Phintraco Sekuritas Company Update | 3 November 2026
PT Sarana Menara Nusantara Tbk – TOWR.IJ
Aditya Prayoga

>Non-Rental Segment Drives Revenue Growth. TOWR recorded 9M26 revenue of IDR11.06 trillion (+14.18% YoY), driven by 101.33% growth in services and others to IDR2.38 trillion, while rental income grew 2.1% to IDR8.68 trillion.

>3Q26 Revenue Growth Remained Solid. Revenue increased 5.61% QoQ to IDR3.86 trillion (+17.07% YoY), supported by growth in services and others (+19.04% QoQ) and rental income (+1.99% QoQ).

>Margin Pressure Amid Changing Revenue Mix. 9M26 EBITDA grew 5.48% YoY to IDR8.47 trillion, while EBITDA margin declined to 76.59% (vs. 82.91% in 9M25), reflecting the higher contribution from the lower-margin services and others segment. Net profit reached IDR2.77 trillion (+8.59% YoY).

>FY26F–FY28F Earnings Estimates Revised Downward. Revenue estimates were cut by 0.50%/1.80%/2.68%, while EBITDA estimates declined by 2.86%/5.12%/6.02%. Net profit estimates were lowered by 10.05%/14.59%/15.55%, reflecting margin pressure and higher financing costs.

>TOWR trades at 6.54x FY26F EV/EBITDA, around 30% below its five-year historical average.

>Key risks include higher tenant churn, rising interest rates, and weaker-than-expected non-rental growth.

By PHINTRACO SEKURITAS | Research
-Disclaimer On-

Phintraco Sekuritas Company Update | 3 November 2026
PT Dayamitra Telekomunikasi Tbk – MTEL.IJ
Aditya Prayoga

>Telco Consolidation Limits Tower Business Growth. MTEL recorded 9M26 revenue of IDR7.01 trillion (+1.8% YoY), with tower lease contributing IDR6.56 trillion (+1.4% YoY; 93.6% of revenue).

>3Q26 revenue declined 3.5% QoQ to IDR2.31 trillion amid limited tenant additions. We expect moderate growth through FY27, while demand recovery could be supported by FWA expansion, site relocation, and new spectrum utilization.

> Operational Growth Remains Positive, but Tenant Additions Are Limited. In 1H26, tenants increased 3.0% YoY to 63,866, while towers grew 1.1% YoY to 40,563 units. Net additions reached 533 tenants (+0.84% QoQ), with tenancy ratio at 1.57x.

>Fiber optic network expanded 6.6% YoY to 59,239 km, while average revenue per tenant grew 2.1% YoY to IDR10.41 million per month.

>FY27F–FY28F Earnings Estimates Revised Downward. We cut FY27F/FY28F net profit estimates by 8.16%/20.37%, reflecting slower tower growth and higher finance costs.

>FY26F revenue remains unchanged at IDR9.94 trillion, while FY27F/FY28F revenue estimates are reduced by 2.95%/7.91% to IDR10.32 trillion/IDR10.72 trillion. EBITDA estimates are also lowered by 3.29%/8.64%.

> Key risks include : prolonged industry consolidation, tower lease pricing pressure, tenant churn, and rising operating and finance costs.

By PHINTRACO SEKURITAS | Research
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AMMN booked 3Q26 revenue of US$1.19 billion (-5% QoQ), bringing 9M26 revenue to US$3.24 billion, supported by higher copper and gold sales volumes and ASPs.

9M26 copper concentrate production reached 581 thousand dmt (+87% YoY), while refined gold production reached 297 thousand oz. Lower processing and smelting costs supported 3Q26 gross profit of US$690 million (+11% QoQ) and EBITDA of US$705 million (+14% QoQ), while 9M26 net profit reached US$880 million.

AMMN’s smelter and PMR have a combined capacity of 900 thousand dmt, producing 220 thousand tonnes of copper cathodes and approximately 579 thousand oz of refined gold. The company is also expanding its concentrator capacity to approximately 85 million tonnes to support ore processing from the Batu Hijau and Elang mines.

We estimate FY26F revenue and net profit to reach US$4.59 billion and US$1.25 billion, respectively, supported by higher production volumes, sustained ASPs, and improved cost efficiency.

By PHINTRACO SEKURITAS | Research
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ACES recorded solid top-line growth in 9M26. Revenue increased 8.1% YoY to Rp6.73 trillion, supported by store expansion and improved existing-store performance. Home improvement products remained the largest contributor at 56% of revenue, while toys products recorded the highest growth of 23.7% YoY. Conversely, lifestyle products declined 3.8% YoY.

Bottom-line performance improved in 9M26. Gross profit rose 8.2% YoY to Rp3.27 trillion, while operating profit increased 28.5% YoY to Rp742 billion, supported by higher foreign exchange gains and lower other expenses. Consequently, net profit grew 25.7% YoY to Rp605 billion.

Store productivity and network expansion supported growth. ACES recorded SSSG of 2.4% as of September 2026, driven by stronger performance in Jakarta and regions outside Java. AZKO operated 282 stores, while NEKA reached 31 stores. Meanwhile, 9M26 capex realization reached Rp144.8 billion, allocated to network expansion and store improvements.

We believe ACES’ store network expansion, improving store productivity, and continued investment in store renovations will remain important drivers in supporting its business performance going forward. Key risks include rising raw material prices and weakening consumer purchasing power.

By PHINTRACO SEKURITAS | Research
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Indeks di bursa Wall Street ditutup mixed pada Senin (2/11).

Investor beralih dari saham teknologi dan menambah eksposur ke sektor lain.

Investor menantikan pemilu midterm di AS (3/11).

Data inflasi RI Oktober tercatat 0.22% MoM dan 3.23% YoY (2/11).

Indeks S&P Global Manufacturing PMI RI naik di level 54 pada Oktober 2026 (2/11).

Neraca perdagangan RI membukukan surplus US$3.36 miliar pada September 2026 (2/11).

Harga minyak turun lebih dari 7% (2/11).

U.S. 10-year Bond Yield turun lebih dari 2% (2/11).

Harga emas spot ditutup menguat 1.8% di level US$3,943/troy oz (2/11).

Diperkirakan IHSG akan bergerak sideways pada kisaran 4,950-5,200.

Top picks (3/11): BSDE, BBRI, BBNI, SMRA dan SSIA.

By PHINTRACO SEKURITAS | Research
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November 3rd, 2026

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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November 2nd,2026

November 2nd, 2026

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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