FROM EQUITY RESEARCH DESK
IDEA OF THE DAY
Solusi Sinergi Digital: IRA Officially Launched; Poised for Acceleration (WIFI.IJ Rp 2,010; BUY TP Rp4,100)
- IRA World Cup promo could drive demand, though capped by early-stage BTS deployment; we trim FY26F FWA revenue by -24%.
- 1Q26 advances and inventories surged Rp1.65tr qoq, implying Rp1.8tr economic capex and signaling 2H acceleration deployment.
- We maintain Buy rating with a lower TP of Rp4,100; management flagged a syndicated loan pipeline to fund FWA deployment.
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RESEARCH COMMENTARY
- ARTO (BUY, TP Rp3,100) – Apr26 Results
- BBTN (BUY, TP Rp1,500) – Earnings-Accretive Consumer Loan Acquisition and Beyond
- BBNI (Buy, TP Rp4,700) – Apr26 Bank-Only Results
- NCKL (Buy, TP Rp1,800) – Solid 4Q25 earnings, supported by strong associate income and margin expansion
MARKET NEWS
pressures remained elevated in April 2026 as headline PCE inflation accelerated to 3.8% yoy from 3.5%, while core PCE rose to 3.3% yoy from 3.2%, both staying well above the Federal Reserve’s 2% target. Monthly headline PCE increased 0.4%, below expectations of 0.5%, while core PCE rose 0.2%, softer than the 0.3% forecast. Higher spending on housing and utilities, healthcare, transportation services, and gasoline-related goods continued to drive PCE growth, reflecting persistent cost pressures across both goods and services categories. (US BEA)
SECTOR
Commodity Price Daily Update May 28, 2026
CORPORATE
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ASII Plans Rp8tr Share Buyback ASII plans to allocate around Rp8tr for a share buyback program over the next 12 months as part of its capital allocation strategy. The company is also sharpening its business focus toward core segments including automotive, financial services, and heavy equipment & mining solutions to improve portfolio quality and long-term earnings growth. (Bisnis)
BUMI to Discuss Board Reshuffle at June RUPS BUMI has called shareholders to attend its annual general meeting on 18 June 2026, with one key agenda being potential changes to the company’s Board of Directors and Commissioners. Besides management restructuring, shareholders will also review the 2025 financial statements, appoint the 2026 public auditor, and receive updates on bond proceeds utilization. (Emiten News)
PGAS Declares Rp125.6 Per Share Dividend PGAS approved a 2025 cash dividend of US$172.29mn, equivalent to Rp125.60 per share (yield: 6.6%), representing an 80% payout ratio. The cum dividend date for the regular market is set for 4 June 2026, while payment will be made on 24 June 2026. (Bisnis)
TLKM to Streamline Subsidiaries by 2026 TLKM plans to reduce its subsidiaries from 67 to 19 by the end of 2026 to strengthen its digital business focus. The restructuring includes mergers, asset sales, and business consolidation to improve efficiency and agility. The transformation also supports major infrastructure projects such as fiber networks, data centers, and telecommunications towers. (Bisnis)
WIFI Launches Affordable “Internet Rakyat” Service WIFI, through subsidiary Telemedia, officially launched IRA – Internet Rakyat across Java, Maluku, and Papua to expand affordable fixed broadband access in Indonesia. The service offers internet speeds of up to 100 Mbps starting from Rp100,000 per month and is currently supported by more than 550 active sites and 3,189 installed radio units across 82 cities and regencies. (Emiten News) |
