FROM EQUITY RESEARCH DESK

IDEA OF THE DAY

 Bank Negara Indonesia: 2Q26 Earnings: Inline; Top Line Growth Offset the Falling NIM and Higher CoC (BBNI.IJ Rp 3,630; BUY TP Rp 4,800)

  • BBNI reported a net profit of Rp5.1tr (-10% qoq, +8% yoy) bringing its 1H26 to Rp10.8tr (+7% yoy), relatively inline with ours and cons’.
  • Loan growth was robust but tight liquidity dragged NIM down and management revised its FY guidance to 3.3-3.5% (from 3.5-3.8%).
  • We raised our FY26/27F NP est. by +3/+4% to reflect higher loan growth and TP to Rp4,800; 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 

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MACROECONOMY

BRIDS Macro: GDP Grew 5.29% in 2Q26, Fiscal Support Remains Key

Key Slides Link:  https://link.brights.id/brids/storage/46391/20260805-2Q26-GDP-Growth.pdf

·         Indonesia’s economy grew 5.29% YoY (3.73% QoQ) in 2Q26, above the consensus forecast of 5.1%. Growth remained supported by stronger government spending, which continued to boost both household consumption, particularly food-related spending, and private sector activity.

·         Household consumption moderated to 5.06% YoY from 5.52% in 1Q26, but remained resilient, supported by Restaurants & Hotels (+6.47%) and Transportation & Communication (+5.71%), in line with double-digit YTD growth in motorcycle and car sales. On the external side, imports accelerated to 8.8% YoY, while exports improved to 4.13% YoY.

·         Government spending remained the largest growth driver, rising 15.97% YoY despite easing from the previous quarter as front-loaded fiscal spending normalized. Meanwhile, Investment (GFCF) stayed resilient at 6.87% YoY despite a high base, led by transport equipment investment (+26.03%).

·         Sectoral growth was led by Accommodation & Food Services (+10.6%), still supported by the MBG program and higher hotel occupancy, followed by Electricity & Gas (+10.81%) and Information & Communication (+6.97%). Manufacturing continued to soften, growing 4.52%, while construction accelerated to 6.7%, supported by industrial, residential, and Village Cooperative projects.

·         What’s Next? as highlighted in our report, tighter monetary conditions are likely to reduce liquidity support for growth. Effective budget execution will therefore be crucial to sustain investment, support consumption, and limit the risk of further growth moderation. (BRIDS Economic & FI Research Team)

SECTOR

Commodity Price Daily Update Aug 05, 2026

06 JULI 2026.png

Indonesian Government Plans Long-Term Oil Import Deal with Russia

Energy Minister said the government is preparing a long-term contract for crude oil imports from Russia. The first shipment of 770,000 barrels has already been realized, marking Indonesia's initial crude oil import from Russia following the bilateral agreement reached in April 2026. (Bisnis)

 

CORPORATE

FORE Invests Rp15bn in Dough Factory to Support Fore Donut Expansion

FORE is investing Rp15bn of its IPO proceeds to build a dough processing factory, with completion targeted in Aug–Sep 2026. The facility is expected to support the expansion of Fore Donut, with new outlets planned in Semarang, Yogyakarta, and Medan by the end of 2026. The company will continue to focus new store openings in Tier-1 malls to strengthen brand awareness. (Kontan)