Key Indices


Top Stories
Company Results | Archi Indonesia (ARCI IJ/BUY/Rp1,390/Target: Rp2,200)
- ARCI posted a 2Q26 net profit of US$50.5m (+105.2% yoy; +69.4% qoq) on gold sales of 32,000 oz (+39% qoq), lifting 1H26 earnings to US$80.3m (+130.1% yoy), in line with consensus but 39.3% of our 2026 estimates. We expect higher 3Q26 volumes of 33,000-36,000oz from Araren and Marawuwung, and 2026 earnings of US$204m (+94.6% yoy). Processing capacity expansion to 6 Mtpa and a year-end JORC update on 3.2m oz reserves provide upside catalysts. Maintain BUY with a target price of Rp2,200.
Technical Analysis
VKTR Teknologi Mobilitas | VKTR IJ
- Trading Buy Range: We have a technical Buy at Rp960, and take profit at Rp1,030.
Bank Negara Indonesia | BBNI IJ
- Trading Buy Range: We have a technical Buy at Rp3,770, and take profit at Rp3,990.
Top Stories
Company Results | Archi Indonesia (ARCI IJ/BUY/Rp1,390/Target: Rp2,200)
- ARCI posted a 2Q26 net profit of US$50.5m (+105.2% yoy; +69.4% qoq) on gold sales of 32,000 oz (+39% qoq), lifting 1H26 earnings to US$80.3m (+130.1% yoy), in line with consensus but 39.3% of our 2026 estimates. We expect higher 3Q26 volumes of 33,000-36,000oz from Araren and Marawuwung, and 2026 earnings of US$204m (+94.6% yoy). Processing capacity expansion to 6 Mtpa and a year-end JORC update on 3.2m oz reserves provide upside catalysts. Maintain BUY with a target price of Rp2,200.
Technical Analysis
VKTR Teknologi Mobilitas | VKTR IJ
- Trading Buy Range: We have a technical Buy at Rp960, and take profit at Rp1,030.
Bank Negara Indonesia | BBNI IJ
- Trading Buy Range: We have a technical Buy at Rp3,770, and take profit at Rp3,990.
Key Indices


IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
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.
Our latest research

31 Aug 2026
China Property / BYD Company / BYD Electronics / Haier Smart Home / Longfor Group / Meituan / Midea Group / Miniso / Ningbo Tuopu / Weichai Power / Wuliangye Yibin / Yuexiu Property

28 Aug 2026

