FROM EQUITY RESEARCH DESK

IDEA OF THE DAY

XL Smart Telecom Sejahtera: 2Q26 Earnings: In-line; Muted ARPU As Growth Led by Non-Data; 5G Build-Out Continues (EXCL.IJ Rp2,560; BUY TP Rp3,600) Inline 2Q26: strong revenue growth but led by enterprise segment amid weaker data yield; softer ARPU drove flat EBITDA margin. Merger costs rolling off (acc. depreciation cut to Rp4.5-5tr; integration cost Rp300bn) lift our FY26F EPS est. by +32%. Maintain Buy rating on FY27 turnaround prospect supported by 5G monetization edge; cut TP to Rp3,600 on higher capex guidance. 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

US Headline Inflation Eased to 3.4% yoy in Jul26 US headline inflation eased to 3.4% yoy in July from 3.5% in June, while core inflation fell to 2.5% from 2.6%, signaling that the earlier energy-driven price shock continued to fade. Monthly headline and core CPI rose 0.1% and 0.2%, respectively, both in line with expectations. Energy prices fell 1.5% MoM, including a 2.9% decline in gasoline, while shelter rose 0.1%. The softer inflation backdrop, alongside weaker labor data, reduced expectations for a September Fed hike, with market-implied probability falling to 42%. (CNBC)

 

SECTOR

Commodity Price Daily Update Aug 12, 2026

 

 

Indonesia Motorcycle Sales Grow 2.0% yoy in 7M26

Domestic motorcycle sales rose 8.3% YoY to 636,030 units in Jul26, up from 587,048 units in Jul25. Cumulative sales reached 3.77mn units in 7M26, up 2.0% yoy from 3.69mn units in the same period last year. (Bloomberg Technoz)

 

Indonesian Government Targets Mekaar Loan Rates at ~8% in Sep26

The government targets reducing financing rates for women participating in the Mekaar program to around 8% in Sep26, from an average of 20%. The policy is expected to cover around 14mn women, aiming to reduce financing costs and provide greater room for participants to expand their businesses. (Kontan)

 

CORPORATE

BBNI Targets 14% yoy Transaction Growth from WondrX 2026

BBNI targets 14% yoy transaction growth through WondrX 2026, with the event expected to attract 80,000 visitors and involve more than 370 tenants across automotive, e-commerce, MSMEs, travel, retail, lifestyle, sports, hobbies, and culinary sectors. (Bisnis)

 

INET Launches SIDI JKT01 Data Center in Jakarta

INET, through its subsidiary PT Sinergi Inti Data Indonesia (SIDI), has officially launched the SIDI JKT01 Data Center at Gedung Cyber 1, South Jakarta. The facility forms part of INET's efforts to expand its data center portfolio and strengthen its integrated digital infrastructure services.

 

ISAT Prepares Rp255bn for Bond & Sukuk Repayment

ISAT has set aside Rp255bn to repay Rp201bn of bonds and Rp54bn of sukuk maturing on 2 September 2026. Meanwhile, 1H26 revenue grew 13.1% yoy to Rp30.65tn, supported by higher ARPU of Rp46k from Rp39k and 19.9% yoy data traffic growth to 9,892 PB, despite subscribers declining to 93.4mn. (Bisnis)