FROM EQUITY RESEARCH DESK

IDEA OF THE DAY

Bank Rakyat Indonesia: 2Q26 Earnings: Beat; Robust Loan Growth and Lower Opex Amid Higher Provisions (BBRI.IJ Rp3,250; NOT RATED) ·         BBRI posted net profit of Rp15.3tr in 2Q26 (–1% qoq, +21% yoy), bringing 1H26 to Rp30.9tr (+17% yoy), forming 53% of cons FY26F. ·         PPOP grew 4% qoq/18% yoy on solid loan growth and lower opex. Provisions rose due to the non-loan with loan CoC improving to 3%. ·         BBRI currently trades at 1.5x FY26C PBV, at -1.7SD of its 5-year mean, reflecting the challenging macro-economic concern.    To see the full version of this report, please click here     Macro Strategy: The Return of Policy Discipline ·         Warsh’s Jackson Hole message reinforced a hawkish Fed bias, lifting short-end yields, DXY, and further flattening-curve risks. ·         The five task forces point to a more disciplined Fed with less guidance and stronger inflation credibility. ·         Rising odds of another Fed hike could tighten external conditions and add pressure to IDR and broader asset prices. To see the full version of this report, please click here       To see the full version of this snapshoot, please click here    RESEARCH COMMENTARY ·         BBRI (Not Rated) – Jul26 Results (Bank-only) ·         Poultry (Overweight) – 4th Week of August 2026 Price Update   MARKET NEWS

MACROECONOMY

Japan’s Retail Sales Rose 4.0% yoy in Jul26

Japan’s retail sales rose 4.0% YoY in July 2026, accelerating from an upwardly revised 0.6% increase in June and exceeding market expectations of around 3%. The expansion, the fourth consecutive monthly gain on a yearly basis, was led by motor vehicle sales, which surged 16.2%. Machinery and equipment rebounded 6.3%, while general merchandise rose 3.1%. In contrast, apparel and accessories remained weak, falling 6.6%. On a monthly basis, retail sales rebounded 2.4%, reversing a revised 3.9% decline in June. (Bloomberg)

 

SECTOR

Commodity Price Daily Update Aug 31, 2026

 

 

MEMR Sets 2027 Oil Lifting Target at 612,500 BOPD

The Ministry of Energy and Mineral Resources (MEMR) has agreed on a 2027 oil lifting target of 612,500 bopd, within the previously proposed 605,000–620,000 bopd range. The target is slightly above the 610,000 bopd target set for 2026, which has faced operational challenges, including lower production from ExxonMobil's Cepu block. (Kontan)

 

CORPORATE

BNII Spends Rp21.59bn to Become Controlling Shareholder of Etiqa Indonesia

BNII became the controlling shareholder of PT Asuransi Etiqa International Indonesia (AEII) after signing a sale-purchase agreement with Etiqa International Holding Sdn Bhd, buying 191.25mn Class A and 790.13mn Class B shares equal to 51% of AEII for Rp21.59bn. The funds came from reallocating liquid assets into equity investments, part of BNII's compliance with POJK No. 30/2024 on financial conglomeration, under which BNII will act as the holding entity for Maybank Group's financial conglomerate in Indonesia. (Kontan)

 

KOTA Plans Rp4.4tr Rights Issue to Fund 571-Hectare Land Acquisition

KOTA will conduct a rights issue to fund the Rp4.4tr acquisition of PT Art Design Indonesia (ADI) and PT Mandirinusa Graha Perkasa (MGP), gaining control of about 571 ha of land, 23 ha in Surabaya and 548 ha in Maja. KOTA will issue up to 100bn new Series B shares at Rp25 par value, equal to a maximum 90.46% of paid-up capital post-rights issue, pending shareholder approval at an EGM on October 6, 2026. (Bisnis)

 

PTPP Secures Rp970bn Coal Hauling Road Contract in South Sumatra

PTPP won a Rp970bn contract to build the Stage III Coal Hauling Road in Musi Banyuasin, South Sumatra, via a joint operation with PTPP as lead project holding 65%. The design-and-build project spans 52km with a 540-day construction period, aimed at supporting coal transport from mining concessions to discharge points or ports. (Kontan)

 

SMGR Prepares to Merge 7 Subsidiaries Into SID

SMGR plans to merge seven subsidiaries, including Semen Kupang Indonesia and Semen Indonesia International, into PT Semen Indonesia Distributor (SID) under Danantara Asset Management's directive on BUMN subsidiary restructuring. The merger, targeted for effectivity around October 8, 2026 pending Ministry of Law approval, aims to consolidate operations, strengthen SMGR's strategic position and competitiveness, with employee relationships transferring to SID without layoffs. (Bisnis)