FROM EQUITY RESEARCH DESK
IDEA OF THE DAY
United Tractors: Retaining Strong FCF Generation Despite Challenging Operational Outlook (UNTR.IJ Rp29,775; BUY TP Rp33,000)
- Martabe gold mine operational halt and potential coal RKAB cut present uncertainties for UNTR in FY26.
- Higher coal and gold prices offset earnings impact from lower production vol; we raise our FY26-27 forecast by 8.4%-22.6%.
- Reiterate Buy rating with a higher TP of Rp33,000, as intact FCF generation supports better shareholder returns.
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MARKET NEWS
MACROECONOMY
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Indonesia’s Retail Sales Grew 5.7% yoy in Jan26 Indonesia’s retail sales grew 5.7% yoy in January 2026, accelerating from 3.5% in December 2025, supported by stronger sales of cultural and recreational goods, food and beverages, and clothing. Some segments also rebounded, including other goods and household equipment, although growth slowed in automotive parts and information and communication equipment. On a monthly basis, retail sales fell 2.7% due to post year-end holiday normalization. Looking ahead, Bank Indonesia expects retail sales to grow 6.9% yoy in February, supported by Ramadan and Eid-related demand, with monthly sales projected to rise 4.4%. (Bank Indonesia) |
SECTOR
Commodity Price Daily Update Mar 10, 2026
Automotive: Gaikindo Reports 12.7% yoy Growth in Car Wholesales for Feb26
Gaikindo reported Feb26 car wholesales of 81,159 units (+12.2% yoy/+22.1% mom) and retail sales of 78,219 units (+11.9% yoy/+16.7% mom), bringing 2M26 retail sales to 145,228 units and indicating gradual recovery in the auto market. The top five brands were Toyota (22,522 units), Daihatsu (13,452 units), Suzuki (9,659 units), Mitsubishi (7,008 units), and Honda (5,385 units). The industry expects demand to strengthen ahead of the Eid al-Fitr period, with Gaikindo projecting 2026 national car sales to grow around 5% to 850,000 units. (Bisnis
CORPORATE
CMRY Targets Double-Digit Sales Growth in 2026
CMRY targets 10–15% revenue growth in 2026, supported by product innovation in premium dairy and consumer foods, expanded marketing, and wider distribution. The company will also invest in production facilities, cold-chain storage, and strengthen modern and general trade channels to sustain growth. In 2025, CMRY posted Rp10.72tr in revenue (+18.8% yoy) and Rp2.03tr in net profit (+33.8% yoy), driven by strong performance in processed dairy and consumer food segments. (Bisnis)
PGAS Subsidiary Saka Energi Targets 24,000 BOEPD Production in 2026
PT Saka Energi Indonesia (SAKA), an upstream oil and gas subsidiary of PGAS, targets production of 24,000 BOEPD in 2026, representing an increase of around 10.4% compared with the previous year. The target reflects the company’s outlook for improved production potential and operational performance across its assets. (Kontan)
WIFI Partners Nokia to Explore 6G Development
WIFI signed a strategic partnership with Nokia Corporation at the Mobile World Congress 2026 to explore 6G technology and next-generation digital infrastructure. The one-year collaboration will focus on joint studies, technology discussions, and early feasibility assessments for 6G network evolution. The initiative aims to position Indonesia within early global 6G development while supporting future applications such as AI-driven connectivity, ultra-low latency networks, and advanced broadband infrastructure. (Investor Daily)
