FROM EQUITY RESEARCH DESK

IDEA OF THE DAY

Bank Negara Indonesia: 1Q26 Earnings: Above; Driven by Strong Loan Growth and Better Asset Quality (BBNI.IJ Rp3,800; BUY TP Rp4,700) ·         BBNI posted a net profit of Rp5.7tr in 1Q26, slightly above our estimate (27%) and in line with consensus (26%). ·         Both LaR and NPL ratios declined yoy, although consumer segments remain a key area of concern. ·         Maintain Buy rating with an unchanged TP of Rp4,700, implying a 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     RESEARCH COMMENTARY ASII (Buy, TP: Rp7,050) – 1Q26 Earnings Miss on UNTR One-Offs and Soft Auto BBYB (Buy, TP: Rp400) - 1Q26 Results (In line) HRTA (Buy, TP: Rp3,300) – 1Q26 Results: Solid Results on Higher Gold Sales Vol & ASP INCO (Buy, TP: Rp8,600): 1Q26 Earnings – Strong Earnings but a Slight Miss ISAT (Buy, TP: Rp3,000) – 1Q26 Results: Earnings In-line with Ours/Consensus at 23.0%/24.7% MAPA (Buy, TP: Rp800) – 1Q26: In line Results MAPI (Buy, TP: Rp1,400) – 1Q26: In line Results UNTR (Buy, TP: Rp32,000) – 1Q26 Earnings Hit by One-Off Charges, Uncertain Operating Condition   MARKET NEWS

MACROECONOMY

The Federal Reserve held its policy rate at 3.5%–3.75% The Federal Reserve held its policy rate at 3.5%–3.75% for a third straight meeting in April 2026, in an 8–4 vote that exposed rare internal divisions. Stephen Miran dissented in favor of a 25bp cut, while Beth Hammack, Neel Kashkari and Lorie Logan opposed the easing bias. Chair Jerome Powell cited Middle East uncertainty, data dependence, and said the Fed stands ready to adjust policy as risks evolve. The vote marked the first four dissents since 1992. (Bloomberg)

 

SECTOR

Commodity Price Daily Update Apr 29 , 2026

 

 

Indonesian Government Targets Rapid Rollout of Merah Putih Cooperatives

Government aims to accelerate the establishment of Koperasi Merah Putih, starting with 1,000 units in the coming weeks and expanding to over 25,000 within months, with a long-term target of ~80,000 cooperatives. The program focuses on asset-based cooperatives to boost rural economies, strengthen distribution chains, and create large-scale employment. (Kontan)

 

CORPORATE

ACES Allocates Rp400–450bn Capex for 2026 Expansion

ACES has set a 2026 capex budget of Rp400–450bn, primarily for new store openings, distribution network expansion, and store rejuvenation. The company targets opening 25–30 AZKO stores and 40–50 NEKA outlets, while aiming for 6–8% revenue growth, supported by ~8.8% yoy sales growth in 1Q26. (Kontan)

 

BBCA Begins Share Buyback, Signals Confidence in Fundamentals

BBCA started its share buyback program on 28 April 2026, following shareholder approval, with the plan running until March 2027. The move reflects management’s confidence in the company’s fundamentals, with no material impact expected on financial performance. (Investor Daily)

 

BMRI Approves Rp44tr Dividend with 79% Payout

BMRI has approved a total dividend of ~Rp44tr for FY25, implying a 79% payout ratio, including the interim dividend of Rp9.32tr distributed in Jan26. The remaining cash dividend of Rp35.15tr will be paid to shareholders, equivalent to Rp377 per share (8.5% yield). (Kontan)

 

EXCL Pays Rp8.18bn Sukuk Profit Sharing

EXCL has paid Rp8.18bn in profit sharing for the 36th period of its Sukuk Ijarah Berkelanjutan I Tahap II 2017 Seri E, including a base return and additional adjustment linked to rating changes, bringing the yield to 9.74% annually. (Emiten News)

 

JPFA Approves Rp1.63tr Cash Dividend for FY25

JPFA has approved a cash dividend of Rp1.63tr for FY25, representing 40.7% of its net profit of Rp4tr. This translates to a dividend of Rp140 per share (5.7% yield), as approved at the company’s AGMS.

 

MEDC Plans to Allocate Buyback Shares for ESOP/MSOP

MEDC plans to reallocate 150mn treasury shares from its buyback program for employee and management stock ownership schemes (ESAP/MSAP), subject to shareholder approval at the AGM on 4 June 2026. The move aims to support long-term incentives and ensure sufficient allocation for the 2026–2028 period. (Bisnis)

 

WIFI Pivots to Private Debt After Public Bond Rethink

WIFI is shifting to private credit markets after shelving its planned public bond issuance due to muted investor demand, with the company now seeking to raise around $300mn through privately placed senior secured notes with a limited group of investors. Proceeds will partially fund the rollout of its FWA infrastructure, while remaining funding needs will be covered by internal cash reserves. The firm may still revisit a public bond offering if bookbuilding for the private placement shows strong demand. (Bloomberg)