In the next two to three weeks most of public companies' 2Q25 financial statements will be released.

Investors have already received hints from macro and industry monthly data that shows discouraging numbers like lower car sales, lower motorcycle sales, lower cement sales, very low PMI numbers and retail index.

Take for example, $ACES have just released 6M25 sales which only grew by 3.5% YoY (With a negative SSSG figure). For comparison, a few years back ACES could easily record double digit sales growth.

While I'm quite pessimistic with what has been and will be happening in Indonesia's economy, there is still some sectors or companies that can still generate a healthy growth.

Take example, $ERAL which is still in expansion mode. In 1Q25 ERAL recorded +25.6% Revenue growth. ERAL has started to market one of china's rising EV Brand, XPENG. In addition, ERAL is also aggressively expanding in retail sectors, especially in sports segment with JDSports, Wilson, Under Armour, Asics and other renown brands.

Another sector which we expect is still growing in 2025 includes tourism which potentially benefits MLBI & $CASS