FROM EQUITY RESEARCH DESK

 

IDEA OF THE DAY

 

 

 

 

 

 
     

Metal Mining: 4Q25 preview: Less Volume, But Better Margins (OVERWEIGHT)

·         4Q25E earnings are driven by ASP appreciation and margin expansion, despite muted volume growth across companies in the sector.

·         We expect ANTM and MBMA to lead earnings performance, supported by cost efficiency and HGNM production normalization.

·         We upgraded the sector to Overweight with a revised pecking order of ANTM > NCKL > TINS > INCO.

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MARKET NEWS

  

MACROECONOMY

Indonesia’s Retail Sales Growth Slowed to 3.5% yoy in Dec25

Indonesia’s retail sales growth slowed to 3.5% yoy in December 2025, down from 6.3% in November, marking the weakest pace since August despite continued government support for domestic demand. Growth eased across most categories, while fuel and discretionary items stayed under pressure. On a monthly basis, sales rose 3.1%, the strongest in nine months, indicating household consumption remains resilient, though momentum is becoming more uneven across sectors. (Bank Indonesia)

 

SECTOR

Commodity Price Daily Update Feb 11, 2026

 

BRI Danareksa Sekuritas Equity Snapshot 11 Feb 2026.png

 

MEMR Sets 2026 Nickel Ore RKAB Production Quota at 260–270Mt

The Ministry of Energy and Mineral Resources (MEMR) has issued the 2026 nickel RKAB, with the Director General of Mineral and Coal stating that the approved nickel ore production quota is set at 260–270Mt. The quota is lower compared to the 379Mt production target set in the previous year’s RKAB. (Bloomberg)

 

CORPORATE

BBRI Targets Rp8tr Housing KUR Disbursement in 2026

The Director General of Urban Housing at the Ministry of Housing and Settlement Areas stated that national realization of the Housing Program Credit (KPP) reached Rp3.547tr, with BRI contributing Rp1.774tr, equivalent to around 49% of total national housing KUR disbursement. BBRI is targeting Rp8tr in Housing KUR disbursement for 2026. (Investor Daily)

 

DMAS Posted Rp1.6tr in Marketing Sales in 2025

DMAS posted Rp1.6tr in marketing sales in 2025, reaching about 88% of its Rp1.81tr target, mainly driven by industrial land sales of ~46 hectares, with data center tenants contributing ~60%. Sales were also supported by commercial and residential segments. (Kontan)

 

Honda Motor Global 3Q Operating Profit Falls Sharply

Honda Motor Global's 3Q operating profit dropped 61.4% yoy to JPY153.4bn, pressured by US import tariffs and EV-related costs. Despite weak auto performance, strong motorcycle sales helped offset declines, while FY profit guidance was maintained. (Kontan)

 

INET Establishes New Data Center Subsidiary

INET established a new subsidiary, PT Sinergi Inti Data Indonesia (SIDI), focusing on data center, digital platform, and data processing services, with total initial capital of Rp22bn. The move supports INET’s digital expansion strategy, following its Rp3.2tr oversubscribed rights issue to fund network expansion and subsidiary capital injections. (Emiten News)