Broad money supply (M2) experienced a growth of 10.80% YoY to Rp10,415.9 trillion in May 2026, faster than the growth recorded in April 2026 (9.20% YoY). This was supported by a growth of the M2 components, including narrower money supply (M1) which grew by 15.3% YoY to Rp6,025 trillion and quasi-money which grew by 6.0% YoY to Rp4,319.3 trillion in May 2026. Furthermore, the growth of M2 was also influenced by the growth of loan distribution (10.8% YoY) and net foreign assets (5.2% YoY) in May 2026, which higher than the previous growth of 9.4% YoY and 3.7% YoY, respectively.

**Phintraco Sekuritas Sector Update**
**Telecommunication Sector**
**Aditya Prayoga**

**Telecommunication:  **Monetization Remains the Key Earnings Driver**

> The telecommunications sector delivered relatively solid earnings growth in 3M26, with aggregate revenue increasing 9.2% YoY to IDR 64.23 Trillion. The growth was primarily driven by the consolidation impact at EXCL following the merger of XL Axiata and Smartfren into XLSmart, which lifted EXCL’s revenue by 37.4% YoY to IDR 11.82 Trillion. Excluding the merger impact, sector growth was more moderate, as reflected in revenue growth of 12.1% YoY at ISAT and 1.5% YoY at TLKM.

> On the profitability front, sector EBITDA increased 5.7% YoY to IDR 30.62 Trillion. However, EBITDA margin contracted to 47.2% (-1.9ppt YoY), indicating that revenue growth has yet to be fully accompanied by operating efficiency improvements. At the bottom-line level, aggregate net profit declined 30.0% YoY to IDR 5.07 Trillion, primarily due to weaker earnings from TLKM and the ongoing post-merger integration process at EXCL.

> The SIM card starter pack repricing strategy implemented since last year continued to support customer monetization improvement. This was reflected in sector ARPU, which increased 13.2% YoY to IDR 45.9K, supported by a 17.2% YoY increase in data consumption to 14.5K PB and higher average data usage per subscriber, reaching 48.3 GB (+15.7% YoY). As a result, sector data yield improved by 5.8% YoY to IDR 2,905/GB.

> Despite the strong improvement in monetization, the aggregate subscriber base remained relatively stable at 320.1 million subscribers (+2.3% YoY; -0.8% QoQ), suggesting that industry growth is increasingly being driven by improving revenue quality rather than subscriber expansion. Among operators, TLKM recorded the strongest data yield growth (+25.9% YoY), while ISAT continued to deliver robust data traffic growth (+25.1% YoY).

> Looking ahead, we see two key catalysts that could shape the sector in FY26, namely the upcoming 700 MHz and 2.6 GHz spectrum auctions and the implementation of facial verification-based SIM registration starting in July 2026. We believe both initiatives have the potential to improve network capacity while enhancing the quality of the industry’s subscriber base.

> While facial verification-based SIM registration could lead to a c.5–10% decline in subscriber numbers in the near term due to customer base cleansing, we view the impact positively as it should improve subscriber quality and support stronger monetization. At the same time, additional spectrum allocation is expected to strengthen network quality and support future data traffic growth.

> Downside risks to our view include: (1) weaker-than-expected ARPU growth due to softer consumer purchasing power, (2) a larger-than-expected decline in subscriber numbers following customer base cleansing, and (3) higher-than-expected spectrum acquisition costs and capex requirements.

Full Report : https://phintracosekuritas.com

By PHINTRACO SEKURITAS | Research
– Disclaimer On –

Code : BACH
Sector : Industrials
Sub-Sector : Diversified Industrial Trading

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PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM

Perkiraan Tanggal Efektif :
29 Juni 2026

Perkiraan Masa Penawaran Umum :
1 Juli 2026 – 3 Juli 2026

Perkiraan Tanggal Penjatahan :
3 Juli 2026

Perkiraan Tanggal Distribusi Saham :
6 Juli 2026

Perkiraan Tanggal Pencatatan Saham di BEI :
7 Juli 2026

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STRUKTUR PENAWARAN UMUM PERDANA SAHAM

Sebanyak-banyaknya 615,000,000 (enam ratus lima belas juta) saham biasa atas nama yang merupakan saham baru, dengan nilai nominal Rp50,- (lima puluh Rupiah) setiap saham yang mewakili sebanyak 15.06% (lima belas koma nol enam persen) dari modal yang telah ditempatkan dan disetor penuh setelah Penawaran Umum.

Nilai Nominal :
Rp50 per lembar saham

Harga Penawaran :
Rp400 – Rp500 per lembar saham

Jumlah Penawaran Umum :
Sebanyak-banyaknya sebesar Rp246,000,000,000,- (dua ratus empat puluh enam miliar rupiah) sampai dengan Rp307,500,000,000,-(tiga ratus tujuh miliar lima ratus juta rupiah).

Penjamin Pelaksana Emisi Efek:
PT Erdhika Elit Sekuritas

Penjamin Emisi :
Akan ditentukan kemudian

By PHINTRACO SEKURITAS | Research
– Disclaimer On –

Consumer confidence decreased since early 2026. The IKK briefly increased to 127.0 in January 2026 before decreasing to 120.9 in May 2026, returning to a level below the average of the past three years.

Inflation across all expenditure groups increased. The food, beverages, and tobacco group increased to a high of 4.94% YoY in May 2026. This increase was followed by the household equipment group at 0.98% YoY, the information and communication group at 0.97% YoY, and the apparel and footwear group at 0.84% YoY.

The Ramadan season strengthened the revenue growth of retail companies in 1Q26. National retail sales increased by 3.4% YoY to 256.7, becoming the main stimulus for the companies under coverage.

The operations of the Merah Putih Village Cooperative faced a number of fundamental challenges, starting from a shortage of strategic land to concerns regarding governance.

Downside risks in this sector include a more-than-expected weakening of purchasing power, restrictions on expansion, and intense competition with e-commerce platforms.

By PHINTRACO SEKURITAS | Research
– Disclaimer On –

June 23rd, 2026

Indeks di Wall Street ditutup mixed pada Senin (22/6).

Penurunan saham Alphabet membebani sektor jasa komunikasi.

Investor juga mencermati perkembangan gejolak di Timur Tengah.

PBoC mempertahankan suku bunga pinjaman pada rekor terendah (22/6).

Investor masih nantikan pengumuman MSCI dan S&P Global Standard.

Harga minyak Brent melemah lebih dari 3% di bawah level US$80/barel (22/6).

U.S. 10-year Bond Yield naik lebih dari 5 bps ke level 4.509% (22/6).

Harga emas spot menguat 0.6% di level US$4,183/troy oz (22/6).

Jika IHSG ditutup di atas level 6100, diperkirakan konsolidasi IHSG berlanjut di kisaran 6050-6220, namun jika tidak maka berpeluang uji level 6000.

Top picks (23/6): ITMG, NCKL, AKRA, JSMR dan ADRO.

By PHINTRACO SEKURITAS | Research
– Disclaimer On –

Inflasi Kanada naik dari 2.8% YoY pada April 2026 menjadi 3.2% pada Mei 2026, menandai level tertinggi sejak Desember 2023. Kenaikan inflasi ini disebabkan oleh kenaikan harga energi akibat disrupsi ekspor energi dari Timur Tengah. Di samping itu, inflasi inti Kanada naik tipis dari 2.1% pada April 2026 menjadi 2.2% YoY pada Mei 2026.

Pemerintah Indonesia akan meluncurkan delapan paket stimulus ekonomi senilai Rp26.34 triliun pada 2H26 untuk mendorong daya beli masyarakat di tengah ketidakpastian global. Stimulus ini meliputi pembebasan pajak sebesar Rp2.04 triliun, program magang nasional sebesar Rp6.26 triliun, dan bantuan pangan Rp18.04 triliun.

Code : JECX
Sector : Healthcare
Sub-Sector : Healthcare Providers

———————————————
PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM

Perkiraan Tanggal Efektif :
29 Juni 2026

Perkiraan Masa Penawaran Umum :
1 Juli 2026 – 3 Juli 2026

Perkiraan Tanggal Penjatahan :
3 Juli 2026

Perkiraan Tanggal Distribusi Saham :
6 Juli 2026

Perkiraan Tanggal Pencatatan Saham di BEI :
7 Juli 2026

———————————————
STRUKTUR PENAWARAN UMUM PERDANA SAHAM

Sebanyak-banyaknya 487,983,500 saham biasa, yang terdiri dari (i) 325,322,300 saham baru yang dikeluarkan dari portepel Perseroan yang mewakili 10.00% dan (ii) 162,661,200 saham milik DR.Dr. Waldensius Girsang, SpM(K) yang mewakili 5.00% dari modal ditempatkan dan disetor Perseroan setelah Penawaran Umum Perdana Saham yang mana seluruhnya sejumlah sebanyak-banyaknya 15% dari modal ditempatkan dan disetor Perseroan setelah Penawaran Umum Perdana Saham dengan nilai nominal Rp16,- (enam belas Rupiah) setiap saham.

Nilai Nominal :
Rp16 per lembar saham

Harga Penawaran :
Rp1,200 – Rp1,400 per lembar saham

Jumlah Penawaran Umum :
Sebanyak-banyaknya sebesar Rp683.176.900.000 (enam ratus delapan puluh tiga miliar seratus tujuh puluh enam juta sembilan ratus ribu Rupiah)

Penjamin Pelaksana Emisi Efek:
PT Trimegah Sekuritas

Penjamin Emisi :
Akan ditentukan kemudian

By PHINTRACO SEKURITAS | Research
– Disclaimer On –

The Ministry of Energy and Mineral Resources (ESDM) has postponed the proposed mineral royalty increase following negative feedback from industry participants. The review aims to balance state revenue optimization with industry profitability and investment attractiveness, although uncertainty surrounding future royalty implementation remains a key concern for mining companies.

Nickel prices strengthened in 2026, supported by Indonesia’s decision to reduce its nickel ore production quota by approximately 17% YoY and supply disruptions in sulfuric acid, a critical input for HPAL operations. Higher operating costs have forced several HPAL producers to reduce output, raising concerns over tighter battery-grade nickel supply and supporting global nickel prices.

Copper prices also moved higher following the U.S. implementation of a 50% tariff on semi-finished copper products, while ESDM expects prices to remain on an upward trajectory through 2032 as demand growth from electrification, energy transition, and infrastructure development continues to outpace supply. The government has also proposed higher royalty rates for copper concentrate and cathode products.

Meanwhile, ESDM has proposed a more progressive royalty scheme for tin, including raising the maximum royalty rate from 10% to 20% when the Reference Mineral Price (HMA) exceeds US$50,000/t. With average tin prices already above this threshold in early 2026, producers could face higher royalty burdens should the proposal be implemented.

We remain constructive on the sector, supported by stronger nickel and copper prices amid supply constraints and favorable long-term demand trends. Key risks include uncertainty surrounding royalty revisions and geopolitical developments that may increase commodity price volatility.

By PHINTRACO SEKURITAS | Research
-Disclaimer On-

**Phintraco Sekuritas Sector Update**
**Cement Sector **
**Aditya Prayoga**

> The cement industry started 2026 on a solid footing, with cumulative domestic sales volume reaching 19.06 million tons in 4M26 (+11.6% YoY). On a monthly basis, April 2026 volume grew by 5.8% YoY to 5.29 million tons, driven by stronger growth in bulk cement sales (+48.0% YoY) compared to bagged cement (+30.7% YoY), resulting in an increase in the contribution of bulk cement to 27.7% (vs 27.3% in 3M26) of total national volume.

>Nevertheless, we believe that the improvement in demand at the beginning of the year does not yet fully reflect a sustainable recovery, as part of the growth was still supported by post-disaster reconstruction activities in Sumatra as well as a low base effect from the previous year.

> The improvement in industry volume at the beginning of 2026 was primarily captured by SMGR rather than INTP. This was reflected in SMGR’s market share, which increased to 47.7% in April 2026 (vs 44.8%; Mar-26), while INTP’s market share remained relatively stagnant at 28.1%.

>On a cumulative 4M26 basis, SMGR maintained its market share at 47.5%, while INTP’s market share declined to 28.0% (vs 29.6%; 4M25). We believe this condition highlights SMGR’s ability to maintain its position as the leader in the cement market, while INTP continues to face competitive pressure from second-tier brands that have steadily increased their market share.

> The cement sector delivered improved performance in 1Q26, with aggregate revenue growing 4.3% YoY and net profit increasing 16.7% YoY. This performance was broadly in line with ongoing cost efficiency measures, which helped keep margins relatively stable.

>SMGR was the main contributor to the sector’s growth, supported by higher domestic volume that drove revenue and net profit growth of 8.3% YoY and 88.7% YoY, respectively. On the other hand, INTP continued to face revenue pressure (-3.3% YoY), although the company still managed to record net profit growth of 2.1% YoY.

> Looking ahead, we expect demand recovery to be supported by the acceleration of government infrastructure spending, which will serve as the key catalyst for volume improvement amid the ongoing oversupply condition. Meanwhile, potential increases in energy and raw material costs remain a risk to sector profitability.

> Upside risks in our view include: (1) accelerated government spending, (2) stronger-than-expected volume recovery, and (3) lower energy prices.

Full Report :

By PHINTRACO SEKURITAS | Research
– Disclaimer On –

Consumer confidence decreased since early 2026. The IKK briefly increased to 127.0 in January 2026 before decreasing to 120.9 in May 2026, returning to a level below the average of the past three years.

Inflationary pressures increased in early 2026, driven by seasonal factors. The increase in inflation potentially increases costs, which could pressure operating margins. On the other hand, wage growth, which began to exceed inflation in early 2026, created room for a recovery in real purchasing power, which could potentially support demand volume.

The normalization of cocoa prices becomes a positive catalyst, wheat and CPO prices still pressure margins. Cocoa prices experienced a significant correction from December 2024 to US$3,889/ton in May 2026, Coffee prices also moderated to US$268/Lbs in May 2026. On the other hand, wheat prices increased to US$653/Bu in May 2026, while CPO remained in the range of MYR4,400/ton.

Normalization of live bird prices after Eid al-Fitr. The normalization of demand after Eid al-Fitr caused live bird prices to decrease to IDR19,617/kg in April 2026. On the other hand, the MBG program is expected to become a demand buffer, so that live bird prices potentially strengthen and stabilize in the future.

By PHINTRACO SEKURITAS | Research
– Disclaimer On –

Code : EMMI
Sector : Healthcare
Sub-Sector : Healthcare Supplies & Distributions

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PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM

Perkiraan Tanggal Efektif :
30 Juni 2026

Perkiraan Masa Penawaran Umum :
2 Juli 2026 – 6 Juli 2026

Perkiraan Tanggal Penjatahan :
6 Juli 2026

Perkiraan Tanggal Distribusi Saham :
7 Juli 2026

Perkiraan Tanggal Pencatatan Saham di BEI :
8 Juli 2026

———————————————
STRUKTUR PENAWARAN UMUM PERDANA SAHAM

Sebanyak-banyaknya sebesar 522,857,000 (lima ratus dua puluh dua juta delapan ratus lima puluh tujuh ribu) saham biasa atas nama, atau mewakili sebesar 30% (tiga puluh persen) dari jumlah modal ditempatkan dan disetor Perseroan setelah Penawaran Umum Perdana Saham dengan nilai nominal Rp50,- (lima puluh rupiah) setiap saham.

Nilai Nominal :
Rp50 per lembar saham

Harga Penawaran :
Rp446 – Rp515 per lembar saham

Jumlah Penawaran Umum :
Sebanyak-banyaknya sebesar Rp269,271,355,000,- (dua ratus enam puluh sembilan miliar dua ratus tujuh puluh satu juta tiga ratus lima puluh lima ribu Rupiah).

Penjamin Pelaksana Emisi Efek:
PT BRI Danareksa Sekuritas
PT INA Sekuritas Indonesia

Penjamin Emisi :
Akan ditentukan kemudian

By PHINTRACO SEKURITAS | Research
– Disclaimer On –

June 22nd, 2026

June 22nd, 2026

Bursa Wall Street libur Juneteenth pada Jumat (19/6).

Mayoritas indeks di bursa Eropa dan Asia ditutup melemah (19/6).

Investor meragukan perjanjian perdamaian AS-Iran dapat bertahan lama.

Iran menutup kembali Selat Hormuz pada Jumat (19/6) karena sejumlah syarat dalam kesepakatan perdamaian dengan AS belum dipenuhi.

Dari AS akan dirilis data indeks PCE, durable goods orders dan indeks sentimen konsumen Universitas Michigan pada pekan ini.

Data ekonomi yang akan dirilis pada pekan ini adalah M2 Money Supply (23/6).

Investor menantikan pengumuman dari MSCI mengenai Annual Market Classification Review (24/6)

IHSG pada pekan ini diperkirakan konsolidasi pada kisaran 6100-6250.

Top picks pekan ini: ASII, DSSA, ISAT, HMSP, INET dan DKFT.

By PHINTRACO SEKURITAS | Research
– Disclaimer On –