FROM EQUITY RESEARCH DESK

IDEA OF THE DAY

Bank Neo Commerce: 1Q26 Earnings: In Line; Loan Book Contraction Weighs on NIM and Earnings (BBYB.IJ Rp322; BUY TP Rp400)

·         BBYB posted 1Q26 net profit of Rp137bn (+35% qoq, -14% yoy), forming 24% of our FY25F (in line) and 21% of consensus (below).

·         Loans declined to Rp7.0tr (-2% qoq, -17% yoy) with management lowering loan target to Rp8.0tr by year end driven by digital loans.

·         We keep our forecast and valuation unchanged, hence maintaining our Buy rating with an unchanged TP of Rp400.

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RESEARCH COMMENTARY

Akulaku Finance: Concall KTA

·         We hosted a call with the CEO of Akulaku Finance Indonesia (AFI), which—alongside Shopee and Kredivo—supports Indonesia’s BNPL market, which grew 53% yoy to Rp12.6tr as of Feb26.

·         AFI’s portfolio is dominated by short-tenor loans (1–3 months), mainly used for daily necessities such as phone credit, electricity tokens, and small-ticket household items, while longer-tenor loans (up to 12 months) are primarily for gadgets and mobile phones. AFI disbursed Rp7.4tr in FY25 (vs. Rp6.0tr in FY24) and targets Rp8.2tr in FY26F, with most disbursements conducted via an executing model and limited channeling.

·         AFI currently partners with 16 banks, including Maybank and Superbank, with a cost of funds of ~11%, down from 13–14% two years ago. Despite the relatively high funding cost, AFI maintains a strong NIM of ~41%, supported by high loan yields (3–4% per month for short-tenor loans and 4–5% per month for longer tenors). Asset quality remains manageable, with net NPL at 1.1% and CoC at around 20–25%.

·         The platform has ~7 million active users, generating ~50 million transactions annually, with an average ticket size of around Rp150k per loan.

·         While AFI has not seen any meaningful deterioration in 4M26, management highlighted potential risks from higher fuel prices and inflation, which could impact purchasing power—particularly in longer-tenor loans (c.25% of the portfolio). Short-tenor loans, largely used for essential spending, are expected to remain more resilient. Strategically, AFI plans to maintain its executing-focused model and is unlikely to resume channeling partnerships with Bank Neo Commerce (BBYB). (Victor Stefano & Naura Reyhan Muchlis – BRIDS)

MARKET NEWS

AKRA Transfers Remaining Treasury Shares to Controlling Shareholder

AKRA transferred all remaining treasury shares totaling 181mn shares to controlling shareholder PT Arthakencana Rayatama for Rp282.5bn through negotiated market transactions on 4–6 May 2026. Following the deal, Arthakencana Rayatama’s ownership increased to 64.61% from 63.71%, while AKRA no longer holds treasury shares after completing its MESOP program. (Emiten News)

BSDE Controlling Shareholder Adds Stake via Rp1.5tr Share Purchase

BSDE controlling shareholder PT Paraga Artamida increased its ownership stake after purchasing 1.51bn shares at Rp880/share, worth around Rp1.5tr. Following the transaction, Paraga Artamida’s ownership in BSDE rose to 48.62% from 40.53%, with the purchase aimed for investment purposes. (Emiten News)

CMRY Begins First Yogurt Export to Vietnam

The Ministry of Trade, through the Directorate General of National Export Development, officially launched the first export shipment of Cimory yogurt products from CMRY to Vietnam, valued at US$65,000 (approximately Rp1.13bn). (Kontan)

COCO to Acquire Up to 99.99% Stake in Momogi Group

COCO signed a conditional agreement to acquire up to 99.99% of PT Sari Murni Abadi (Momogi Group) as part of its FMCG expansion strategy. The acquisition is expected to strengthen COCO’s product portfolio, distribution network, and regional market reach, while accelerating its transformation into a broader consumer business group beyond chocolate products. (Kontan)

ISAT Signs Agreement for Dark Fiber Infrastructure Transaction

ISAT has signed an agreement related to a planned dark fiber infrastructure transaction involving its subsidiaries, PT Aplikanusa Lintasarta and PT Infrastruktur Indonesia Raya as investor. The transaction establishes an investment framework for the dark fiber infrastructure business operated and owned by Indosat and Lintasarta in Indonesia. Under the proposed structure, the investor will indirectly acquire the target business through a newly established entity (NewCo) to be determined later. (Bisnis)

WSKT Secures Rp3.1tr New Contracts in 1Q26

WSKT booked Rp3.1tr in new contracts during 1Q26, mainly driven by central government projects (60.2%), with infrastructure connectivity and water projects as the largest contributors. The company remains selective in choosing projects, focusing on monthly payment schemes and projects with advance payments, while also expanding its international portfolio through an airport project in Timor Leste. (Bisnis)