FROM EQUITY RESEARCH DESK
IDEA OF THE DAY
Equity Strategy: Tactical Relief In Play, Sector Mispricing Still Offers Room
- Improved policy signals have driven the anticipated relief rally in JCI, despite deeper trough which reflected concerns on sovereign rating cut.
- We retain our Dec26 JCI target at 7,200 which still implies asymmetry from current level, subject to benign S&P and MSCI reviews outcome.
- Amid still visible sector mispricing, we maintain our preference on Banks, Telco and Metals, and turn more constructive on Coal.
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BRIDS FIRST TAKE
- VKTR Teknologi Mobilitas: KTA from Site Visit to Manufacturing Facility (NOT RATED)
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RESEARCH COMMENTARY
Poultry (Overweight) – 2nd Week of June 2026 Price Update
- While no official LB price data is available for a third consecutive week, our survey indicates that LB prices have fallen to Rp17k/kg, down 11.5% from the last official update of Rp19.2k/kg, with the weekly average declining 3.5% wow.
- Local corn prices held steady at Rp6.4k/kg, with the weekly average easing to Rp6.4k/kg (–1.0% wow)
- SBM prices fell further to US$301/t, bringing the MTD Jun26 average downt to US$310/t (–6% mom; +8% yoy).
- Survey data points to a sharp deterioration in LB prices, well below the estimated breakeven of ~Rp18.5k/kg. On a more constructive note, the easing in feed costs is gaining traction — SBM has now declined meaningfully from its YTD high, and corn prices continue to drift lower. However, the magnitude of the LB price drop suggests feed cost relief alone is insufficient to prevent meaningful margin pressure for integrators. With the onset of the Suro month adding a further seasonal headwind to demand, a near-term recovery in LB prices appears challenging. (Victor Stefano & Wilastita Sofi – BRIDS)
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MARKET NEWS
MACROECONOMY
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The Bank Of Japan Raised Its Policy Rate By 25bps to 1.0% The Bank of Japan raised its policy rate by 25bps to 1.0%, the highest level since 1995, as the BOJ accelerated policy normalization to address rising inflation risks from higher energy costs and a weak yen. The decision was approved by a 7-1 vote, with the BOJ signaling further rate hikes remain possible if inflation and economic conditions warrant. Despite the hike, financial conditions are expected to remain accommodative, while the BOJ will continue reducing bond purchases, reflecting a growing focus on inflation risks amid uncertainty stemming from the Middle East conflict. (BoJ, CNBC) |
SECTOR
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Commodity Price Daily Update June 16, 2026 |
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CORPORATE
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DMAS Declares Rp16.50 Per Share Dividend DMAS has approved a cash dividend of Rp795bn, or Rp16.50 per share, representing 99.37% of its 2025 net profit. Based on the closing share price of Rp156 on June 15, 2026, the dividend offers a yield of approximately 10.57%, with payment scheduled for July 9, 2026. (Emiten News)
GoTo Announces Rp3.5tr Share Buyback GOTO plans to buy back up to Rp3.5tr of its shares after receiving shareholder approval on June 18, 2026. The program aims to strengthen shareholder value and support the company's stock price, backed by improving financial performance in early 2026. (Emiten News)
MBMA Launches Rp1.46tr Share Buyback Program MBMA plans to repurchase up to 1.55 billion shares through a buyback program worth a maximum of Rp1.46tr, running from June 16 to September 16, 2026. The company expects the buyback to support share price stability and strengthen investor confidence, while maintaining its financial and operational performance. (Investor Daily)
TINS Announces 50% Dividend Payout for FY25 TINS will distribute Rp656.81bn in cash dividends, equivalent to Rp88.19 per share, representing 50% of its 2025 net profit of Rp1.31tr. Based on the closing share price of Rp3,480 on June 15, 2026, the dividend offers a yield of approximately 2.53%, with payment scheduled for July 10, 2026. (Emiten News) |
