FROM EQUITY RESEARCH DESK

IDEA OF THE DAY

Telco: Entering the Real 5G Era: A Gradual Monetization Path (OVERWEIGHT)

• Spectrum upfront cost and deployment capex should pressure MNO earnings; Monetization is unlikely to materialize immediately.
• Earnings drag should be cushioned by 1x upfront payment, special-case pricing, and lower 5G deployment capex vs regional history.
• Switch 3M Tactical to OW on ISAT/EXCL, driven by ISAT’s mispriced and EXCL’s priced-in merger clean-up; maintain TLKM Neutral.

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MARKET NEWS

Commodity Price Daily Update June 12, 2026

BBRI Announces Rp500bn Share Buyback

BBRI plans to repurchase up to Rp500bn of its shares between June 12 and September 11, 2026, in accordance with OJK regulations aimed at maintaining market stability. The buyback will be funded through internal cash reserves and is not expected to have a material impact on the bank’s operations or financial condition. (Investor Daily)

BYAN Declares US$500mn Dividend for FY25

BYAN will distribute a cash dividend of US$500mn, equivalent to US$0.015/share, from its FY25 earnings. For domestic shareholders, the dividend will be paid in rupiah, using Bank Indonesia’s middle exchange rate on the recording date as the conversion basis. The dividend payment is scheduled for 8 July 2026. (Bisnis)

SMGR Expands Cement Exports Through Tuban Facility

SMGR has launched a new export facility in Tuban, East Java, to expand its international market and improve plant utilization amid domestic industry overcapacity. With a capacity of 1 million tons per year, the facility will support exports, including a target of 450,000 metric tons of specialty cement to the United States in 2026. (Investor Daily)

TINS Allocates Rp450bn Capex for Smelter Expansion

TINS has allocated approximately Rp450bn in capital expenditure for 2026, funded from retained earnings after distributing 50% of its 2025 net profit as dividends. The company will focus on strengthening its core business by increasing smelter production capacity to improve operational performance. Part of the budget will also support ESG initiatives, including the installation of solar panels to reduce electricity consumption at production facilities and subsidiaries. (Kontan)

WSKT Accelerates Surabaya People’s School Project

WSKT is accelerating the construction of the People’s School project in Surabaya, targeting completion by June 20, 2026, with progress currently at 81.66%. The company has deployed over 4,000 workers and implemented round-the-clock shifts, along with construction and logistics optimization measures to speed up completion. (Kontan)