PTBA recorded a 12.4% YoY increase in revenue to Rp35.20 trillion in 9M26, primarily supported by the coal sales segment, which grew 12.7% YoY to Rp34.67 trillion. Domestic sales accounted for 52% of total sales volume, while the remaining 48% came from export markets, with key destinations including Bangladesh, Vietnam, India, Cambodia, and Thailand.

PTBA continued to deliver significant earnings growth, with gross profit surging 103.8% YoY to Rp7.27 trillion, operating income increasing 220.4% YoY to Rp5.11 trillion, and net profit rising 216.4% YoY to Rp4.4 trillion in 9M26. The improvement was primarily driven by an 18% YoY increase in ASP, supported by stronger global coal prices, with the Newcastle and ICI-3 indices increasing by 25% and 26% YoY, respectively.

Despite a 4.1% YoY decline in production to 34.41 million tons in 9M26, PTBA recorded a strong quarterly recovery, with 3Q26 production increasing 16.6% QoQ to 14.96 million tons. Cost efficiency also remained well maintained, as the cost of revenue increased by only 0.6% YoY despite a 36% YoY rise in fuel prices, supported by a lower stripping ratio of 5.59x. EBITDA reached Rp7.19 trillion, with a margin of 20%.

PTBA maintained its FY26 targets of 49.55 million tons of coal production, 49.51 million tons of sales, and 41.00 million tons of transportation volume. The Company’s growth initiatives include the Tanjung Enim–Keramasan railway project, which had reached 93.54% completion as of July 2026 and is expected to commence operations in 2H26, with an annual capacity of 20 million tons. Furthermore, port capacity optimization and coal downstreaming projects, including coal-to-DME and coal-to-SNG, are expected to support future production growth and strengthen the Company’s long-term business prospects.

Key risks to our recommendation include rising fuel prices, global commodity price volatility, and regulatory uncertainty in the energy sector.

By PHINTRACO SEKURITAS | Research
-Disclaimer On –

SIDO’s revenue declined 8.42% YoY to Rp2.50 trillion in 9M26, mainly due to a 26.02% YoY decrease in the herbal medicine and supplement segment to Rp1.19 trillion.

The food and beverages segment grew 18.17% YoY to Rp1.22 trillion, becoming the largest revenue contributor at 48.67%, while the pharmaceutical segment increased 1.10% YoY to Rp94.6 billion.

Net profit fell 24.37% YoY to Rp619.10 billion in 9M26, as lower revenue and higher operating expenses weighed on profitability, with operating profit declining 23.27% YoY to Rp788.01 billion.

Profitability margins weakened, with GPM declining to 51.22% (vs 56.67%), OPM to 30.43% (vs 37.63%), and NPM to 23.54% (vs 29.99%) in 9M26.

SIDO’s performance is expected to gradually recover in the coming quarters. The recovery in sales volume, particularly in the herbal medicine and supplement segment, will be key to improving revenue growth and restoring profitability.

By PHINTRACO SEKURITAS | Research
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Phintraco Sekuritas Company Update
PT GoTo Gojek Tokopedia Tbk – GOTO.IJ
Aditya Prayoga

>Group Profitability Improves, Supported by Strong FinTech Growth. GOTO recorded a net profit of IDR441 billion in 3Q26, extending its profitability streak to three consecutive quarters. Adjusted EBITDA increased 84.1% YoY to IDR950 billion, supported by 88.5% YoY growth in core GTV to IDR193.9 trillion and 17.3% YoY growth in net revenue to IDR5.56 trillion. The improvement reflects stronger contributions from FinTech, which helped offset ongoing pressure in the On-Demand Services (ODS) segment.

>ODS Profitability Weakens, with Mobility Facing Regulatory Pressure. ODS GTV increased 1.2% QoQ to IDR16.90 trillion in 3Q26, supported by a 6.9% QoQ increase in Mobility GTV to IDR6.26 trillion. However, Mobility revenue and adjusted EBITDA declined 13.3% QoQ to IDR757 billion and 45.2% QoQ to IDR159 billion, respectively, following the reduction in the commission cap to 8% for two-wheel (2W) services. Meanwhile, Delivery GTV declined 1.8% QoQ to IDR10.64 trillion, although adjusted EBITDA increased 1.8% QoQ to IDR227 billion. Consequently, ODS adjusted EBITDA declined 25.2% QoQ to IDR347 billion, while its margin narrowed to 10.5% from 12.9% in 2Q26. These developments indicate that regulatory pressure on Mobility monetization continues to weigh on ODS profitability.

>FinTech Remains the Key Growth Driver, Supported by Higher Transaction Activity and Loan Disbursement. FinTech continued to strengthen GOTO’s profitability, with net revenue increasing 49% YoY to IDR2.30 trillion and adjusted EBITDA surging 304% YoY to IDR550 billion in 3Q26. Growth was supported by a 26% YoY increase in monthly transacting users to 30.4 million and an 86% YoY increase in transactions to 2.8 billion. Core FinTech GTV rose 96% YoY to IDR186.95 trillion, while total loans disbursed increased 58% YoY to IDR12.05 trillion. The segment’s strong performance provides an important offset to weaker ODS profitability and supports the Group’s overall earnings growth.

>FY26 Profitability Guidance Increased, but Regulatory Risks Remain. GOTO raised its FY26 adjusted EBITDA target to IDR3.5–3.7 trillion from IDR3.2–3.4 trillion, alongside higher adjusted EBITDA expectations for FinTech of IDR1.9–2.0 trillion. Nevertheless, profitability remains exposed to the 8% commission cap for 2W Mobility services, which management estimates will reduce FY26 EBITDA by approximately IDR300 billion. In addition, the potential extension of commission caps to food delivery services and the QRIS MDR policy could further constrain monetization and limit future profitability growth.

>The adjustment reflects a more cautious outlook for ODS, particularly Mobility, where lower commission rates could continue to pressure revenue and profitability. However, strong FinTech performance, supported by higher transaction activity, loan growth, and improved operating leverage, remains a key earnings driver. Key risks include regulatory pressure on monetization, intensifying competition, and potential deterioration in asset quality within the FinTech business.

By PHINTRACO SEKURITAS | Research
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ASII’s net profit increased 35.7% QoQ in 3Q26 compared with 2Q26. The increase was primarily driven by improved performance in the Mining Solutions & Heavy Equipment segment, which recorded profit of IDR2.27 trillion in 3Q26, up from IDR199 billion in 2Q26.

ASII’s revenue grew 8.5% QoQ to IDR85.96 trillion in 3Q26. As a result, ASII’s revenue reached IDR243.87 trillion in 9M26, representing a marginal increase of 0.1% YoY from IDR243.61 trillion in 9M25.

The decline in the Mining Solutions & Heavy Equipment segment was offset by growth in other segments. The Automotive segment remained ASII’s largest revenue contributor, accounting for 41% of total revenue in 9M26, followed by Mining Solutions & Heavy Equipment at 36%, Financial Services at 12%, and other segments at 11%.

However, higher expenses contributed to 11.7% YoY decline in ASII’s net profit to IDR21.6 trillion in 9M26 from IDR24.47 trillion in 9M25.

The Automotive and Financial Services segments recorded growth. ASII’s car sales increased by 12.6% YoY to 334,987 units in 9M26 from 297,498 units in 9M25. However, ASII’s car market share declined to 49.3% in 9M26 from 53.2% in 9M25.

By PHINTRACO SEKURITAS | Research
-Disclaimer On –

Indeks di bursa Wall Street ditutup melemah pada Kamis (29/10).

Koreksi indeks terutama disebabkan oleh penurunan di sektor layanan komunikasi dan teknologi.

Ekonomi AS tumbuh menjadi 3.4% pada 3Q26 dari 2.2% pada 2Q26 (29/10).

Inflasi PCE AS meningkat menjadi 3.6% YoY pada September 2026 dari 3.4% YoY (29/10).

ECB sesuai perkiraan mempertahankan suku bunga acuan pada level 2.65% (29/10).

Bank of Japan diperkirakan mempertahankan suku bunga acuan pada level 1.25% (30/10).

Harga minyak melemah terbatas di mana Brent ditutup pada level US$114/barel (29/10).

U.S. 10-year Bond Yield turun di bawah level 5% (29/10).

Harga emas spot ditutup melemah 1% di level US$4,026/troy oz (29/10).

Diperkirakan IHSG akan menguji level psikologis 5,000 pada perdagangan Jumat (30/10).

Top picks (30/10): DSSA, TPIA, ULTJ, MYOR, TPIA dan KLBF.

By PHINTRACO SEKURITAS | Research
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October 30th, 2026

BRMS booked 3Q26 revenue of US$71.8 million (+173% QoQ), bringing 9M26 revenue to US$167.6 million (-9% YoY), supported by operational recovery following the pushback in 1H26.

3Q26 gross profit reached US$37.2 million (+213% YoY), with GPM improving to 51.8%. Net profit turned positive at US$11.0 million, although 9M26 net profit decreased by 37% YoY to US$23.9 million due to higher finance costs.

Gold production reached 16,748 oz in 3Q26, bringing 9M26 production to 37,839 oz at an average grade of 1.94 g/t. Further growth is expected from the River Reef underground mine targeted for mid 2027 and the expansion of CIL 1 processing capacity to 2,000 tpd in early 2027.

We estimate FY26F revenue at US$272 million, supported by operational recovery and gold sales contracts at competitive prices. For FY27F, higher production from CPM and drilling potential at GM could provide further growth opportunities, particularly from its copper assets.

By PHINTRACO SEKURITAS | Research
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Phintraco Sekuritas Company Flash
PT Triputra Agro Persada Tbk – TAPG.IJ
Aditya Prayoga

>TAPG delivered solid performance in 3Q26, with net profit increasing 20.1% QoQ (+53.1% YoY) to IDR1.51 trillion, supported by revenue growth and margin improvement. Revenue increased 6.7% QoQ (+33.0% YoY) to IDR3.59 trillion, while cost of revenue rose at a more moderate pace of 4.3% QoQ to IDR1.89 trillion. This drove gross profit to grow 9.4% QoQ to IDR1.70 trillion, with GPM improving to 47.5% from 46.3% in 2Q26. EBITDA also grew 12.9% QoQ to IDR1.63 trillion, with EBITDA margin reaching 45.5% (vs. 43.0% in 2Q26). Cumulatively, 9M26 revenue grew 15.1% YoY to IDR9.45 trillion, while EBITDA and net profit increased by 31.1% YoY to IDR3.92 trillion and 30.8% YoY to IDR3.51 trillion, respectively.

>Revenue growth in 3Q26 was supported by higher CPO selling prices and sales volumes, with CPO remaining the primary revenue contributor. CPO ASP increased 1.9% QoQ to IDR15,565/kg, while sales volume rose 4.9% QoQ to 188k tons. Sales volumes of PK and PKO also increased by 12.6% QoQ to 34k tons and 14.8% QoQ to 6k tons, respectively. However, ASPs of PK and PKO declined by 8.6% QoQ to IDR13,402/kg and 6.8% QoQ to IDR29,549/kg, respectively, limiting their contribution to revenue growth. On the cost side, raw material expenses increased 7.1% QoQ to IDR1.37 trillion, reflecting the need for additional raw material purchases to offset lower production contributions from plasma plantations.

>TAPG’s operational performance remained solid in 9M26, although CPO production continued to face pressure. CPO production declined 16.0% YoY to 387k tons from 461k tons in 9M25. Meanwhile, PK and PKO production increased by 8.8% YoY to 769k tons and 10.0% YoY to 165k tons, respectively. On the sales side, CPO volume grew 6.7% YoY to 508k tons, while PK volume increased 12.3% YoY to 92k tons. The 6.8% YoY increase in CPO ASP to IDR15,157/kg also supported revenue growth. However, CPO production from plasma plantations declined 6.2% QoQ to 81k tons in 3Q26 from 87k tons in 2Q26, while PK production from plasma plantations remained relatively stable at around 18k tons, down approximately 0.1% QoQ.

>Solid operational performance and a favorable CPO price outlook through year-end are expected to support the company’s fundamentals, although we view the potential upside in the share price as relatively limited.

> Key risks include CPO price volatility, weather conditions affecting plantation productivity, and higher operating costs that could put pressure on margins.

By PHINTRACO SEKURITAS | Research
— Disclaimer On —

Phintraco Sekuritas Company Flash
PT Indosat Tbk – ISAT.IJ
Aditya Prayoga

>ISAT’s profitability weakened in 3Q26, with EBITDA declining 12.4% QoQ to IDR6.45 trillion and EBITDA margin contracting to 42.7% from 47.7% in 2Q26. Operating profit fell 34.5% QoQ to IDR2.08 trillion, reducing OPM to 13.7% from 20.5%. Net profit also declined 78.1% QoQ to IDR616 billion, with NPM falling to 4.1% from 18.3%. The deterioration reflected a 2.2% QoQ decline in revenue to IDR15.10 trillion, while operating expenses increased 6.2% QoQ to Rp13.02 trillion.

>Cellular remained the primary drag on revenue, with segment revenue declining 3.9% QoQ to IDR12.33 trillion, alongside a 1.0% QoQ decrease in data consumption to 4,937 PB. Postpaid ARPU fell 2.0% QoQ to IDR96k, while prepaid and blended ARPU remained stable at IDR45k and IDR46k, respectively. Meanwhile, MIDI revenue increased 6.6% QoQ to IDR2.55 trillion, and Fixed Telecommunications revenue grew 2.4% QoQ to IDR224 billion. However, growth in these segments was insufficient to offset the weakness in the core cellular business.

>Near-term margin recovery is expected to remain challenging amid higher operating expenses and strategic investments. Increased marketing and employee expenses, together with costs associated with the FiberCo separation, added to profitability pressure. Investments in 5G infrastructure and AI are also expected to weigh on near-term earnings through higher depreciation and amortization expenses. Nevertheless, blended ARPU grew 16.5% YoY to Rp46k, while data traffic increased 16% YoY, indicating resilient demand from core customers. Management also reported improving customer acquisition trends in September–October 2026.

>ISAT is currently trading at 3.6x FY26F EV/EBITDA, approximately 2 STD below its five-year historical average. Investments in 5G infrastructure and the AI ecosystem could provide additional medium-term growth opportunities through AI Cloud, AI computing, and AI service monetization for corporate clients.

>Key risks include intensifying competition, lower-than-expected ARPU realization, and higher-than-expected capital expenditure, which could prolong margin pressure and delay returns from 5G and AI investments.

By PHINTRACO SEKURITAS | Research
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SOCI booked 3Q26 revenue of US$58.75 million (+35.5% QoQ), bringing 9M26 revenue to US$137.49 million (+16.5% YoY). Charter-rate revenue reached US$40.37 million (+22.9% QoQ), while spot-rate revenue increased to US$14.73 million (+88.7% QoQ).

9M26 gross profit increased to US$44.76 million (+40.5% YoY), with GPM improving to 32.6% (vs. 27.0% in 9M25). EBITDA reached US$58.19 million (+60.3% YoY), supported by fixed asset sales, while net profit increased to US$32.27 million (+167.2% YoY).

SOCI added two tankers in 3Q26: a VLGC with a capacity of approximately 54,000 DWT and an oil tanker with a capacity of approximately 3,500 DWT, strengthening its gas and domestic oil transportation capabilities.

We estimate FY26F revenue at US$163 million (+5% YoY), gross profit at US$52 million (+25% YoY), and EBITDA at US$71 million (+76% YoY), supported by lower docking and vessel repair costs.

By PHINTRACO SEKURITAS | Research
– Disclaimer On –

MIDI delivered solid results in 9M26. Revenue grew 9.2% YoY to Rp16.67 trillion, achieving 75% of our FY26 projection. The food segment drove growth, rising 11.5% YoY, followed by non-food at 10.4% YoY, while fresh food declined slightly by 0.3% YoY. Quarterly revenue grew 1% YoY, supported by improvements across all segments.

MIDI’s bottom line improved in 9M26. Gross profit increased 10.6% YoY to Rp4.36 trillion, while operating income rose 18.3% YoY to Rp907 billion and net profit grew 19.4% YoY to Rp706 billion. Profitability also improved, with GPM, OPM, and NPM increasing by 34 bps, 38 bps, and 36 bps, respectively.

Store network expansion continued in 9M26. MIDI added 121 stores, bringing its total network to 2,708 stores, with 55.4% located outside Java. Online sales contribution increased to 2.84%, while SSSG continued to improve, supporting the company’s sales growth momentum despite potential expansion constraints from the KDMP program.

Key risks include intensifying competition, limited expansion opportunities, and continued weakness in retail sales.

By PHINTRACO SEKURITAS | Research
-Disclaimer On –

Indeks di bursa Wall Street ditutup menguat terbatas pada Rabu (28/10).

The Fed mempertahankan suku bunga tetap pada level 3.75%-4% (28/10).

The Fed akan kurangi pertemuan penetapan suku bunga mulai tahun 2027.

Data pertumbuhan ekonomi AS diperkirakan menjadi 3.2% pada 3Q26 dari 2.2% pada 2Q26 (29/10).

Indeks PCE price diperkirakan menjadi 3.6% YoY pada September 2026 dari 3.4% YoY (29/10).

ECB diperkirakan mempertahankan suku bunga acuan pada level 2.65% (29/10).

Harga minyak Brent menguat 1.3% pada level US$115/barel (28/10).

U.S. 10-year Bond Yield naik 3 bps di level 5.026% (28/10).

Harga emas spot ditutup melemah 0.5% di level US$4,039/troy oz (28/10).

Diperkirakan IHSG akan bergerak sideways pada kisaran 5,150-5,350.

Top picks (29/10): BBCA, BMRI, BBNI, ASII, ANTM dan TINS.

By PHINTRACO SEKURITAS | Research
– Disclaimer On –

October 29th, 2026

BNGA recorded 9M26 net profit of IDR4.51 trillion, down 15.5% YoY, mainly due to a 65.2% increase in provision expense. Net profit reached 64% of our FY26 estimate, requiring stronger earnings performance in the remaining quarter to meet the full-year target.

Loan growth remained positive at 6.7% YoY to IDR242.58 trillion, while asset quality improved, with gross NPL declining to 1.81% from 1.98% and LAR falling to 5.7% from 7.8%. However, higher CoC of 1.35% indicates continued credit cost pressure.

Funding growth remained relatively modest, with TPF increasing 1.2% YoY to IDR273.73 trillion, below loan growth. Although CASA grew 4.0% YoY, time deposits declined 14.0%, while LDR increased to 87.69%, highlighting the need to strengthen deposit mobilization and maintain funding efficiency.

Profitability remained under pressure, with NIM declining to 3.82% from 4.00% and ROE falling to 10.93% from 13.54%. The higher CIR of 44.87% and limited NII growth continue to constrain earnings improvement, despite 7.8% growth in non-interest income.

Key risks include higher funding costs that could constrain NIM recovery, weaker than expected earnings growth, and potential deterioration in credit quality in the Auto Loans and Mortgages segments. BNGA’s ability to strengthen CASA growth, manage credit costs, and improve operating efficiency will remain important to support earnings recovery.

By PHINTRACO SEKURITAS | Research
– Disclaimer On –

ANTM booked 9M26 revenue of IDR 88.48 trillion (+22.8% YoY), with gold contributing 71% of total revenue. Despite lower gold sales in 3Q26, 9M26 gold revenue increased by 16.6% YoY to IDR 68.41 trillion. Ferronickel and nickel ore revenue also increased by 115.2% YoY and 41.4% YoY, respectively.

Profitability remained solid, with 9M26 gross profit reaching IDR 16.23 trillion (+37.6% YoY) and net profit increasing to IDR 8.84 trillion (+48.0% YoY), supported by higher profit from associates and foreign exchange gains.

Operational performance was mixed, as 9M26 gold sales decreased by 26.0% YoY to 810.7 thousand oz and nickel ore sales declined by 4.5% YoY to 10.7 million WMT. Meanwhile, bauxite sales increased by 48.9% YoY to 1.6 million WMT, ferronickel sales grew by 70.8% YoY to 13,971 tonnes Ni, and Chemical Grade Alumina sales increased by 8.8% YoY to 146.6 thousand tonnes.

We estimate FY26F revenue at IDR 120.93 trillion (+42.9% YoY), EBITDA at IDR 16.12 trillion (+67.4% YoY), and net profit at IDR 11.65 trillion (+61.6% YoY), supported by solid ASPs, higher sales volumes, and profit from associates, particularly BAI and WBN.

By PHINTRACO SEKURITAS | Research
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