Selected clients
Three decades of measurable impact for Indonesian listed companies and pre-IPO firms across every major industry sector.
Selected engagements demonstrating what changes when a company has independent IR counsel at the table. Named engagements are from public record; others are anonymised to respect client confidentiality.
A long-established mid-cap company was trading at 3.7x earnings and 0.75x book value — below the replacement cost of its assets. Dividend yield sat at 5%, liquidity was thin, and the valuation multiples reflected a market that had largely stopped paying attention. The IR function was understaffed and lacked continuity at senior levels.
Rebuilt the equity story with a revised investor presentation that reframed the valuation gap. Initiated an international non-deal roadshow to introduce the company to new institutional investors. Introduced off-quarter investor updates and narrative results newsletters to maintain engagement between reporting periods.
Bank Mandiri was formed from the forced merger of four insolvent state banks whose combined losses of $13.2 billion had nearly wiped out their asset base. The government needed to divest up to 30% of its stake — Indonesia’s largest IPO since the 1997 Asian financial crisis and the largest bank share issuance in Asia outside Japan. The bank had no investor relations function.
Joined nine months before the listing and built the IR function from scratch. Worked alongside the syndicate (ABN Amro Rothschild, Credit Suisse First Boston, Danareksa Sekuritas) on due diligence and developed the equity story. Oversaw a regional financial media strategy and prepared the board for investor and media presentations across the roadshow.
Deal of the Year — Euromoney · Best IPO in Asia — The Asset · Asia Equity Deal of the Year — Asiamoney
When the Asian financial crisis hit, Sampoerna’s share price fell approximately 75% in rupiah terms — approaching 98% in US dollar terms as the currency collapsed from Rp 2,300 to Rp 16,000 per dollar. The company had $200 million in bonds outstanding on which it was in technical default, and a complex foreign currency arrangement that was polarizing the analyst community: some believed the FX position defined the entire value of the company, while others dismissed the arrangement as little more than accounting fraud.
With most international investors in full retreat from Indonesian equities, ran a sustained outreach campaign across European and US financial centers — targeting emerging-market-focused hedge funds with the mandate and risk appetite to re-enter Indonesia ahead of the broader market. Distributed financial models demonstrating the company’s resilience, and worked to correct persistent market misunderstanding around the FX sinking fund arrangement. Maintained direct, regular communication with investors at a time when most Indonesian companies had gone silent.
The most immediate measure is a perception audit — a structured survey of the investors and analysts who follow your company, conducted before and after the engagement. Shifts in how the market perceives your equity story, management credibility, and disclosure quality show up within months, not years. Other short-term indicators include analyst initiation or re-initiation of coverage, improvements in investor meeting acceptance rates, and measurable increases in trading liquidity. The headline metrics — valuation multiple re-rating, discount narrowing, cost-of-equity reduction — are real, but they require sustained effort and typically emerge over two to three years.
No. These outcomes reflect engagements with companies that committed fully to the process — sustained effort, management buy-in, and disciplined implementation over a period of years. IR advisory is not a quick fix. The companies that see the most significant results are the ones that treat investor relations as a strategic function, not a compliance exercise. We are transparent about what is achievable and on what timeline.
Yes, on a confidential basis following an initial conversation. We respect our clients’ privacy and do not share names publicly without permission, but we are happy to connect prospective clients with existing ones where appropriate.
Find out where your IR program stands. The complimentary, confidential IR Gap Assessment maps your current position across four dimensions — equity story, fact base, investor targeting, and management readiness. No pitch, no obligation. Most conversations take 30 minutes.
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