Research & Outlook

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.

Explore a sample report Request research

Coverage

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.

Sample report

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.

DCHN

Donchian Capital Tbk

Technology Mkt cap IDR 9.2tn Oct 2026

Last price: 1,840
Target price: 2,350
Upside: +27.7%
Rating: Overweight

The subscription base keeps growing about a quarter a year and margins widen as the platform scales.

Revenue CAGR 2025–28F: 24.0%
EBITDA margin 2028F: 25.1%
WACC: 12.0%
Terminal growth: 5.0%

Probability-weighted valueIDR 2,294 +24.7%

PriceBear 1,520Base 2,350Bull 2,900

Valuation range

IDR per share. The dashed line is the last price; the solid line is the selected target.

52-week rangeTrading range

1,4202,060

EV/Sales 4–6xOn FY26F revenue

1,7002,550

EV/EBITDA 18–24xOn FY27F EBITDA

1,9002,600

P/E band 30–40xOn FY27F EPS

2,0502,750

DCFWACC 11–13%, g 4–6%

2,0003,100

Earnings forecast

2028F3,540 IDR bn+23.3% YoY

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.

WACC ↓g →

4.0%

4.5%

5.0%

5.5%

6.0%

11.0%

2,350

2,480

2,630

2,810

3,030

11.5%

2,240

2,350

2,480

2,630

2,810

12.0%

2,140

2,240

2,350

2,480

2,630

12.5%

2,050

2,140

2,240

2,350

2,480

13.0%

1,970

2,050

2,140

2,240

2,350

Outlined cell is the base case: WACC 12%, g 5% → IDR 2,350.

Investment thesis

01Subscriptions are 78% of revenue and net revenue retention runs at 118%, so growth compounds from clients the company already has.
02Operating leverage is kicking in: each new enterprise client costs less to serve, lifting EBITDA margin from 16% to 25% by 2028F.
03IDR 1.1tn of net cash funds the AI analytics roadmap without issuing new shares.

Catalysts

AI analytics add-on launch in Q1
Rate cuts lowering the discount rate on growth stocks
First regional contract outside Indonesia

Key risks

Enterprise IT budgets cut in a slowdown
Cloud and licence costs billed in US dollars
Price competition from global SaaS players

Macro links to the thesis

Policy rate
5.75%
Lower rates lift the value of long-duration tech cash flows.
USD/IDR
17,800
About 30% of costs are dollar cloud and licences; each 5% rupiah move shifts EBITDA margin by ~60 bps.
Digital economy growth
12%
Faster digitization widens the market for business software.
Corporate IT spending
9.5%
Bigger IT budgets support enterprise renewals and upsells.

Illustrative sample. DCHN is a hypothetical listed company and every figure is made up to show the format. Not investment advice.

Want the real thing?Read a published equity research report in full, the same structure as the sample above.

Read a published report (PDF)

What you receive

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.

How it works

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.

Pricing

Priced per research project

No two research questions take the same work, so every engagement is quoted after a short scoping chat.

Research fee

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

Ask for a quote

Common formats

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.

What shapes the quote

Number of companies or sectors
Depth of the model
Turnaround time
One-off or ongoing coverage
Data that has to be sourced

FAQ

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.

Commission a study

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.

Chat on WhatsApp Scoping happens over WhatsApp, usually within a day.

What the research covers

Company valuation

Macro outlook

Sector deep-dives

Scenarios & sensitivity

One report, opened up

Valuation range

Earnings forecast

DCF sensitivity

Investment thesis

Macro links to the thesis

The files behind the call

Financial model

Research note

Supporting documents

Walkthrough session

From question to model in under a week

Scope

Build

Review

Handover

Priced per research project

Equity research engagements: common questions

Have a question the market has not answered yet?