FROM EQUITY RESEARCH DESK

IDEA OF THE DAY

Metal Mining: Revised 2026 HPM Reshapes Nickel Ore Economics (OVERWEIGHT) ·         Latest MEMR decree shifts nickel ore HPM to a multi-variable formula, lifting the regulatory floor and narrowing the gap. ·         Upstream miners gain pricing power, while downstream ore buyers face higher feedstock cost and royalty-base risk. ·         We continue to prefer upstream ore-levered names, with ANTM> INCO> NCKL> MBMA as our top picks. 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

Iran Reimposes Strait of Hormuz Closure Amid Escalating Tensions Iran reimposed the closure of the Strait of Hormuz less than a day after reopening it, citing the U.S. failure to lift its blockade on Iranian ports. The Revolutionary Guard warned vessels not to transit without approval and reportedly fired on several ships. The U.S. rejected what it called Iranian “blackmail,” with Trump warning of renewed military action if the ceasefire ends. The episode underscores Iran’s push to assert control over the waterway, leaving shipping operators in limbo and adding uncertainty to ongoing negotiations. (CNBC)

 

SECTOR

Commodity Price Daily Update Apr 17, 2026

 

 

 

CORPORATE

ADRO Declares US$447.5mn Dividend for FY25

ADRO approved a US$447.5mn dividend for FY25—nearly 100% of its net profit—with US$250mn already paid as an interim dividend and the remaining US$197.5mn to be distributed as a final dividend (estimated around Rp117 per share or 4.6% yield). Key dates include cum dividend on 27 April 2026, ex dividend on 28 April 2026, and payment scheduled on 8 May 2026. (IDX)

 

BNGA Approves Up to Rp4.07tr Cash Dividend for FY25

BNGA has approved a cash dividend of up to Rp4.07tr for FY25, equivalent to 60% payout of the bank-only net profit of Rp6.78tr. The dividend payment is scheduled to be completed within 30 calendar days after the shareholders meeting. (Kontan)

 

DRMA Declares Rp329bn Dividend for FY25

DRMA approved a Rp329bn cash dividend or Rp70 per share (yield: 6.9%) at its April 17, 2026 AGM, reflecting solid financial performance and strong cash flow. The company posted 7% yoy sales growth and net profit of Rp667bn in 2025, while planning Rp400bn in capital expenditure for 2026 to support new product development. It also announced a board change, with Dian Eka Hartiningsih replacing Yosaphat Panuturi Simanjuntak as Director. (Emiten News)

 

ITMG Declares US$115mn Dividend for FY25

ITMG approved a US$115mn dividend for FY25 (60% of its US$191 mn net profit), with US$50mn already paid as an interim dividend and the remaining US$65 million to be distributed on May 19, 2026, to shareholders recorded by April 29. The rest of the earnings will be retained for expansion, and the company also appointed Gede Harja Wasistha to replace Prof. Djoko Wintoro on its Board of Commissioners. (Emiten News)

 

MTEL Explores Power-as-a-Service Expansion

MTEL plans to expand into the Power-as-a-Service (PaaS) by adding three new business classifications (KBLI), covering electricity installation operations, integrated power provision, and electrical network installation. MTEL is set to allocate up to Rp264.9bn to develop this new business line. The proposed expansion remains subject to shareholder approval at EGMS, scheduled for May 26, 2026. (IDX)

 

PGEO Advances 55 MW Geothermal Project in South Sumatra

PGEO has begun development of the 55 MW Lumut Balai Unit 4 geothermal power plant in South Sumatra, marking a key step in its long-term clean energy expansion strategy. The project, now underway with initial drilling of three wells costing about US$32.21mn, is targeted for completion stages by 2027 and full operation by 2032, supporting Indonesia’s energy transition and growing electricity demand while boosting total capacity in the Lumut Balai area to 220 MW. (Emiten News)