FROM EQUITY RESEARCH DESK

IDEA OF THE DAY

Equity Strategy: Repricing the Risk; Potential Tactical Reliefs to Emerge

  • JCI’s risk premium has reset higher on fiscal pressure, policy noise, negative sovereign outlooks, and MSCI deletions/ down-weight.
  • We see three ST potential tactical reliefs: foreign flow exhaustion, easing seasonal Rupiah pressure and the oil/war narrative peak.
  • We see JCI earnings-yield-to-bond spread of 242bps to have priced in a bear scenario. We revise FY26 JCI target to 7,200.

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Solusi Sinergi Digital: IRA Officially Launched; Poised for Acceleration Timah: 1Q26 Beat Confirms Earnings Inflection; Royalty Overhang Keeps Valuation in Check

(TINS.IJ Rp 3,220; BUY TP Rp4,500)

  • TINS’ 1Q26 earnings beat confirms FY26F inflection, driven by stronger tin ASP, solid sales volume, and margin expansion.
  • We raised our FY26F net profit estimates by 13.4% to Rp3.4tr, despite lowering sales volume assumption.
  • Maintain Buy rating with TP of Rp4,500/sh, based on lower multiple 10x P/E FY26F to reflect royalty overhang.  

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RESEARCH COMMENTARY

  • BBYB (Buy, TP: Rp400) – Apr26 Results
  • BULL (Buy, TP: Rp550) - 1Q26: Earnings recovery, but still below estimates
  • TLKM (Buy, TP: Rp4,000) – 1Q26 Results – Earnings Miss on Higher O&M; Weak Mobile Data Revenue
  • Poultry (Overweight) – 4th Week of May 2026 Price Update

 

MARKET NEWS

SECTOR

Commodity Price Daily Update June 01, 2026

Indonesia Lowers Gold Export Benchmark Price by 1.43% for Jun26

The Ministry of Trade lowered the Gold Export Benchmark Price (HPE) for June 2026 by 1.43% to US$148,396.49/kg, down from US$150,555.29/kg in the second half of May 2026. The gold reference price (HR) also declined to US$4,615.65/troy ounce from US$4,682.80/troy ounce previously, reflecting softer gold price trends during the period. (Kontan)

 

CORPORATE

ERAA Launches Rp100bn Share Buyback Program

ERAA plans to conduct a share buyback of up to Rp100bn, covering a maximum of 797.5mn shares or approximately 5% of its outstanding shares. The buyback program is scheduled to be carried out gradually over a three-month period, from 2 June 2026 to 2 September 2026. (Kontan)

 

PTBA Plans Merger of Two Subsidiaries Under Streamlining Initiative

PTBA plans to merge two of its subsidiaries, PT Bukit Energi Servis Terpadu (BEST) and PT Bukit Energi Investama (BEI), as part of the subsidiary streamlining program within the MIND ID mining holding group. Under the proposed transaction, BEST will remain as the surviving entity, while BEI will be merged into it. Management expects the consolidation to create a more agile organization, accelerate operational integration, and enhance value creation for PTBA as the parent company. (Bisnis)