FROM EQUITY RESEARCH DESK
IDEA OF THE DAY
Retail: Channel Check: Promotional Activity Remains Elevated Post-Eid (OVERWEIGHT)
- Most retailers continued their promos post-Eid season in Apr-May26; MAPA & MAPI rotated weekly offers, while AZKO continues with its various campaigns.
- Staple retailer demand remains relatively resilient, led by continued SSSG improvement in MIDI.
- Maintain Overweight on the sector; MIDI (Buy, TP Rp500) as our top pick.
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MARKET NEWS
MACROECONOMY
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Indonesia’s Retail Sales Contracted 3.7% yoy in Apr26 Indonesia’s retail sales contracted 3.7% yoy in Apr26, reversing a 3.4% increase in March and marking the first annual decline since April 2025, reflecting softer household spending conditions. The weakness was broad-based, with declines in food, beverages and tobacco (-3.8%), clothing (-7.0%), fuel (-0.9%), while information and communication equipment remained deeply negative (-26.4%). On a monthly basis, retail sales plunged 11.6%, reversing March’s 10.3% gain and marking the steepest decline since June 2022. (Bank Indonesia) |
SECTOR
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Commodity Price Daily Update June 11, 2026 |
CORPORATE
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BBCA Continues Rp5tr Buyback Program BBCA resumed its share buyback program on 11 Jun26, following shareholder approval at the Mar26 AGM. The buyback, with a maximum allocation of Rp5tr, will run until Mar27 and is intended to signal management’s confidence in Indonesia’s capital market and BBCA’s fundamentals. Management stated the program is not expected to have a material impact on the bank’s financial performance or operations. (Investor Daily)
PTBA Approves Rp114 per share Dividend PTBA approved a FY25 dividend of Rp1.3tr, or Rp114/share (yield: 4.3%), implying a 45% payout ratio and a dividend yield of 4.2% based on the latest share price. (Investor Daily)
PWON Declares Rp626bn Dividend PWON announced a FY25 cash dividend of Rp13/share (5.1% yield), equivalent to a total dividend distribution of Rp626bn. The dividend represents approximately 26.7% of FY25 net profit attributable to the parent company. (Binsis)
SMRA Declares Rp5 per share Dividend, Sets Rp5.2tn Marketing Sales Target for 2026 SMRA approved a cash dividend of Rp82.5bn (Rp5/share or yield: 1.7%), equivalent to a 10.8% payout ratio from FY25 net profit of Rp766.6bn. The company recorded FY25 marketing sales of Rp5.53tr (+27% yoy), exceeding its Rp5tr target, supported by strong demand in the mid-to-upper property segment. For 2026, SMRA targets Rp5.2tr in marketing sales, while 1Q26 pre-sales reached Rp1.2tn (+37% yoy). (Emiten News)
SSIA Begins Construction of Smartpolitan Building in Subang Smartpolitan SSIA has begun construction of the Smartpolitan Building in Subang Smartpolitan, which will serve as a business and operational hub for tenants. The building will be equipped with solar panels and is expected to support the development of a broader commercial area featuring retail, banking, F&B, and other supporting facilities. (Kontan) |
