Key Indices
Top Stories
Economics | Indonesia’s 2Q26 Growth Holds Resilient, But Headwinds Mount In 2H26
2Q26 GDP eased to 5.29% but beat consensus estimates, underpinned by investment and government spending. 2H26 growth will depend on fiscal drag, oil subsidy pressures, and tighter credit, though commodity-driven extractive sectors and state projects offer support. Full-year growth is forecast at 5.3% yoy, with inflation at 3.4% yoy amid El Niño and imported cost pressures. BI will hold rates in the near term but may lift them by 50bp to 6.25% to defend the rupiah if the Fed tightens.
Company Update | Telkom Indonesia (TLKM IJ/BUY/Rp2,650/Target: Rp3,600)
We maintain BUY on TLKM with a target price of Rp3,600. Management continues to prioritise profitability through pricing discipline and cost optimisation, while maintaining its 2026 guidance despite stronger-than-expected revenue growth. TLKM also continues to offer an attractive dividend yield profile, supported by strong cash flow generation, with additional upside from future VRDs backed by its ongoing asset monetisation pipeline.
Technical Analysis
Petrosea | PTRO IJ
Trading Buy Range: We have a technical Buy at Rp5,100, and take profit at Rp5,450.
Dian Swastatika Sentosa | DSSA IJ
Trading Buy Range: We have a technical Buy at Rp965, and take profit at Rp1,050.
Top Stories
Economics | Indonesia’s 2Q26 Growth Holds Resilient, But Headwinds Mount In 2H26
2Q26 GDP eased to 5.29% but beat consensus estimates, underpinned by investment and government spending. 2H26 growth will depend on fiscal drag, oil subsidy pressures, and tighter credit, though commodity-driven extractive sectors and state projects offer support. Full-year growth is forecast at 5.3% yoy, with inflation at 3.4% yoy amid El Niño and imported cost pressures. BI will hold rates in the near term but may lift them by 50bp to 6.25% to defend the rupiah if the Fed tightens.
Company Update | Telkom Indonesia (TLKM IJ/BUY/Rp2,650/Target: Rp3,600)
We maintain BUY on TLKM with a target price of Rp3,600. Management continues to prioritise profitability through pricing discipline and cost optimisation, while maintaining its 2026 guidance despite stronger-than-expected revenue growth. TLKM also continues to offer an attractive dividend yield profile, supported by strong cash flow generation, with additional upside from future VRDs backed by its ongoing asset monetisation pipeline.
Technical Analysis
Petrosea | PTRO IJ
Trading Buy Range: We have a technical Buy at Rp5,100, and take profit at Rp5,450.
Dian Swastatika Sentosa | DSSA IJ
Trading Buy Range: We have a technical Buy at Rp965, and take profit at Rp1,050.
Key Indices
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This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
