Key Indices


Top Stories
Sector Update | Banking
- Liquidity conditions have improved from 2Q26, but headline ratios mask tighter underlying funding at SOE banks. Excluding SAL, we estimate LDR at 101% for BMRI and 95% for BBNI, while strong loan growth continues to outpace organic CASA growth and consume capital. Additional SAL withdrawals will put a greater focus on funding discipline and risk-adjusted returns. We remain selective despite inexpensive valuations. Maintain MARKET WEIGHT; BUY BBCA and HOLD BBRI, BMRI and BBNI.
Technical Analysis
Merdeka Battery Materials | MBMA IJ
- Trading Buy Range: We have a technical Buy at Rp540, and take profit at Rp590.
Mitra Adiperkasa | MAPI IJ
- Trading Buy Range: We have a technical Buy at Rp1,490, and take profit at Rp1,580.
Top Stories
Sector Update | Banking
- Liquidity conditions have improved from 2Q26, but headline ratios mask tighter underlying funding at SOE banks. Excluding SAL, we estimate LDR at 101% for BMRI and 95% for BBNI, while strong loan growth continues to outpace organic CASA growth and consume capital. Additional SAL withdrawals will put a greater focus on funding discipline and risk-adjusted returns. We remain selective despite inexpensive valuations. Maintain MARKET WEIGHT; BUY BBCA and HOLD BBRI, BMRI and BBNI.
Technical Analysis
Merdeka Battery Materials | MBMA IJ
- Trading Buy Range: We have a technical Buy at Rp540, and take profit at Rp590.
Mitra Adiperkasa | MAPI IJ
- Trading Buy Range: We have a technical Buy at Rp1,490, and take profit at Rp1,580.
Key Indices


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