Phintraco Sekuritas adalah Perusahaan Sekuritas, Anggota Bursa Efek Indonesia yang menyediakan layanan Perantara Pedagang Efek dan Penjamin Emisi Efek. Phintraco Sekuritas berhasil meraih 8 Rekor MURI dan memiliki jaringan yang luas di Indonesia dengan Kantor Cabang dan Galeri Investasi tersebar dari Aceh hingga Papua.
Investor
Kantor Cabang
Galeri Investasi
Investor
Kantor Cabang
Galeri Investasi
Divisi Institutonal Brokerage siap memberikan pelayanan kepada perusahaan atau lembaga yang tertarik untuk berinvestasi.
Selengkapnya
Phintraco Sekuritas juga memiliki layanan Investment Banking yang dapat membantu memenuhi kebutuhan Perusahaan Anda.
Selengkapnya
MYOR recorded solid revenue growth in 9M26. Revenue increased 3.6% YoY to Rp28.13 trillion, achieving a 68% FY26E run rate. Growth was mainly supported by domestic sales, which rose 6.1% YoY to Rp17.04 trillion, while export sales remained relatively flat at Rp11.11 trillion. Packaged processed food sales grew 10.5% YoY, offsetting an 11.1% decline in packaged processed beverage sales.
Profitability improved on the back of cost efficiency. Net profit rose 31.1% YoY to Rp2.47 trillion, reaching 78% of our FY26E. Lower COGS (-2% YoY) drove gross profit growth of 22.5% YoY to Rp7.06 trillion. Higher foreign exchange gains (+110% YoY) and lower interest expenses (-35% YoY) further supported earnings growth.
4Q26 sales may benefit from seasonal demand, although cost and purchasing power pressures remain. The Nataru period and preparations for Ramadan, Idulfitri, and Chinese New Year in early 2027 may support consumer demand. Rupiah depreciation may also provide a natural hedge through MYOR’s export revenue, while higher wheat prices and weak purchasing power remain key challenges to margin recovery and sales growth.
Key risks include higher raw material prices and weaker consumer purchasing power.
By PHINTRACO SEKURITAS | Research
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TINS’s revenue increased by 144.4% YoY to IDR16.15 trillion in 9M26, driven by higher tin sales volumes and an increase in the average selling price (ASP). By business segment, tin mining, the largest contributor to total revenue, recorded significant increase of 178% YoY to IDR14.49 trillion from IDR5.21 trillion.
In terms of geographical markets, the Company’s tin metal sales in 9M26 were predominantly driven by export markets, which accounted for 96% of total sales. The main export destinations were China (30%), South Korea (12%), India (11%), Japan (9%), the Netherlands (8%), and Singapore (7%).
Supported by higher revenue and improved cost efficiency, TINS’s gross profit surged by 347% YoY to IDR6.55 trillion in 9M26, driving an increase in gross profit margin (GPM) to 40.5% from 22.2%. Net profit also rose significantly by 584.1% YoY to IDR4.12 trillion.
Total tin ore production increased by 54.9% YoY to 18,883 tonnes of tin (Sn), driven by the optimization of both onshore and offshore mining activities. In line with the increase in tin ore production, refined tin production also rose by 49.1% YoY to 16,190 metric tonnes in 9M26. The Company’s refined tin sales volume increased by 72% YoY to 16,304 metric tonnes over the same period.
TINS’s average selling price reached US$51,011 per metric tonne in 9M26. Meanwhile, the LME cash tin price rose by 57.55% YoY to US$51,636 per metric tonne, driven by uncertainty surrounding the availability of global tin raw material supplies.
By PHINTRACO SEKURITAS | Research
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INCO booked 3Q26 revenue of US$353 million (+22% QoQ), supported by recovering nickel matte production and sales following maintenance earlier this year. Cumulatively, 9M26 revenue reached US$896 million (+27% YoY), supported by higher nickel matte ASP and nickel ore sales from Bahodopi and Pomalaa.
Higher energy costs weighed on profitability. 3Q26 cash cost increased to US$10,404, pushing cost of revenue (excluding depreciation) to US$230 million (+43% QoQ). Nevertheless, 9M26 net profit reached US$147 million (+181% YoY).
HPAL projects provide further growth opportunities. Pomalaa (120 ktpa) has achieved the first mechanical completion for Line 1 and Line 2, with full operations expected in 2027. Morowali and Sorowako (60 ktpa each) are targeting mechanical completion in 4Q26 and 2Q27, respectively.
We estimate FY26F revenue, EBITDA, and net profit at US$1.29 billion (+30% YoY), US$417 million (+102% YoY), and US$196 million (+157% YoY), respectively. Persistently high energy costs remain a key margin concern.
By PHINTRACO SEKURITAS | Research
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Revenue declined 14.0% YoY to Rp7.54 trillion in 9M26, mainly due to a 19.7% contraction in development revenue to Rp6.00 trillion.
Commercial segment revenue grew 21% YoY to Rp2.73 trillion, partially offsetting weaker residential revenue and land sales.
Marketing sales increased 6.0% YoY to Rp7.53 trillion, reaching 75% of the FY26 target of Rp10 trillion.
BSD City remained the largest sales contributor, accounting for 68% of total marketing sales, while residential products contributed 52% of cumulative sales.
FY27 revenue is projected to grow 21.5% YoY to Rp12.94 trillion, with net profit expected to increase 15.5% YoY to Rp1.63 trillion, supported by higher property development activity and recurring income.
By PHINTRACO SEKURITAS | Research
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PGAS booked 9M26 revenue of US$3.02 billion (+3% YoY), supported by gas trading revenue of US$2.19 billion (+8% YoY), accounting for 73% of total revenue. Regasification revenue also increased by 33% YoY to US$132 million, while upstream revenue grew by 10.2% YoY to US$225 million.
Profitability remained solid in 9M26. Gross profit increased by 14% YoY to US$571 million, while net profit reached US$293 million (+23% YoY), supported by higher operating profit and lower interest expenses.
PGAS strengthens its gas supply portfolio through seven strategic agreements, covering GSPAs with EMP Bentu, Medco Sakakemang, PEP Sengeti, and Medco South Sumatra, as well as LNG SPAs for South Hub, North Hub, and Abadi Masela. The Abadi Masela agreement includes a planned supply of 775 TBTU over 15 years.
We expect FY26F revenue to reach US$4.1 billion (+3% YoY), with gross profit of US$756 million (+8% YoY) and net profit of US$363 million (+68% YoY), supported by gas trading volume above 800 BBTUD.
By PHINTRACO SEKURITAS | Research
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Revenue declined 2.1% YoY to Rp6.28 trillion in 9M26, mainly due to a 9.2% YoY contraction in development revenue to Rp3.60 trillion. Meanwhile, recurring revenue grew 9.4% YoY to Rp2.68 trillion.
Net profit attributable to parent declined 26.4% YoY to Rp404.8 billion, while gross profit margin remained stable at 50.9%, reflecting the company’s ability to maintain gross profitability amid softer revenue.
Marketing sales increased 6.6% YoY to Rp3.80 trillion, reaching 73% of the FY26 target of Rp5.20 trillion. However, 3Q26 marketing sales moderated 6.0% QoQ to Rp1.26 trillion.
Recurring income remained a key growth driver, supported by investment property revenue of Rp1.88 trillion (+8.6% YoY). Hotel revenue grew 17.1% YoY to Rp384 billion, while estate and property management revenue increased 8.4% YoY to Rp332 billion.
Land bank expanded to 19.65 million sqm, from 18.95 million sqm in 9M25, with a book value of Rp11.32 trillion. Township expansion, particularly Summarecon Tangerang, and the planned opening of Summarecon Mall Makassar in 4Q28 provide additional long term growth opportunities.
By PHINTRACO SEKURITAS | Research
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Indeks di bursa Wall Street ditutup melemah signifikan pada Jumat (30/10).
Pelemahan indeks akibat koreksi saham AI dan antisipasi pemilu midterm di AS.
Harga minyak naik lebih dari 2%, ditutup pada level tertinggi sejak akhir April (30/10).
Harga emas spot melemah 2.7% pada level US$3,910/troy oz (30/10).
Investor akan mencermati pemilu midterm di AS pada pekan ini (3/11).
Dari domestik akan dirilis data Manufacturing PMI, neraca perdagangan, inflasi, pertumbuhan ekonomi 3Q26, cadangan devisa, serta indeks harga rumah di pekan ini.
Saham-saham HSC akan dikeluarkan dari perhitungan IHSG mulai Senin (2/11).
Secara teknikal IHSG diperkirakan bergerak pada kisaran 4,900-5,200 pekan ini.
Top picks pekan ini: LSIP, ASII, HMSP, ADRO dan INDF.
By PHINTRACO SEKURITAS | Research
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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
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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
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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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Phintraco Sekuritas kembali hadir di Capital Market Summit & Expo (CMSE) yang diselenggarakan pada 17–18 Oktober 2025 di Main Hall Bursa Efek Indonesia.
Sumber: Dokumentasi Perusahaan Phintraco Sekuritas
CMSE digelar oleh Bursa Efek Indonesia (BEI) bersama dengan Self-Regulatory Organization (SRO), yakni PT Kliring Penjaminan Efek Indonesia (KPEI) dan PT Kustodian Sentral Efek Indonesia (KSEI). Pada CMSE, berisi serangkaian kegiatan seperti pameran, talk show dan aktivitas interaktif seputar edukasi pasar modal Indonesia melalui berbagai kegiatan yang terbagi dalam berbagai sesi.
Di CMSE 2025, tema yang diusung ialah “Pasar Modal untuk Rakyat: Satu Pasar, Berjuta Peluang.” Tema tersebut merupakan suatu ungkapan yang menggambarkan upaya dalam membuka pandangan masyarakat mengenai mudahnya berinvestasi dan mengenal pasar modal. Selain itu, sebagai bagian dari kampanye yang telah lama dijalankan BEI, tagar #AkuInvestorSaham diharapkan dapat terus memberikan dampak positif melalui aktivitas pendidikan mengenai literasi pasar modal yang mampu menarik perhatian untuk mengenalkan cara mulai investasi saham.
Di tahun ini, CMSE 2025 dimeriahkan dengan kehadiran sekitar 95 tenant dari para pelaku pasar maupun industri, serta UMKM yang ada di seluruh Indonesia. Kali ini Phintraco Sekuritas kembali hadir dengan menawarkan pengalaman berinvestasi yang dekat, menyenangkan, dan mudah dipahami oleh masyarakat. Setiap tahunnya, Phintraco Sekuritas selalu berusaha memberikan inovasi dan pengalaman baru bagi nasabah dan calon nasabah. Di tahun 2025, kegiatan ini berlangsung selama dua hari terhitung dari tanggal 17-18 Oktober di Main Hall Bursa Efek Indonesia.
Pada kesempatan tahun ini, para pengunjung booth Phintraco Sekuritas bisa mendapatkan berbagai doorprize menarik hanya dengan membuka akun baru melalui PROFITS Anywhere. Nantinya, nasabah yang baru memiliki akun akan berkesempatan memainkan games berupa Mini Golf. Selain mini games yang ditawarkan, pengunjung booth Phintraco Sekuritas juga dapat menerima hadiah langsung berupa makanan ringan hingga kipas. Nasabah yang memainkan games tersebut bisa mendapatkan hadiah menarik seperti beragam tumbler dan pulpen eksklusif dari Phintraco Sekuritas sebagai bagian dari upaya investasi saham untuk pemula agar terasa menyenangkan.
Menyenangkan bukan, Sahabat Profits?
Tunggu kehadiran Phintraco Sekuritas di CMSE 2026 selanjutnya ya untuk mendapatkan keseruan serta hadiah menarik lainnya! Selain itu, yuk ikuti media sosial kami di @phintracosekuritasofficial supaya Anda tidak ketinggalan informasi menarik lainnya.
Penulis: Salsabila Wardhani
Editor: Yundira Putri Rahmadianti
On June 19-21, 2025, Phintraco Sekuritas continued to participate in the Sharia Investment Week (SIW) event held by the Indonesia Stock Exchange (IDX).
The IDX, along with the Indonesian Clearing House of Guarantors (KPEI) and the Indonesian Central Depository and Settlement Institution (KSEI), supported by the Financial Services Authority (OJK), regularly organizes SIW to help the Indonesian people learn more about the Sharia Capital Market. Annually, SIW is attended by members of the Sharia Online Trading System (AB SOTS), with Phintraco Sekuritas being one of them.
During the 3-day SIW 2025 event, customers and prospective customers can attend in person at the IDX Main Hall or online via the SIW website at https://siw.idx.co.id/. The high enthusiasm of customers and prospective customers has made the Phintraco Sekuritas booth at SIW 2025 always crowded with visitors seeking information about sharia investment, both offline and online. Prospective customers who open an account at Phintraco Sekuritas will receive a free RDN worth IDR 25,000 exclusively during SIW 2025.
Then, after the new customer opens a sharia account, they will be entitled to participate in a dart game with various attractive prizes. If they win a certain score, customers can get attractive snacks, prayer mats, and even exclusive tumblers. Therefore, the presence of Phintraco Sekuritas at SIW 2025 is always eagerly awaited by customers and prospective customers.
Source: Company Documentation
However, even though SIW 2025 has ended, Phintraco Sekuritas is ready to participate in the next SIW with a variety of exciting activities and the newest information. Stay tuned for SIW 2026 on the IDX or Phintraco Sekuritas social media accounts at @phintracosekuritasofficial.
Writer: Yundira Putri Rahmadianti
Editor: Salsabila Wardhani
Tanggal 19 hingga 21 Juni 2025 lalu, Phintraco Sekuritas kembali mengikuti event Sharia Investment Week (SIW) yang diadakan oleh Bursa Efek Indonesia (BEI).
Diselenggarakan secara rutin oleh BEI yang bekerja sama bersama Kliring Penjamin Efek Indonesia (KPEI) dan Kustodian Sentral Efek Indonesia (KSEI) dengan dukungan Otoritas Jasa Keuangan (OJK), SIW bertujuan untuk meningkatkan literasi Pasar Modal Syariah masyarakat Indonesia menjadi lebih luas. Sehingga setiap tahunnya SIW dihadiri oleh Anggota Bursa Sharia Online Trading System (AB SOTS) dan Phintraco Sekuritas merupakan salah satunya.
Di SIW 2025 yang berlangsung selama 3 hari ini, nasabah dan calon nasabah dapat hadir secara luring ke Main Hall BEI ataupun secara daring melalui website SIW di laman https://siw.idx.co.id/. Tingginya antusiasme dari nasabah dan calon nasabah membuat booth Phintraco Sekuritas di SIW 2025 selalu ramai dikunjungi untuk mendapatkan informasi seputar investasi syariah baik secara luring dan daring, calon nasabah yang melakukan pembukaan akun di Phintraco Sekuritas akan mendapatkan hadiah RDN senilai Rp25.000 secara gratis khusus selama SIW 2025 berlangsung.
Kemudian setelah nasabah baru melakukan pembukaan akun syariah, maka akan berhak mengikuti permainan dart dengan beragam hadiah menarik. Jika memenangkan skor tertentu, nasabah bisa mendapatkan camilan menarik, sajadah, hingga tumbler eksklusif. Sehingga kehadiran Phintraco Sekuritas di SIW 2025 selalu ditunggu setiap harinya oleh nasabah dan calon nasabah.
Meski SIW 2025 telah berakhir, namun Phintraco Sekuritas siap untuk hadir di SIW selanjutnya dengan beragam keseruan dan informasi terbaru lainnya. Nantikan SIW 2026 di sosial media BEI atau Phintraco Sekuritas di @phintracosekuritasofficial.
Penulis: Yundira Putri Rahmadianti
Editor: Dhira Parama Yuga
