FROM EQUITY RESEARCH DESK

IDEA OF THE DAY

Bank Mandiri: 3Q26 Earnings: Beat; Non-Interest Income and Cost Efficiency Offset NIM Pressure (BMRI.IJ Rp3,900; BUY TP Rp6,400)

  • BMRI posted 3Q26 net profit of Rp15.1tr (+1% qoq, +14% yoy), bringing its 9M26 NP to Rp45.5tr (+21% yoy), above ours and cons.
  • Non-II growth and lower opex offset NIM compression, while LaR rose to 6.8% on SOE construction restructuring.
  • Management raised loan growth guidance to 9-11% and lowered CIR to 37-39%. Maintain Buy rating with a higher TP of Rp6,400

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Bank BTPS Syariah: 3Q26 Earnings: Inline; NIM Recovery and Cleaner Asset Quality Drive a Solid Result (BTPS.IJ Rp1,000; BUY TP Rp1,400)

  • BTPS booked 3Q26 net profit of Rp356bn (+6% qoq, +18% yoy), bringing its 9M26 NP to Rp1tr (+7% yoy), inline with ours and cons.
  • CoC fell to 3.8% (-129bps qoq, -469bps yoy) in 3Q26 on improving asset quality, offsetting weaker PPOP.
  • Management maintains double-digit FY26 NPAT growth. Maintain Buy rating with an unchanged TP of Rp1,400.

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MARKET NEWS

MACROECONOMY

Indonesia’s Broad Money Supply (M2) Grew 8.3% yoy in Sep26

Indonesia’s broad money supply (M2) grew 8.3% YoY to a record Rp10,587.9tr in Sep26, accelerating slightly from 8.2% in August. Growth was supported by a 9.0% expansion in narrow money (M1) and faster quasi-money growth of 7.3%. Net claims on the central government rebounded 24.4% after contracting 7.0% in August, while net foreign assets returned to 1.0% growth. However, credit growth moderated to 12.7% from 13.3% previously, indicating a slight easing in lending momentum despite continued monetary expansion. (Bank Indonesia)

 

Japan’s Annual Inflation Accelerated to 2.1% yoy in Sep26

Japan’s annual inflation accelerated to 2.1% yoy in Sep26 from 1.9% in August, reaching its highest level since Dec25. The increase was driven by faster price growth in household goods, recreation, transport, and gas. Conversely, food inflation eased to 2.8%, its lowest since Feb22, while electricity prices continued to decline amid government subsidies. Core inflation, excluding fresh food, rose to 2.1%, exceeding the Bank of Japan’s 2% target for the first time in nine months. On a monthly basis, consumer prices were unchanged following August’s 0.1% increase. (Reuters)

 

SECTOR

Top Foreign Flow – JCI, October 23, 2026

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Commodity Price Daily Update October 23, 2026

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CORPORATE

IRSX Partners With YouTube to Expand Micro-Drama and AI Content

IRSX has entered a strategic partnership with YouTube Indonesia to expand micro-drama distribution, bring international creators to Indonesia, and explore generative AI across content production. The collaboration builds on IRSX’s digital expansion strategy, including its iQIYI partnership and FolaPlay platform, while details on content volumes, creator programs, and rollout timing are still being finalized. (Bisnis)

 

CDIA, Salim Group Add 12,000 m³ Bitumen Storage Capacity in Merak

CDIA, through subsidiary PT Redeco Petrolin Utama, has partnered with Salim Group’s PT Salim Chemicals Corpora to develop a 12,000 m³ bitumen storage facility in Merak, Banten. The three new tanks will support bitumen storage and distribution, expand RPU’s portfolio, and could create synergies with Chandra Asri Group’s existing bitumen supply and logistics businesses. (Kontan)

 

LSIP Allocates Rp750bn for Share Buyback

LSIP plans to repurchase up to 20% of its paid-in shares using up to Rp750bn of internal cash, with the buyback period running from Oct 26 to Dec 31, 2026. Management expects no material impact on operations or earnings, while projected EPS rises to Rp141 from Rp131 following the repurchase. (EmitenNews)