FROM EQUITY RESEARCH DESK

IDEA OF THE DAY

Banks: More Reasonable Valuations but Lacking Growth Catalysts for Re-rating (NEUTRAL)

  • We expect less pressure on CoF in 2H25 but normalizing NIM might be challenging due to the high LDR and flight to quality stance.
  • High economic uncertainties will lead to higher credit costs given that both CoC and write-off were still down yoy in 4M25.
  • Maintain Neutral rating on the sector with BBCA as our top pick, followed by BTPS, on their earnings momentum and lesser ownership.  

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MARKET NEWS

MACROECONOMY

Indonesia’s Consumer Confidence Fell to 117.5 in May25

Indonesia’s Consumer Confidence fell to 117.5 in May25 from 121.1 in April, the lowest in nearly three years. The Current Economic Conditions index declined to 106.0 (from 113.7), dragged by the job availability index, which turned pessimistic for the first time since April 2022. Meanwhile, the consumer expectations index edged down slightly to 129.0 from 129.8. (Bank Indonesia)

 

SECTOR

Commodity Price Daily Update June 12, 2025

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CORPORATE

ANTM to Distribute Rp3.6tr in Dividends

ANTM will distribute dividends for the 2024 fiscal year amounting to Rp3.6tr, or Rp151.77 per share (yield: 4.8%). This amount represents a 100% dividend payout ratio. Meanwhile, the cum dividend date and the dividend payment date have not yet been announced. (Kontan)

 

ANTM Appoints Achmad Ardianto as New President Director

ANTM has appointed Achmad Ardianto as its new President Director, succeeding Nicolas D. Kanter. The decision was made during the company’s FY24 AGMS held on June 12, 2025. Ardianto previously served as ANTM’s Director of Human Resources. Alongside Ardianto’s appointment, the other new board members are Handi Sutanto and Ratih Amri. ANTM also announced updates to its Board of Directors and Board of Commissioners. The new leadership includes individuals with backgrounds within ANTM or the broader mining industry.


Updated Board of Directors:

·         President Director: Achmad Ardianto

·         Director of Operations & Production: Hartono

·         Director of Business Development: I Dewa Wirantaya

·         Commercial Director: Handi Sutanto (previously held an internal role at ANTM)

·         Finance & Risk Management Director: Arianto Sabtonugroho Rudjino

·         HR Director: Ratih Amri (formerly from PT Vale Indonesia Tbk/INCO)

 

Board of Commissioners:

·         President Commissioner & Independent: Rauf Purnama

·         Commissioners: Irwandy Arif, Elen Setiadi, Rudy Sufahriadi, Rudy Salahuddin Ramta

·         Independent Commissioners: Ridwan, Pius Lustrilanang (Investor Daily)

 

GOTO Partners with Green SM to Launch Electric Taxi Service

GOTO, with Gojek, has teamed up with Green SM to launch the GoGreen SM electric taxi service on its platform. The collaboration aims to promote emission-free transportation. Users can now book Green SM’s electric taxis directly through the Gojek app, expanding its eco-friendly services. (TechInAsia)

 

HRTA to Distribute Rp32.75bn in Dividends

HRTA will pay out Rp32.75bn in dividends, equivalent to Rp21 per share (yield: 3.3%), as approved in its AGM on June 12, 2025. This represents a 21.87% dividend payout ratio. The dividend will be distributed on July 16, 2025. (Bisnis)

 

PTBA to Distribute Rp3.82tr in Dividends

PTBA will distribute Rp3.82tr in dividends or Rp332 per share (yield: 11.1%), equivalent to 75% of its Rp5.1tr FY2024 net profit, as approved by shareholders, including majority owner MIND ID. The remaining Rp1.27tr will be retained as undistributed earnings. (Bisnis)

 

SMRA to Distribute Rp148.57bn in Dividends

SMRA will distribute a total dividend of Rp148.57bn, equivalent to Rp9 per share (yield: 2.1%). The dividend payout ratio from the company’s 2024 fiscal year net profit stands at 11%. (Bisnis)

 

TINS to Distribute Rp475bn in Dividends

TINS will distribute Rp474.65bn in dividends, or Rp63.73 per share (yield: 5.5%), from its FY2024 net profit of Rp1.18tr. The dividend payout ratio is set at 40%, with the remaining 60% (Rp711.98bn) retained as undistributed earnings. (Bisnis)