation report. Switch scenarios, hover the charts, and see how the target price is built.
Abida Massi Tbk
- Last price
- 2,450
- Target price
- 3,100
- Upside
- +26.5%
- Rating
Rollout continues at the current pace and premium mix keeps improving gradually.
- Revenue CAGR 2025–28F
- 10.0%
- EBITDA margin 2028F
- 16.0%
- WACC
- 11.0%
- Terminal growth
- 4.0%
Valuation range
IDR per share. The dashed line is the last price; the solid line is the selected target.
Earnings forecast
A = actual, F = forecast. Bars are the selected metric; the line is its year-on-year growth.
DCF sensitivity
Target price (IDR) across WACC and terminal growth, on base-case cash flows. Green is above the base-case target, red below.
Outlined cell is the base case: WACC 11%, g 4% → IDR 3,100.
Investment thesis
- 01Distribution reach outside Java is still half that of peers, and every new depot has paid back within 18 months.
- 02Mix shift toward premium SKUs lifts gross margin by about 150 bps over three years without needing price hikes.
- 03Net cash balance sheet funds the expansion and leaves room to raise the dividend payout from 40% to 50%.
- Q4 depot rollout update
- Rate cuts easing consumer credit
- Dividend policy review in 2027
- Palm oil and wheat input costs
- Weaker rupiah raising import costs
- Aggressive discounting by peers
Macro links to the thesis
- Policy rate5.75%
Cheaper consumer credit supports volume in the base case.
- Inflation2.6%
Room to keep prices flat while the premium mix does the work.
- USD/IDR17,800
Each 5% move in the rupiah shifts gross margin by about 40 bps.
- GDP growth5.3%
Steady growth keeps staples demand resilient through the cycle.
Illustrative sample. BIDA is a hypothetical company and every figure is made up to show the format. Not investment advice.
The files behind the call
Every engagement ends with files your team can open, change, and keep using after the report is old news.
- .xlsx
Financial model
Three statements, forecasts, DCF, and comparables in Excel. Inputs in blue, formulas left open, no hard-coded plugs.
- .pdf
Research note
The thesis, valuation, scenarios, and risks, written to be read in ten minutes and argued with for an hour.
- .zip
Supporting documents
Source data, peer tables, charts in editable form, and the references behind every key assumption.
- Live
Walkthrough session
A call to go through the reasoning, challenge the inputs, and rerun the model on your own assumptions.
From question to model in under a week
- 1
Scope
We agree on the question, the companies or sector, the depth, and the deadline.
- 2
Build
Data gathering, modelling, and scenario work, with check-ins on key assumptions.
- 3
Review
You get a draft and the model. Push back on anything; it gets revised.
- 4
Handover
Final note, model, and data pack, plus a walkthrough session with your team.
Priced per mandate
No two research questions take the same work, so every engagement is quoted after a short scoping chat.
Depends on the research
Quoted per engagement after a short scoping call. No obligation.
Always included- Excel model with open formulas
- Research note (PDF)
- Supporting documents & data
- Walkthrough session
- Single-company reportInitiation-style report with full model.
- Sector coverageSeveral names, one comparable framework.
- Macro outlookQuarterly view tied to positioning.
- Ongoing coverageModel updates after every earnings release.
- Number of companies or sectors
- Depth of the model
- Turnaround time
- One-off or ongoing coverage
- Data that has to be sourced
Equity research engagements: common questions
Why is there no fixed price?
Because the work varies too much. A single-company update and a five-name sector initiation are different jobs. Share the scope over WhatsApp and you will get a clear quote, usually within a day.
Do we really get the Excel model?
Yes. Every engagement includes the full model with open formulas, so your team can change any input and see the result. It is yours to keep using.
Which markets and sectors do you cover?
Mainly Indonesian equities across sectors, plus macro work on rates, the rupiah, and commodities. Other markets can be scoped case by case.
How long does a report take?
Less than a week from scoping to handover for a single-company report. Updates to an existing model are faster still.
Can the research be kept confidential?
Yes. Commissioned research stays private to your team unless you agree otherwise, and an NDA can be signed before any data is shared.
Is this investment advice?
No. The research is analysis to support your own decisions. It does not tell you to buy or sell, and the final call always rests with you.
Have a question the market has not answered yet?
Share the company or sector, what you need to decide, and your deadline. Scope and a quote will be confirmed directly.