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FROM EQUITY RESEARCH DESK |
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IDEA OF THE DAY |
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Bank Mandiri: 1Q26 Results: Robust Earnings Growth Driven by Loan Expansion and Resilient Asset Quality (BMRI.IJ Rp4,700; BUY TP Rp6,200) · BMRI posted a net profit of Rp15.4tr in 1Q26, (-17% qoq, +17% yoy) forming 27% of our and consensus’ FY26 estimates, i.e., above. · Solid top line and lower CoC were driven by the expansion of related-party loan which grew 56% while retail loans remain weak. · Maintain Buy rating with an unchanged TP of Rp6,200 implying a fair value PBV of 1.8x and 8.3% dividend yield. To see the full version of this report, please click here To see the full version of this snapshoot, please click here
BRIDS FIRST TAKE · Coal: Channel Check Reinforces Tight Market View (OVERWEIGHT) To see the full version of this report, please click here MARKET NEWS |
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MACROECONOMY
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US Extends Ceasefire with Iran Amid Ongoing Strait of Hormuz Blockade The US extended its ceasefire with Iran indefinitely while maintaining a Strait of Hormuz blockade, as negotiations stalled after Iran refused to join new talks. President Trump said the truce will remain until discussions conclude, despite earlier threats of renewed attacks. The move briefly eased market concerns, with oil prices falling and equity futures recovering. However, tensions remain high as Iran rejects US demands and keeps the strait closed under blockade, leaving the outlook for a lasting deal uncertain amid an ongoing conflict that continues to disrupt global energy markets. (Bloomberg)
US Retail Sales Rose 1.7% mom in Mar26 US retail sales rose 1.7% mom in March 2026, beating expectations and marking the strongest gain in a year, driven by a sharp increase in gasoline spending amid higher fuel prices. Despite this, consumption remained broad-based, with gains across most categories including autos, furniture, electronics, and general merchandise, supported by tax refunds. Core retail sales also rose 0.7%, above forecasts, indicating underlying demand stayed firm even as energy costs increased. (Bloomberg) |
SECTOR
Commodity Price Daily Update Apr 21, 2026
CORPORATE
ADHI Records Ep4.7tr in New Contracts as of Mar26
ADHI recorded Rp4.72tr in new contracts as of Mar26, surging 131.5% yoy, driven mainly by government projects (76%) and dominated by the engineering & construction segment (95%). The pipeline includes key infrastructure projects such as toll roads, hospitals, and flood control, reflecting solid execution and continued focus on core construction, efficiency, and sustainable growth. (IDX)
DRMA to Distribute Rp329.4bn Cash Dividend for FY25
DRMA will distribute a cash dividend of Rp329.4bn for FY25, equivalent to Rp70 per share (0.07% yield). The dividend payment is scheduled on 7 May 2026. (Kontan)
ESSA to Conduct Maintenance Shutdown at Ammonia Plant
ESSA will temporarily shut down its Banggai Ammonia Plant (BAP), operated by PT Panca Amara Utama, for scheduled maintenance over ~5 weeks starting 6 May 2026. The activity aims to maintain reliability and optimize performance, though it will temporarily reduce ammonia production, with management noting no material impact on overall operations or financial condition. (Kontan)
ITMG to Distribute US$114.58mn Cash Dividend for FY25
ITMG has approved a cash dividend of US$114.58mn for FY25, representing a 60% payout ratio of its net profit attributable to the parent entity of US$190.94mn. Of the total dividend, US$50.04mn (equivalent to Rp738 per share) was distributed as an interim dividend on 26 November 2025, while the remaining US$64.54mn will be paid to shareholders on 19 May 2026. (Kontan)
KEJU Sets Expansion Plan and Declares FY25 Dividend
KEJU plans to accelerate domestic and international expansion in 2026 while declaring a Rp89.88bn dividend or Rp16 per share (yield: 2.9%), 50.09% payout for FY25, supported by strong demand and capacity expansion from its new Sumedang plant starting July26. (Investor Daily)
