FROM EQUITY RESEARCH DESK

IDEA OF THE DAY

MAP Aktif Adiperkasa: Domestic Momentum Strengthens; Margins Remain Resilient (MAPAI.IJ Rp700; BUY TP Rp800)

• Domestic operations remained MAPA’s key growth driver, supported by store expansion and improving cons spending; overseas growth was led by Philippines & Thailand.
• Strong 1H26 growth may trigger revenue guidance upgrade, while margins remain resilient and store expansion are on track.
• Reiterate Buy with higher TP of Rp800, implying -0.5std of 3yr mean of 12.2x PE FY26F.

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Medco Energi International: 1H26 Preview: Solid Volume, Firm Oil Prices & AMMN Contribution to Drive Earnings Rebound (MEDC.IJ Rp1,575; BUY TP Rp2,200)

• 2Q26 O&G output stayed strong at 171 mboepd (+1.2% q-q; +18.2% y-y), with key projects on track.
• Expect 2Q26 earnings to rebound on firmer prices and AMMN contribution
• Maintain Buy rating TP Rp2,200, with solid operations and firm oil prices; risks remain on prices and AMMN ramp-up.    

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RESEARCH COMMENTARY

BBRI (Not Rated) - KTA from Meeting with SEVP of Retail Transaction & Funding

We recently met BBRI's SEVP Retail Transaction & Funding, Tri Laksito Singgih, who discussed the bank's funding strategy, digital transaction franchise, and macro conditions.

 

CASA targeted to grow through transactions on mobile banking and BRILink:

• CASA target: As one of the key pillars, transforming the funding franchise to secure lower CoF, management aims for CASA ratio at above 70%. CASA ratio stood at 67.6% in 1H26, up from 65.5% in 1H25, with CASA growing 10.1% yoy vs total deposit growth of 6.7% yoy to Rp1,580.7tr.
• Retail funding remains the key driver: Non-wholesale deposits grew 4.9% yoy to Rp966.8tr, with demand deposits up 26.0% yoy and savings deposits up 11.2% yoy, partly offset by a 15.8% yoy decline in time deposits. Wholesale deposits grew faster at 9.6% yoy to Rp607.8tr, driven by 18.3% yoy growth in time deposits.
• Agen BRILink as a multi-purpose channel: Agen BRILink will support CASA growth through a larger agent base. Beyond funding, agents also serve as a lending franchise, a referral channel for asset products, and a fee income source. BRILink sales volume grew 53.8% yoy to Rp13.4tr in 1H26, while transactions surged 86.0% yoy to 583.4mn. BRILink CASA increased 28.6% yoy to Rp30.7tr, while fee income rose 16.3% yoy to Rp915.7bn.

 

Updates on its mobile banking apps:

• Qita aims to capture the affluent and private segments: Qita is a new mobile banking app targeting the affluent and private segments where BRImo is currently underpenetrated, with features positioned above BRImo. Both run in parallel for now, with a decision on consolidating into a single app deferred to the future.
• Focus shifting from acquisition to transactions: Management noted the previous focus for BRImo was on account acquisition, and the focus now shifts to generating transactions. BRImo monthly active users grew 15.6% yoy to 22.4mn in 1H26, while transactions grew significantly faster at 30.6% yoy to 3.3bn.
• QRIS growth is deliberate: QRIS transactions are being grown deliberately, as a better user experience drives stickiness in BRImo. This is also reflected in the broader merchant ecosystem, with merchant transaction frequency increasing 20.5% yoy to 370.8mn in 1H26.
• E-wallets as complements, not competitors: E-wallets are viewed as complementary rather than competitors, given BRImo is frequently the top-up source for DANA, GoPay, and others, positioning BRImo as the multiplatform transaction source behind digital payments.
• Merchant ecosystem continues to scale: Merchant sales volume increased 17.8% yoy to Rp405.8bn in 1H26, while productive merchants increased 20.1% yoy to 124.9k.

 

Growth ahead:

• Consumer growth anchored on corporate payroll: Inline with its OBS strategy, consumer growth to be driven by corporate payroll, allowing easier cross-sell into other products and better asset quality management.
• Confident on micro loan growth next year: Management is confident on micro loan growth next year, supported by two pipelines: a cleaner pipeline sourced from customers' own transaction data and the OBS framework, giving greater underwriting confidence at disbursement.

 

Comments on macro and government initiatives:

• No aggressive growth before the core is revamped: On SAL, management is more cautious in disbursing into the micro segment aggressively as they are currently revamping the underwriting process.
• Inclusion mandate as a structural account driver: Following the newest president's directive for all Indonesians to hold a bank account, which specifically assigns BRI and BSI to prepare accounts, management sees a portion of social aid recipients still disbursed through the post office, who will need to open bank accounts, as a structural account growth driver. (Victor Stefano & Nataniella Eva Kezia – BRIDS)

 

MARKET NEWS

MACROECONOMY

Indonesia’s Consumer Confidence Index Rose to 118.5 in Aug26

Indonesia’s consumer confidence index rose to 118.5 in Aug26 from 116.8 in July, marking its first increase in four months. The improvement was broad-based, with current economic conditions rising 1.5 points to 109.4, while expectations increased to 127.6. Sentiment toward durable goods purchases and job availability also strengthened. However, the recovery remained uneven across income groups. Lower-income households remained pessimistic on current job availability and durable goods purchases, while the >IDR5mn group recorded the highest confidence at 123.9. Meanwhile, the share of income allocated to consumption increased to 74.2% from 72.7%, while savings fell to 15.8% from 16.8%, suggesting stronger spending but limited improvement in household financial buffers. (Bank Indonesia)

 

SECTOR

Top Foreign Flow – JCI, September 9, 2026

Automotive: Car Wholesales Grow 20.1% yoy in 8M26

Indonesia’s automotive wholesales reached 599,491 units in 8M26, up 20.1% yoy from 499,315 units, while retail sales rose 13.9%yoy to 594,984 units from 522,160 units. In August alone, wholesales reached 81,756 units, +32.4% yoy/+0.8% mom, while retail sales stood at 83,422 units, +25.5%/+7,7% mom. Toyota recorded the highest sales among brands during 8M26, leading the retail market with 172,871 units and a 29.1% market share during 8M26, followed by Daihatsu with 97,059 units and Suzuki with 48,554 units. (Kontan)

 

Indonesian Government Targets EV TKDN to Reach 40% in 2026, 80% by 2030

The government is gradually increasing domestic component level (TKDN) requirements for electric vehicles (EVs) as part of the national EV industry development roadmap. EV TKDN is targeted at 40% in 2026, rising to 60% in 2027–29 and 80% by 2030. The higher targets are expected to create greater value for the domestic automotive industry, with the benefits depending on whether higher TKDN drives deeper industrial development beyond vehicle assembly. (Kontan)

 

CORPORATE

ADHI to Divest 11 SPVs Gradually Through 2027

ADHI plans to gradually divest 11 entities, comprising one subsidiary and 10 affiliated companies, by 2027 as part of its portfolio streamlining. The divestments cover six toll road SPVs, three water-related SPVs, and two other entities, including Karya Logistik Nusantara and Trans-Pacific Petrochemical Indotama (TPPI). ADHI will retain Adhi Jalintim Riau and PT Jalintim Adhi Abipraya (JAA) until the end of their respective concession periods. (Emiten News)

 

HRTA Plans Private Placement of Up to 10%

HRTA plans to issue up to 460.53mn new shares, or 10% of its issued capital, through a private placement to strengthen its capital and fund working capital and business development. If fully subscribed, the move is expected to increase equity to around Rp4.79tr and improve leverage ratios, but dilute existing shareholders by about 9.09%. (IDX)

 

ITMG Expands Clean Energy Business

ITMG is expanding its clean-energy portfolio, with solar PV capacity reaching 152 MWp by Q2 2026, including 86 MWp already operational. H1 2026 revenue rose 9% to US$1 billion, while net profit increased 17% to US$110 million. The company also maintained a strong financial position despite slightly lower coal production. (Kontan)

 

JSMR Realizes Rp4.4tr Capex in 1H26

JSMR realized Rp4.4tr of capex in 1H26 from its estimated Rp12tr allocation for 2026. The capex is allocated for operations, maintenance, and investment in five ongoing toll road projects: Jakarta-Cikampek II Selatan, Patimban Access, Jogja-Bawen, Jogja-Solo, and Probolinggo-Banyuwangi. JSMR expects FY26 capex realization to reach around Rp12tr, subject to project execution. (Bisnis)

 

MEDC 1H26 Oil & Gas Production Rises 19% YoY to 170.1 MBOEPD

MEDC recorded oil and gas production of 170.1 MBOEPD in 1H26, up 19% yoy. Gas accounted for around 72% of total production, in line with rising regional gas demand, while oil and hydrocarbon liquids contributed the remaining 28%. Realized oil price stood at US$75.1/bbl. (Kontan)

 

Zankore by Indosat Secures US$3.1bn Loan

Zankore has signed a senior term loan of up to US$3.1bn, underwritten by Citi, ING, Natixis, Qatar National Bank, and UOB, with Citi as exclusive debt adviser. The company is building an initial 100MW of NVIDIA infrastructure, targeting around 200MW by 1H27 and up to 1GW across Southeast Asia within three years. (Kontan)