FROM EQUITY RESEARCH DESK

IDEA OF THE DAY

Bank Mandiri: 2Q26 Earnings: Beat; Lower CoC Offset NIM Compression (BMRI.IJ Rp 4,380; BUY TP Rp 6,200)

  • BMRI posted 2Q26 net profit of Rp15.0tr (-2% qoq, +33% yoy) bringing 1H26 to Rp30.4tr (+24% yoy).
  • Management lowered FY26 NIM guidance to 4.3-4.5% (from 4.5-4.7%) while maintaining CoC, loan growth, and CIR guidance.
  • As pressure on NIM continue and opex normalizes in 2H26, we keep our forecasts and TP unchanged and maintain Buy rating.

To see the full version of this report, please click here 

Bank BTPS Syariah: 2Q26 Earnings: Inline; Supported by Loan Growth Expansion and Solid Asset Quality (BTPS.IJ Rp 1,005; BUY TP Rp 1,400)

  • BTPS booked 2Q26 net profit of Rp336bn (+5% qoq, +1% yoy), bringing its 1H26 NP to Rp655bn (+2%yoy), inline vs. ours and cons
  • Management raised FY26F earnings expectations to double-digit growth post 1H26 achievements.
  • We keep our FY26-28 forecasts and valuation unchanged resulting in an unchanged TP of Rp1,400, implying fair value PBV of 1.0x.

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 Inflation Accelerated to 1.7% yoy in Jun26

Japan’s inflation accelerated to 1.7% yoy in June 2026 from 1.5% in May, the highest since December, driven mainly by a slower decline in electricity and gas prices as energy subsidies were scaled back. Core inflation also rose to 1.6% from 1.4%, its highest since March, but remained below the Bank of Japan’s 2% target for a fifth straight month. Meanwhile, food inflation eased to 3.2% from 3.5%, supported by a second consecutive decline in rice prices. (CNBC)

 

SECTOR

Commodity Price Daily Update July 24, 2026

27 JULI 2026.png

CORPORATE

AMMN Completes Copper Smelter

AMMN has completed its copper smelter in West Sumbawa, officially entering long-term operations after meeting all performance requirements. The facility will strengthen Indonesia’s mineral downstream industry by processing up to 900,000 metric tons of copper concentrate annually. (Kontan)

 

ANTM Expands into EV Battery Ecosystem

ANTM plans to begin its Avere gold refinery expansion in Gresik and several EV battery ecosystem projects in the second half of 2026, supported by a Rp7tr capital expenditure budget. The company is also partnering with HYD Investment Limited and other strategic partners to develop an integrated battery supply chain in Indonesia. (Kontan)

 

MTEL Completes Share Buyback

MTEL completed a Rp35.93bn share buyback, repurchasing 69.78 million shares at Rp515 each to fulfill the rights of shareholders who opposed its planned merger with PT Persada Sokka Tama and PT Ultra Mandiri Telekomunikasi. The company stated that the transaction has no impact on its operations, ownership structure, control, or financial condition. (Emiten News)

 

SMRA Begins Bekasi TOD Development

SMRA has started construction of the Bekasi Extension Railway Station as the first phase of its Transit-Oriented Development (TOD) project, investing Rp 78 billion with completion targeted within 18 months. The project aims to improve public transport integration, reduce congestion at Bekasi Station, and support future mixed-use developments connected to the region's mass transit network. (Kontan)