Key Indices
Top Stories
Economics | BI Stays On Hold: Defending The Rupiah Amid Murky Global Outlook
- BI held its policy rate at 5.75%, citing favourable inflows, ample reserves and pro-growth priorities, while dropping its monetary base target and raising swap discounts for longer-term investors. The global outlook remains murky as Fed tightening, elevated oil prices and US fiscal risk persist. Indonesia’s twin deficits keep the rupiah vulnerable, and BI is expected to raise rates further to defend it. The base case is fragile stability with modest short-duration capital inflows along with a stable rupiah.
Asian Gems Corporate Highlights | Bank Central Asia (BBCA IJ/BUY/Rp6,225/Target: Rp8,150)
- BBCA's August NIM improved to 5.7% (from 5.3% in 1H26) on corporate repricing, supporting a 70-80bp increase in yield and BI placement roll-off. BBCA is hence maintaining its 2026 NIM guidance at 5.4-5.6%. CASA at 85.5% and LDR at 81.0% support a selective growth stance amid soft consumer spending and mortgage demand. Asset quality remains manageable, with LAR improving to 4.9% despite a slight NPL uptick. Maintain BUY with a target price of Rp8,150.
Technical Analysis
Dian Swastatika Sentosa | DSSA IJ
- Trading Buy Range: We have a technical Buy at Rp1,080, and take profit at Rp1,135.
Merdeka Copper Gold | MDKA IJ
- Trading Buy Range: We have a technical Buy at Rp3,050, and take profit at Rp3,250.
Top Stories
Economics | BI Stays On Hold: Defending The Rupiah Amid Murky Global Outlook
- BI held its policy rate at 5.75%, citing favourable inflows, ample reserves and pro-growth priorities, while dropping its monetary base target and raising swap discounts for longer-term investors. The global outlook remains murky as Fed tightening, elevated oil prices and US fiscal risk persist. Indonesia’s twin deficits keep the rupiah vulnerable, and BI is expected to raise rates further to defend it. The base case is fragile stability with modest short-duration capital inflows along with a stable rupiah.
Asian Gems Corporate Highlights | Bank Central Asia (BBCA IJ/BUY/Rp6,225/Target: Rp8,150)
- BBCA's August NIM improved to 5.7% (from 5.3% in 1H26) on corporate repricing, supporting a 70-80bp increase in yield and BI placement roll-off. BBCA is hence maintaining its 2026 NIM guidance at 5.4-5.6%. CASA at 85.5% and LDR at 81.0% support a selective growth stance amid soft consumer spending and mortgage demand. Asset quality remains manageable, with LAR improving to 4.9% despite a slight NPL uptick. Maintain BUY with a target price of Rp8,150.
Technical Analysis
Dian Swastatika Sentosa | DSSA IJ
- Trading Buy Range: We have a technical Buy at Rp1,080, and take profit at Rp1,135.
Merdeka Copper Gold | MDKA IJ
- Trading Buy Range: We have a technical Buy at Rp3,050, and take profit at Rp3,250.
Key Indices
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