FROM EQUITY RESEARCH DESK

IDEA OF THE DAY

Metal Mining: Potential Impact from Proposed Royalty Revision: Tin Worst Hit; Limited Impact on Nickel (OVERWEIGHT)

  • MEMR’s proposed royalty revision raises fiscal take on high-priced metals, targeting windfall gains from stronger HMA.
  • Biggest royalty increase is on tin, followed by gold; consequently, we estimate TINS to see the biggest earnings impact.
  • We maintain OW but revise our pecking order to ANTM > INCO > NCKL > MBMA > TINS, based on risk and impact assessment.

To see the full version of this snapshoot, please click here  

 

To see the full version of this snapshoot, please click here  

 

RESEARCH COMMENTARY

Poultry (Overweight) – 1st Week of May 2026 Price Update

  • Livebird prices pulled back slightly to Rp20.3k/kg by end of the week, though the weekly average climbed 3.3% wow to Rp21.1k/kg.
  • Local corn prices remained steady at Rp6.6k/kg, with the weekly average unchanged wow at Rp6.6k/kg.
  • SBM prices nudged up to US$322/t by week-end, with the May26 average settling at US$321/t (–1% mom; +10% yoy).
  • The weekly average LB price continued its upward trajectory, albeit with a slight softening toward week-end, suggesting the recovery momentum is intact but still fragile. Corn prices remaining elevated keep feed cost pressures in place, while the marginal uptick in SBM offers little additional relief. Overall, the feed cost environment stays challenging, and while early signs of LB price stabilization are encouraging, a more sustained recovery will be needed to meaningfully ease margin pressure. (Victor Stefano & Wilastita Sofi – BRIDS)

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MARKET NEWS

MACROECONOMY

Indonesia’s Foreign Exchange Reserves Stood at US$146.2bn in Apr26

Indonesia’s foreign exchange reserves stood at US$146.2 bn in April 2026, slightly lower than US$148.2 bn in March. The decline mainly reflected government external debt repayments and Bank Indonesia’s rupiah stabilization measures amid heightened global financial market uncertainty, partly offset by tax and services revenues as well as proceeds from government global bond issuance. Reserve adequacy remained strong, equivalent to 5.8 months of imports or 5.6 months of imports and government external debt servicing, well above the international standard. (Bank Indonesia)

 

US Nonfarm Payrolls Increased by 115K in Apr26

US labor market data showed mixed signals in April as nonfarm payrolls rose by 115K, beating expectations of 62K, though hiring slowed from March’s revised 185K gain. Job growth was led by healthcare, transportation, warehousing, and retail, while federal government, information, and manufacturing employment declined. Meanwhile, the unemployment rate held steady at 4.3%, but underlying details softened: employment fell by 226K, labor force participation slipped to 61.8%, and the broader U-6 jobless rate increased to 8.2%, suggesting gradual cooling despite overall resilience. (U.S. Bureau of Labor Statistics)

 

SECTOR

Commodity Price Daily Update May 8, 2026

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CORPORATE

BSDE Controlling Shareholder Adds Rp1.3tr Stake, Free Float Declines

BSDE controlling shareholder PT Paraga Artamida increased its stake by 1.51bn shares worth Rp1.33tr on 28 April 2026, lifting ownership to 48.26% from 40.35%. The transaction reduced BSDE’s public float to 18.95% from 27.41%, though still above the minimum exchange requirement of 15%. (Emiten News)

 

MAPI Officially Gets New Controlling Shareholder After Rp11.8tr Deal

MAPI officially changed controlling shareholders after Singapore-based Pacific Universal Investments acquired a 51% stake worth Rp11.81tr. Following the transaction, Pacific and its affiliates will conduct a mandatory tender offer at Rp1,550/share, while management stated the ownership change will not affect the company’s operations or financial condition. (Bisnis)

 

PTRO Unit Pledges Shares to Secure BMRI Loan Facilities

PTRO announced an affiliated transaction involving its Singapore-based subsidiary, Petrosea Services Solutions, which pledged a 60% stake in Scan-Bilt Pte. Ltd. as collateral for PTRO’s loan facilities from BMRI. The facilities, totaling up to Rp2.5tr, are intended to support capex and working capital for PTRO’s EPC business expansion. (Emiten News)