FROM EQUITY RESEARCH DESK

IDEA OF THE DAY

GOTO Gojek Tokopedia: Fundamentals Take Center Stage; GTF Growth to Drive Upside (GOTO.IJ Rp80; BUY TP Rp100) ·         Disciplined promotions drove FY25 ODS margin to 2.1% (+100bps yoy); mass market monetization still in progress. ·         Robust FY26 GTF guidance (Rp1.4–1.5tr/ +182–202% yoy) is key to delivering group adj. EBITDA targets at Rp3.2-3.4tr. ·         We maintain Buy at Rp80; Grab’s Foodpanda deal may lower merger odds and cap takeover premium valuation To see the full version of this report, please click here       To see the full version of this snapshoot, please click here   MARKET NEWS

MACROECONOMY

Indonesia’s M2 Growth Moderates to 8.7% yoy in Feb26

Indonesia’s broad money supply (M2) continued to expand in February 2026, reaching Rp10,089.9tr and growing 8.7% yoy, moderating from 10.0% in January. Growth was supported by a 14.4% rise in narrow money (M1) and a 3.1% increase in quasi money. M2 expansion was mainly driven by stronger net claims on the central government, which rose 25.6% yoy, and continued credit growth of 8.9% yoy, though slightly slower than the previous month’s 10.2% pace. (Bank Indonesia)

 

SECTOR

Commodity Price Daily Update Mar 27, 2026

 

 

Nickel: Approved 2026 Nickel RKAB Quota Reaches ~150Mt

The Ministry of Energy and Mineral Resources (ESDM) stated that the approved 2026 nickel production quota under RKAB has reached around 150Mt. The Director General of Mineral and Coal (Minerba) noted that the approval process for mineral and coal RKAB is still ongoing. Previously, the Minister of ESDM indicated that the government is formulating several policies related to mineral commodities, particularly coal and nickel. (Bisnis)

 

CORPORATE

BJBR Raises Rp932bn Through Sustainability Bonds

BJBR is issuing Rp932.41bn in sustainability bonds as part of its ongoing fundraising strategy to strengthen long-term financing. The offering consists of two series: a three-year bond with a 6.00% annual interest rate and a five-year bond offering 6.25%, both with quarterly coupon payments and full principal repayment at maturity. (Emiten News)

 

GOOD Reduces Import Exposure Amid Global Tensions

GOOD is reducing reliance on imported raw materials as the U.S.–Iran conflict raises energy prices and disrupts shipping, increasing costs and limiting container availability. The company is shifting toward domestic suppliers and regional Asian sources while strengthening partnerships with local farmers to secure agricultural inputs. It is also improving efficiency through renewable energy adoption, packaging innovation, and gradual use of electric trucks, while preparing contingency plans to manage ongoing market uncertainty. (Bisnis)

 

ISAT Records 20% Data Traffic Surge During Lebaran 2026

ISAT recorded a 20% increase in internet data traffic during the Lebaran and Eid al-Fitr 2026 period, higher than the previous year’s holiday season. The increase aligns with projections from the Ministry of Communication and Digital, which estimated national telecom traffic could rise by up to 40% during the Ramadan and Lebaran period. Peak traffic growth was observed along routes from Jakarta to West Java and Central Java. (Investor Daily)

 

JSMR Records 2.56mn Vehicles Returning to Jabotabek

JSMR reported that 2.56 million vehicles have returned to the Greater Jakarta (Jabotabek) area during March 11–27, 2026, representing about 75.47% of the projected total return traffic. The majority of vehicles came from the eastern routes (Trans Java and Bandung), followed by western and southern directions, with traffic on March 27 surging 45.7% above normal levels. (Kontan)