FROM EQUITY RESEARCH DESK

 

IDEA OF THE DAY

 

 

 

 

 

 
     

Astra International: FY26 Outlook: Earnings Lift from Coal (UNTR) but Headwind from Macro Risks (ASII.IJ Rp5,950; BUY TP Rp7,050)

·         ASII booked a flat 4W sales volume in 2M26; we lower our FY26 growth expectation amid macro risks stemming from the Middle East conflict.

·         We expect UNTR to benefit from higher gold and coal prices, which should more than offset the impact from Martabe and Pama’s volume.

·         We raise our FY26-27 net profit est. by 2.3-7.5% with a lower TP of Rp7,050; while we maintain Buy rating, we assign a tactical (3M): N view, reflecting our more cautious macro view..

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Bank Jago: FY25 Earnings: In line; Solid Growth with NIM Improvement offsetting higher CoC (ARTO.IJ Rp1,435; BUY TP Rp3,000)

·         ARTO booked NP of Rp77bn in 4Q25 (+7% qoq, +81% yoy), bringing its FY25 to Rp276bn (+115% yoy), in line with ours but above cons.

·         Mgmt. is looking at moderating loan growth, steady NIM, and higher CoC for FY26 and funding diversification from term loans.

·         We trim our FY26/27F NP by 11/23% as we revised down NIM and inched up CoC assumption; maintain Buy with a lower TP of Rp3k.

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MARKET NEWS

  

SECTOR

Commodity Price Daily Update Mar 11, 2026

 

BRI Danareksa Sekuritas Equity Snapshot 13 Maret 2026.png

 

CORPORATE

BBCA Approves Rp336 per Share Dividend for FY25

BBCA approved a cash dividend of Rp336 per share (yield: 4.9%) or Rp41.3tr for FY25, implying a 72% payout ratio, higher than 67.4% in FY24. The amount includes an interim dividend of Rp55 per share, leaving Rp281 per share (Rp34.5tr) to be distributed to shareholders. The decision follows FY25 consolidated net profit of Rp57.56tr (+4.9% yoy). (Bisnis)

 

MDIY Plans to Open At Least 270 New Stores in FY26

MDIY plans to open at least 270 new stores across the country in 2026 to expand its national retail presence. The expansion will mainly focus on Java and Sumatra but will also include other regions such as Kalimantan, Maluku, and Papua. The company has allocated about Rp720bn in capital expenditure, primarily funded by internal cash flow. (Kontan)

 

MIDI Reports +9.05% yoy MTD SSSG in Feb26

  • Alfamidi posted same-store sales growth (SSSG) of +9.05% yoy for MTD Feb 2026, the 1st month of festive season, indicating resilient performance.
  • The mgmt still managed to reach high-single digit SSSG for MTD Feb 2026 despite reaching a high base of low-teens of SSSG for MTD Feb 2024 and high-single digit of SSSG for MTD Feb 2025.
  • Meanwhile, the financial results audited for the full year 2025 are expected to be published next week. (Company)

 

MTEL And ZTE Indonesia Signed an Mou to Explore Collaboration

MTEL and ZTE Indonesia signed an MoU to explore collaboration in improving telecom network efficiency and infrastructure technology. The partnership will focus on areas such as Radio Access Network (RAN) development and energy-efficient solutions for network operations. The cooperation may include technology research, trials, and potential implementation of new telecom innovations. The agreement is non-binding and will be valid for two years unless extended. (Emiten News)

 

TLKM Set to Acquire Fiber Assets

TLKM is set to acquire fiber assets owned by other state-owned enterprises, including those from PLN, in line with consolidation directives from Danantara. The move could support the company’s value-unlocking strategy for its infrastructure subsidiary, InfraNexia, by strengthening TLKM’s fiber infrastructure portfolio. (Bisnis)