FROM EQUITY RESEARCH DESK

IDEA OF THE DAY

Bank Jago:1Q26 Earnings: In line; Sustaining Earnings Momentum Amid Higher Credit Costs (ARTO.IJ Rp1,300; BUY TP Rp2,400) ·         ARTO booked NP of Rp86bn (+11% qoq, +42% yoy), forming 21% of our FY26F estimate (in line) but slightly below consensus at 18%. ·         Despite the higher NPL and LaR ratios, management remains comfortable, citing no significant deterioration in asset quality. ·         We adjusted our risk-free rate to 6.5% (from 6.0%) and arrive at a lower TP of Rp2,400 (from Rp,3000), maintain BUY rating. 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

Japan’s Core CPI Excluding Fresh Food Rose 1.8% yoy in Mar26 Japan’s core CPI excluding fresh food rose 1.8% yoy in March, while the index excluding both fresh food and energy climbed 2.4%, remaining above the Bank of Japan’s 2% target. The pickup signals mounting price pressures ahead of the full impact of higher oil costs and yen weakness on imports. Markets are increasingly pricing a possible June rate hike. Governor Kazuo Ueda warned of upside risks, as fuel subsidies from Sanae Takaichi aim to limit energy costs. (Bloomberg)   Strait of Hormuz Traffic Near Standstill Amid US–Iran Tensions Maritime traffic through the Strait of Hormuz has nearly halted as tensions between the US and Iran intensify. After stalled peace talks, US interceptions and blockades cut outbound commercial transits from over 40 vessels a day in late February to almost none by April 26. Washington also sanctioned Hengli Petrochemical for buying Iranian crude, leaving millions of barrels stranded. The disruption, tracked by Bloomberg, threatens global energy supply and regional trade security. (Bloomberg)

 

SECTOR

Commodity Price Daily Update Apr 24, 2026

 

 

Indonesian Government Prepares EV Motorcycle Subsidy for 2026

The government is preparing a new incentive policy for electric motorcycle purchases targeted for implementation in 2026, which is currently in the early formulation stage and under cross-ministerial discussion. The Ministry of Finance indicated that the proposed subsidy is around Rp5mn per unit. The disbursement scheme is expected to be implemented gradually, in line with the state budget readiness, rather than provided upfront.

 

CORPORATE

EXCL Eyes Participation in 2026 Spectrum Auction to Boost Network Capacity

EXCL plans to participate in the 2026 spectrum auction by Kementerian Komunikasi dan Digital for the 700 MHz and 2.6 GHz bands, aimed at expanding 4G/5G network capacity, while final participation will depend on strategic evaluation. (Kontan)

 

INCO Expands Credit Facility to US$750mn via Greenshoe Option

INCO increased its revolving credit facility to US$750mn after exercising a US$250mn greenshoe option under its Sustainability Linked Loan (SLL) arrangement with a global bank syndicate. The funds will be drawn gradually to support capex and working capital, with allocations mainly for IGP Pomalaa, Morowali, and Sorowako Limonite projects, while the company estimates additional funding needs of US$1–1.5bn to fully support its expansion pipeline. (Emiten News)

 

PRDA Declares Rp162.7 per Share Dividend with 70% Payout

PRDA approved a cash dividend of over Rp144bn, equivalent to Rp162.68 per share, representing a 70% payout ratio, up from 60% in the previous year. The dividend implies a yield of around 6.48%, although the schedule for distribution has yet to be announced. (Emiten News)

 

ULTJ to Distribute Rp1.35tr Cash Dividend for FY25

ULTJ has approved a cash dividend of Rp1.35tr, equivalent to Rp130 per share (yield: 8.2%), for FY25. The cum dividend date in the regular and negotiated market is set on 30 April 2026, followed by the ex-dividend date on 4 May 2026. (Kontan)