Key Indices
Top Stories
Economics | BI Rate Held At 5.75%: Balancing Rupiah Stability And Growth Support
- BI held its benchmark rate at 5.75%, defying consensus for a hike, citing rupiah stability near Rp18,000/USD, a weak domestic economy, and alternative currency-defence tools. It paired the hold with looser liquidity – cutting reserve requirements to 7% – and larger DNDF hedging discounts to attract inflows. Markets responded positively, but risks loom: A possible MSCI downgrade, high oil prices, and Fed hikes are expected in Dec 26 and 1Q27, pointing to two BI Rate hikes ahead.
Company Update | Cisarua Mountain Dairy (CMRY IJ/BUY/Rp4,250/Target: Rp5,800)
- Growth should stay resilient in 3Q26, keeping CMRY on track for its 15-20% revenue growth guidance, while gross margin should hold within the 42-44% guidance despite rupiah weakness. The growth story remains intact on channel expansion and product innovation, backed by a solid balance sheet, and margins should recover in 2027 on price increases, insurance recovery and direct milk powder imports. Maintain BUY with a lower target price of Rp5,800 (from Rp6,400), based on 20x 2026F PE.
Technical Analysis
Barito Pacific | BRPT IJ
- Trading Buy Range: We have a technical Buy at Rp1,480, and take profit at Rp1,600.
Trimegah Bangun Persada | NCKL IJ
- Trading Buy Range: We have a technical Buy at Rp790, and take profit at Rp830.
Top Stories
Economics | BI Rate Held At 5.75%: Balancing Rupiah Stability And Growth Support
- BI held its benchmark rate at 5.75%, defying consensus for a hike, citing rupiah stability near Rp18,000/USD, a weak domestic economy, and alternative currency-defence tools. It paired the hold with looser liquidity – cutting reserve requirements to 7% – and larger DNDF hedging discounts to attract inflows. Markets responded positively, but risks loom: A possible MSCI downgrade, high oil prices, and Fed hikes are expected in Dec 26 and 1Q27, pointing to two BI Rate hikes ahead.
Company Update | Cisarua Mountain Dairy (CMRY IJ/BUY/Rp4,250/Target: Rp5,800)
- Growth should stay resilient in 3Q26, keeping CMRY on track for its 15-20% revenue growth guidance, while gross margin should hold within the 42-44% guidance despite rupiah weakness. The growth story remains intact on channel expansion and product innovation, backed by a solid balance sheet, and margins should recover in 2027 on price increases, insurance recovery and direct milk powder imports. Maintain BUY with a lower target price of Rp5,800 (from Rp6,400), based on 20x 2026F PE.
Technical Analysis
Barito Pacific | BRPT IJ
- Trading Buy Range: We have a technical Buy at Rp1,480, and take profit at Rp1,600.
Trimegah Bangun Persada | NCKL IJ
- Trading Buy Range: We have a technical Buy at Rp790, and take profit at Rp830.
Key Indices
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