ADMR’s revenue surged by 85.6% YoY to US$1.25 billion in 9M26, achieving 77% of our revised FY26 projection. Growth was supported by coal sales of US$727.5 million (+8.2% YoY) and the initial contribution from aluminium sales of US$522.4 million following its first commercial sales in 3Q26. Aluminium now accounts for 41.7% of total revenue, marking an important milestone in ADMR’s business diversification.

Gross profit and operating profit increased by 98.7% and 99.0% YoY to US$532.4 million and US$466.4 million, respectively, supported by higher revenue contributions from aluminium. Accordingly, GPM and OPM expanded to 42.5% and 37.2%, while net income grew by 55.5% YoY to US$317.5 million. However, NPM declined to 25.3%, indicating that bottom-line growth remained relatively slower than operating profit expansion.

ADMR issued Rp2 trillion in bonds through PT Maruwai Coal, with approximately 92% of the proceeds allocated to capex, primarily for the construction of CHPP 2 in Murung Raya, Central Kalimantan. The project is expected to strengthen coal processing capabilities, support future production capacity, and improve operational efficiency, although the issuance will increase consolidated financial liabilities.

We revised our valuation and projection for FY26 onwards, supported by stronger revenue growth and the growing contribution from aluminium sales. Key risks include low river water levels in Kalimantan that could disrupt logistics, regulatory uncertainty surrounding coal exports, and a slowdown in global aluminium demand.

By PHINTRACO SEKURITAS | Research
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Revenue Growth Supported by All Business Segments. INDF’s revenue increased by 11.6% YoY to Rp101.49 trillion in 9M26, achieving 79% of our FY26 estimate. Growth was primarily driven by the consumer branded products segment (+14.0% YoY), followed by Bogasari (+10.5% YoY), reflecting broad-based growth across its business segments.

Profitability Remained Resilient Amid Cost and Currency Pressures. Gross profit increased by 10.5% YoY to Rp33.43 trillion in 9M26, despite higher raw material costs, particularly CPO. Meanwhile, net income remained relatively stable at Rp7.87 trillion (-0.2% YoY), reflecting the group’s operational resilience amid higher production costs, Rupiah depreciation, and weaker contributions from associates and joint ventures.

Solid Operational Performance Across Segments. INDF recorded higher production volumes in its agribusiness segment, with FFB production increasing by 4% YoY to 2.01 million tons and CPO production growing by 13% YoY to 580 thousand tons in 9M26. The improvement was supported by a higher CPO extraction rate of 21.6%, reflecting stronger plantation productivity.

Key risks include weakening consumer purchasing power, rising raw material prices, and Rupiah depreciation against the US dollar.

By PHINTRACO SEKURITAS | Research
-Disclaimer On –

Revenue Growth Remained Strong in 9M26. ICBP’s revenue increased by 14.5% YoY to Rp64.45 trillion in 9M26, achieving 82% of our FY26 projection. Growth was supported by all segments, particularly nutrition and special foods (+21.8% YoY), dairy (+20.4% YoY), and noodles (+14.3% YoY), reflecting stronger demand across its product portfolio, including higher-priced products.

Profitability Recorded Mixed Performance. Gross profit and operating income increased by 10% and 7% YoY to Rp21.98 trillion and Rp13.66 trillion, respectively, both achieving 80% of our FY26 projections. However, net income declined by 13% YoY to Rp6.16 trillion, mainly due to unrealized forex losses on global bonds amid Rupiah depreciation, alongside higher selling and distribution expenses.

Solid Operational Performance Amid Rising Costs. ICBP launched 38 new products throughout 2026, while sales volumes increased across all segments, led by dairy, followed by food seasonings and nutrition and special foods. Nevertheless, higher raw material and packaging costs continued to weigh on profitability, although solid volume growth reflected resilient demand and strong brand competitiveness.

Key risks include Rupiah depreciation against the US dollar, weakening consumer purchasing power, and rising raw material prices.

By PHINTRACO SEKURITAS | Research
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Property Sector Outlook Remains Positive for 2027. The sector is expected to benefit from potential interest rate cuts, housing incentives, and improving purchasing power, although the recovery may remain gradual and uneven across segments.

Marketing Sales Provide Foundation for Future Revenue Growth. Several developers recorded solid presales performance in 9M26, providing a potential revenue pipeline for 2027. However, conversion into recognized revenue remains dependent on construction progress and unit handovers.

Recurring Income Supports Earnings Resilience. Recurring revenue continued to grow across major developers, supported by shopping malls, hotels, and other investment properties. This provides a more stable earnings base amid slower development revenue.

Profitability and Balance Sheet Strength Remain Key Differentiators. Differences in margins, return on equity, and leverage highlight the importance of selective exposure to developers with stronger earnings quality and financial flexibility.

Valuation Upside Remains Selective. Property stocks continue to trade at relatively attractive valuations, with varying NAV discounts across developers. The potential for re-rating will depend on stronger marketing sales, improved revenue recognition, and sustained recovery in profitability.

By PHINTRACO SEKURITAS | Research
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Phintraco Sekuritas Sector Update | 11 November 2026
Poultry Sector
Aditya Prayoga

>Selling Price Improvements Have Yet to Be Reflected in Poultry Stock Performance. CPIN and JPFA shares declined by 48.78% and 42.75% YTD through November 2026, respectively, underperforming the JCI, which weakened by 41.32%. In contrast, live bird prices increased by 3.36% YTD to IDR23,580/kg, while DOC prices rose by 7.63% to IDR7,559/chick.

>This divergence indicates that macroeconomic pressures and market sentiment continue to weigh on share price performance, despite improvements in operational indicators. Regression results also show a similar relationship between LB and DOC prices and the share price movements of JPFA and CPIN, with adjusted R-squared of 25% for JPFA and 9% for CPIN.

>Rising Raw Material Costs Remain the Main Challenge to FY27 Margin Expansion. SBM prices stood at US$324.6/short ton in October 2026, increasing 10.22% YTD. This price pressure is in line with global consumption, which is projected to grow 3.4% YoY in FY27, exceeding the expected production growth of 2.9% YoY.

>This gap indicates a potential tightening in the global supply-demand balance. Domestically, cost pressures are further amplified by rupiah depreciation and higher corn prices, which are currently 23.7% above the government’s purchase reference price. Corn supply risks also warrant attention amid potential El Niño conditions, with harvested areas in 4Q26 projected to decline by 7.30% YoY and production expected to decrease by 3.55% YoY. The combination of these factors could constrain margin recovery.

>Operational Performance Began to Recover in 3Q26, Particularly in the Broiler and DOC Segments. Aggregate revenue of JPFA and CPIN increased 7.7% QoQ to IDR39.96 trillion, followed by a 54.8% increase in EBIT to IDR3.59 trillion and a 24.6% increase in net profit to IDR2.23 trillion. The improvement was primarily supported by recovering profitability in the commercial farm and DOC segments, while the feed segment continued to face margin pressure from higher raw material costs.

>CPIN recorded a stronger EBIT recovery of 80.2% QoQ to IDR2.18 trillion, with an EBIT margin of 10.48%. Meanwhile, JPFA’s EBIT grew 27.1% QoQ to IDR1.41 trillion, with a margin of 7.35%. This indicates that the recovery in profitability remains uneven, with CPIN demonstrating relatively stronger earnings momentum.

>Key Risks to Our View. These include (1) higher feed costs, (2) rupiah depreciation exceeding expectations, (3) potential oversupply of LB/DOC, and (4) MBG program realization and household purchasing power.

By PHINTRACO SEKURITAS | Research
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Phintraco Sekuritas Sector Update | 11 November 2026
Plantation Sector
Aditya Prayoga

Plantations : Tightening Supply, Stronger Domestic Demand

>CPO Prices Remain Supported by Tight Supply and Solid Demand. CPO prices increased 10.6% YTD to MYR4,424/MT through October 2026, or 37.2% above the 10-year historical average of MYR3,224/MT. CPO also trades at a 21.8% discount to soybean oil, maintaining its competitiveness in the global vegetable oil market. In addition, higher crude oil prices have improved the competitiveness of CPO-based biodiesel against fossil fuels, providing further support for demand from the energy sector. These factors continue to support CPO prices from both the supply and demand sides.

>El Niño Poses Downside Risks to Indonesia’s CPO Production in FY27. GAPKI estimates that Indonesia’s CPO production will decline by 3.7% YoY to 51.73 million tons in FY27, following approximately 4.0% YoY growth in 2026. The expected contraction is primarily driven by the impact of El Niño on plantation productivity, as rainfall deficits generally take 9–12 months to be reflected in harvest volumes. Accordingly, drought conditions that emerged in 2H26 could begin to affect production in FY27, potentially prolonging pressure on fresh fruit bunch yields.

>B50 Implementation Increases Domestic Absorption and Limits Export Availability. CPO demand for biodiesel is estimated to increase by 18.5% YoY to 17.40 million tons in FY27. Higher domestic absorption is expected to reduce the volume available for exports, with Indonesia’s CPO exports projected to decline to 21.6 million tons. This development could further tighten global palm oil supply, particularly as Indonesia remains one of the major contributors to international CPO exports.

>Global CPO Inventories Are Expected to Decline Further in FY27. Global CPO production is projected to decrease by 3.1% YoY to 78.92 million tons, while consumption is expected to increase by 1.1% to 78.06 million tons. Meanwhile, global exports are projected to decline by 4.8% to 43.75 million tons. These developments could reduce global ending stocks by 9.8% YoY to 13.70 million tons, reinforcing expectations of a tighter global supply-demand balance and providing support for CPO prices throughout FY27.

>Lower Fertilizer Prices Could Provide Additional Cost Relief. Following a projected 14% increase in the global fertilizer price index in FY26, the World Bank expects the index to decline by approximately 12% in FY27 and a further 8% in FY28. The moderation is supported by lower production input costs and recovering supply, including higher exports from countries outside the Gulf region. This trend could provide additional support for plantation companies’ operating margins, although energy and distribution costs remain key factors to monitor.

>We forecast average CPO prices of MYR4,500–4,700/MT in FY27, supported by potential production declines due to El Niño and higher domestic absorption following the B50 implementation. At the company level, TAPG (TP: IDR2,000) remains our top pick, supported by its young plantation profile, healthy balance sheet, and consistent dividend payments. STAA (TP: IDR1,400) is supported by its young plantation profile and integrated business model, while AALI (TP: IDR9,400) offers exposure to higher CPO prices, backed by its established operational scale.

>Key Risks to Our View. These include (1) volatility in CPO and other edible oil prices, (2) production realization below estimates due to prolonged El Niño conditions, and (3) higher fertilizer and energy costs resulting from supply chain disruptions or geopolitical escalation, which could pressure operating margins.

By PHINTRACO SEKURITAS | Research
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Oil flows through the Strait of Hormuz have begun to recover as US-Iran tensions ease. The EIA projects global liquid fuels production to decrease by 4.9% YoY to 101.1 million bpd in 2026 before reaching 108.4 million bpd in FY27F, exceeding demand of 104.4 million bpd. This surplus may push Brent prices toward US$80/barrel.

OPEC+ recovery and higher US output support global supply. DoC production increased to 38.31 million bpd in 3Q26, with Saudi Arabia contributing 7.52 million bpd (+10.3% QoQ). US production reached 13.96 million bpd in September 2026 and is projected to reach 14.58 million bpd by FY27F.

Global refinery throughput recovered to 79.13 million bpd in 3Q26, led by the US and China. Meanwhile, global liquid fuels demand is projected to decrease to 102.4 million bpd in FY26F before recovering to 104.6 million bpd in FY27F, supported by Non-OECD consumption.

Global gas consumption is expected to decrease by 20 bcm in 2026 amid supply disruptions and higher prices. European gas prices reached US$33.7/MMBTU, compared with around US$3/MMBTU in the US. Global LNG export capacity is projected to increase by more than 330 bcm/year during 2025–2030, while Indonesia’s gas exports decreased by 9.3% YoY to US$4.9 billion in 9M26 as 31 BBTUD is redirected to domestic demand.

We remain constructive on the Oil and Gas sector, supported by recovering demand and government efforts to optimize domestic resources through the Triple 100 program and infrastructure development. Key risks include lower oil and gas prices, government pricing policies, and exploration failures.

By PHINTRACO SEKURITAS | Research
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Indeks di bursa Wall Street ditutup melemah pada Selasa (10/11).

Pelemahan dipicu oleh data inflasi bulan Oktober yang lebih tinggi dari perkiraan.

Inflasi AS naik 0.4% MoM pada bulan Oktober, lebih tinggi dari prediksi 0.3% (10/11).

Harga minyak Brent ditutup melemah lebih dari 1% pada level US$91/barel (10/11).

U.S. 10-year Bond Yield naik 13 bps pada level 4.991% (10/11).

Harga emas spot ditutup melemah 2.5% di level US$4,035/troy oz (10/11).

BEI mengubah metodologi perhitungan saham HSC sehingga saham HSC bertambah 300 saham.

Penjualan ritel Indonesia tumbuh 0.6% YoY di September (10/11).

Diperkirakan IHSG melanjutkan penguatan dengan menguji level 5,200-5,235.

Top picks (11/11): PGEO, AMMN, INCO, MYOR dan TINS.

By PHINTRACO SEKURITAS | Research
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November 11st, 2026

CCI increased to 119.9 in October 2026, although still below its three-year average of 122.5. Despite contained inflation at 3.23%, Rupiah depreciation and rising essential goods prices could weigh on purchasing power, particularly for non-essential spending.

Retail sales growth moderated to 0.6% YoY in September 2026 from 1.3% in August, following contractions in 2Q26. Weak durable goods purchasing trends among low- and middle-income households indicate continued pressure on discretionary spending.

Rising digital adoption and video commerce transactions (+90% YoY) provide growth opportunities. The upcoming festive season could support consumer spending, benefiting AMRT and MIDI in daily necessities, as well as ERAA and ACES in discretionary products.

Companies under our coverage continued expanding throughout 9M26, with AMRT strengthening its presence outside Java, MIDI adding 121 stores, ERAA opening 399 stores, and ACES expanding AZKO and NEKA networks. KDMP’s impact on modern retailers is expected to remain relatively limited.

ERAA and AMRT shows stable growth throughout 2026, with AMRT’s strong store expansion despite concerns over potential restriction due to KDMP as well as ERAA’s strong portfolio diversification into non-electronic segment. Key risks include weaker purchasing power, potential store expansion restrictions, and intensifying e-commerce competition.

By PHINTRACO SEKURITAS | Research
-Disclaimer On –

GDP of the Chemical, Pharmaceutical, and Traditional Medicine Industry reached IDR 129.2 trillion in 3Q26 (+14.1% YoY), supported by resilient healthcare demand and the manufacturing PMI remaining in expansionary territory. Increasing healthcare needs and public awareness are expected to support industry growth.

Higher inflation and rupiah depreciation have increased raw material and distribution costs, particularly in the consumer health and energy drink segments. Meanwhile, BPJS participants reached 284.7 million, although higher utilization may shift demand toward lower-margin generic drugs, potentially pressuring profitability.

Dependence on imported raw materials remains high at 70–80%. In 9M26, pharmaceutical imports increased by 5.0% YoY to US$1.11 billion, while inorganic chemical imports reached US$3.58 billion. Pharmaceutical exports decreased by 2.8% YoY to US$526 million, while CPOB certified production facilities remain limited and concentrated in Java.

The government allocated IDR 244.9 trillion for healthcare spending in 2027, focusing on healthcare facilities and BPJS. Import substitution is promoted through local API and blood plasma development, while Minister of Health Regulation No. 5 of 2026 creates opportunities for local producers. However, drug price controls and buffer stock obligations may pressure margins. Indonesia’s pharmaceutical market reached IDR 155.14 trillion in FY25 (+5.5% YoY), supported by free sales growth.

KLBF has opportunities through product innovation and portfolio expansion, while SIDO may benefit from herbal sales recovery and international expansion. Key risks include imported raw material dependence, rupiah depreciation, regulatory changes, and industry competition.

By PHINTRACO SEKURITAS | Research
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GGRM’s revenue declined by 8.67% YoY to Rp61.49 trillion in 9M26, mainly due to rising illegal cigarette sales and consumer downtrading. All cigarette segments recorded declines, while construction and other segments posted growth but remained insignificant contributors.

Despite weaker revenue, GGRM’s net profit surged by 307% YoY to Rp4.52 trillion in 9M26, supported by lower cost of revenue and operating expenses. Accordingly, we raised our FY26 net profit forecast to Rp5.91 trillion from Rp3.40 trillion previously.

GGRM continues to diversify through Dhoho International Airport, designated as an embarkation and debarkation point for the 2027 Hajj pilgrimage, potentially supporting future non-cigarette revenue growth.

We revised our valuation and projection for FY26 onwards, with Key risks including cigarette excise uncertainty, weakening purchasing power, and persistent illegal cigarette sales.

By PHINTRACO SEKURITAS | Research
-Disclaimer On –

Nov 1oth, 2026

Indeks di bursa Wall Street ditutup menguat signifikan pada Senin (9/11).

Penguatan dipicu oleh penurunan harga minyak mentah serta reboundnya saham sektor teknologi.

Investor akan mencermati dirilisnya indeks harga konsumen pada hari Selasa (10/11) serta indeks harga produsen pada hari Jumat (13/11).

Inflasi AS diperkirakan sebesar 0.3% MoM pada Oktober 2026 (9/11).

Harga minyak Brent dan WTI masing-masing ditutup melemah lebih dari 5% dan 4% (9/11).

U.S. 10-year Bond Yield naik lebih dari 1 bps pada level 4.876% (9/11).

Harga emas spot ditutup menguat 1.6% di level US$4,129/troy oz (9/11).

Indeks Keyakinan Konsumen Indonesia naik di level 119.9 pada Oktober 2026 (9/11).

Penjualan mobil baru di Indonesia meningkat 10.1% YoY (9/11).

Penjualan sepeda motor di domestik tumbuh 7.9% YoY pada Oktober 2026 (9/11).

Diperkirakan IHSG melanjutkan penguatan dan uji level 5,100-5,200.

Top picks (10/11): AADI, ASII, ITMG, BBCA, BBNI dan DSSA.

By PHINTRACO SEKURITAS | Research
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Code : ANDA
Sector : Energy
Sub-Sector : Oil, Gas & Coal Equipment & Services

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PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM

Perkiraan Tanggal Efektif :
23 November 2026

Perkiraan Masa Penawaran Umum :
24 November 2026 – 27 November 2026

Perkiraan Tanggal Penjatahan :
27 November 2026

Perkiraan Tanggal Distribusi Saham :
30 November 2026

Perkiraan Tanggal Pencatatan Saham di BEI :
1 Desember 2026

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STRUKTUR PENAWARAN UMUM PERDANA SAHAM

Sebanyak-banyaknya 1,676,000,000 saham baru dengan nilai nominal Rp10 per saham, yang mewakili 25.10% dari modal ditempatkan dan disetor penuh Perseroan setelah IPO.

Nilai Nominal :
Rp10 per lembar saham

Harga Penawaran :
Rp158 – Rp189 per lembar saham

Jumlah Penawaran Umum :
Sebesar-besarnya Rp316.764.000.000, (tiga ratus enam belas miliar tujuh ratus enam puluh empat juta Rupiah).

Penjamin Pelaksana Emisi Efek:
PT Henan Putihrai Sekuritas

Penjamin Emisi :
Akan ditentukan kemudian

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Laporan dalam format PDF dapat dilihat pada menu “Research – di PROFITS” atau pada link:

By PHINTRACO SEKURITAS | Research
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