FROM EQUITY RESEARCH DESK

 

IDEA OF THE DAY

 

 

 

 

 

 
     

 Midi Utama Indonesia:  Sustaining Revenue Growth, with Margins on theMend (MIDI.IJ Rp 278; BUY TP Rp 480)

  • MIDI’s 1H26 revenue continued to outpace industry growth, while margins remained resilient on product mix and margin gains.
  • 1H26 SSSG of 4.4% remained within guidance, with momentum expected to improve on a lower base.
  • We tweaked FY26/27F net profit est by -1.9/-0.8% and reiterate Buy rating with lower TP of Rp480.

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Telkom Indonesia:  Capex Discipline Eases FCF Concerns (TLKM.IJ Rp 2,790; BUY TP Rp 3,500)

  • FY26 capex guidance is kept at 17-19% of rev., signaling a more cautious approach to 5G monetization, but easing FCF concerns.
  • IndiHome pivots to quality via subscriber cleansing; we forecast 9mn subs in FY26F, with ARPU better protected in high-value subs.
  • We maintain Buy rating and raise our 3M tactical to OW, but with a lower DCF-based TP of Rp3,500.

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MARKET NEWS

  

MACROECONOMY

US Trade Deficit Narrowed to US$73.0bn in Jun26

The US trade deficit narrowed to US$73.0bn in June 2026 from US$77.6bn in May, broadly in line with market expectations, as imports declined faster than exports. Imports fell 1.8% to US$388.0bn, driven by lower purchases of capital and consumer goods, while exports slipped 0.9% to US$314.7bn amid weaker shipments of industrial supplies and capital goods. In the first half of 2026, the cumulative trade deficit narrowed to US$371.2bn from US$560.5bn a year earlier, suggesting trade flows are gradually normalizing following last year’s tariff-related front-loading of imports, despite persistent policy uncertainty. (US BEA)

 

SECTOR

Commodity Price Daily Update Aug 04, 2026

 

BRI Danareksa Sekuritas Equity Snapshot 05 Agustus 2026.png

 

Indonesian Government Prepares New EV Incentive Package

The government plans to launch a new EV incentive package within the next 2–3 weeks, including up to 40% subsidies for selected electric cars, incentives for 500,000 electric motorcycles, and up to 100% VAT exemption (VAT DTP). The measures aim to strengthen Indonesia's EV ecosystem and reduce reliance on imported oil amid ongoing global geopolitical uncertainty. (Kontan)

 

CORPORATE

JSMR Secures Rp1.56tr Sustainability-Linked Financing for Bali Toll Road

JSMR, through its subsidiary PT Jasamarga Bali Tol (JBT), has secured a Rp1.56tr Sustainability-Linked Financing (SLF) facility from Bank Syariah Indonesia (BSI). The financing will be used to refinance part of the shareholder loan related to the Nusa Dua–Ngurah Rai–Benoa toll road concession. (Bisnis)

 

TPIA Plans Over US$1bn Capex Over Next Five Years

TPIA plans to invest more than US$1bn in group capex over the next five years to support its growth, sustainability, and regional integration initiatives. The company said the investments will be deployed progressively, based on project readiness, expected returns, and funding capacity. (Kontan)

 

VinFast, Green SM Launch EV Rent-to-Earn Program in Indonesia

VinFast has partnered with Green SM to expand Indonesia's electric vehicle ecosystem through a rent-to-earn program, allowing customers to generate income by operating their EVs on the Green SM platform. The company also highlighted its drive worry-free strategy, offering incentives including up to three years of free charging, two years of free subscription, and a buyback guarantee of up to 80%. (Kontan)