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.
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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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Contact Us :
WA : 085287538568
IG : phintracosekuritasofficial
YT : Phintraco Sekuritas Official
TELE : phintasprofits
www.phintracosekuritas.com
The US–Iran conflict and the shutdown of the Strait of Hormuz disrupted global oil supply, driving Brent prices above US$100/barrel and VLCC rates above US$1 million/day. In November 2026, geopolitical risks began to ease alongside recovering oil distribution. We estimate a global oil supply surplus of around 5 million bpd in FY27F, potentially keeping oil prices below US$100/barrel.
Tanker rates are expected to decline throughout FY27F as geopolitical risks ease. Nevertheless, rates may remain more competitive than pre-conflict levels, supported by global demand and higher vessel utilization, particularly for clean tankers such as MR vessels. Higher vessel prices also create fleet expansion opportunities, although they increase capex requirements.
Higher oil prices increased vessel fuel costs, with Fujairah VLSFO prices up 111% YoY in October 2026. In 9M26, shipping companies’ COGS increased due to higher operating and fuel costs. Nevertheless, gross profit remained solid, supported by higher rates and shipping activities.
LNG demand is projected to increase by 14.7% YoY to 466 million tons in FY27F. Indonesia’s oil and gas resources provide opportunities for FSO, FPSO, and FSRU vessels, while higher vessel activity supports domestic shipyard demand. Diversification into LNG, offshore, and shipyard segments may provide additional growth opportunities.
The shipping related sector outlook remains supported by continued vessel demand and utilization, which may sustain competitive tanker rates despite easing geopolitical risks. Business diversification and fleet optimization also provide opportunities to capture long-term growth. Key risks include lower tanker rates, higher fuel costs, and increased vessel expansion costs.
By PHINTRACO SEKURITAS | Research
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Indonesia’s 290 million tons nickel ore RKAB allocation and planned production cuts by Chinese producers support nickel prices. However, rising global supply and high inventories may limit price increases. Stainless steel demand remains strong, while slower EV sales growth, HPM pricing, sulfur prices, and El Niño pose challenges.
Copper prices are projected at US$14,000–15,000/ton in FY26, supported by demand from renewable energy, EVs, and data centers. However, structural supply constraints, particularly high exploration costs, remain a key challenge.
Gold prices are projected at US$4,000–4,300/troy oz through FY26F, supported by structural central bank demand. However, price movements remain sensitive to Fed policy, US inflation, bond yields, and US dollar dynamics.
Mineral downstreaming investment reached IDR 335.1 trillion in 9M26, with bauxite accounting for the largest share at 48.1%, followed by nickel at 37.3%. Meanwhile, tin demand remains supported by electronics and AI infrastructure, amid supply disruptions in Indonesia and Myanmar, supporting a higher 2026 price forecast of US$51,000–51,500/ton.
We remain constructive on the Metals Mining sector, supported by competitive commodity prices and stronger downstreaming activities. Key risks include higher operating costs due to elevated energy prices, US dollar appreciation amid geopolitical uncertainty, and government policies that may affect sector performance.
By PHINTRACO SEKURITAS | Research
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BBRI’s PATMI increased 16.9% YoY to Rp47.69 trillion in 9M26, supported by 6.2% YoY growth in NII to Rp117.86 trillion.
Loans grew 14.5% YoY to Rp1,647 trillion, outpacing DPK growth of 12.0% YoY to Rp1,651 trillion, highlighting the importance of maintaining sufficient funding to support further lending.
NII declined 7.6% QoQ to Rp37.32 trillion in 3Q26, as interest expenses rose 19.3% QoQ. Although CASA increased 8.2% QoQ to Rp1,156 trillion, controlling funding costs remains a key challenge.
NIM declined 30 bps YoY to 7.4%, while ROE improved to 19.2% from 17.0%. The NPL ratio also improved to 2.85% from 3.08% in 9M25, indicating better asset quality.
CAR stood at 23.0%, providing an adequate capital buffer to support further expansion. Going forward, sustaining CASA growth, managing funding costs, and maintaining disciplined underwriting will be critical to preserving earnings growth.
By PHINTRACO SEKURITAS | Research
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Phintraco Sekuritas Company Update| 09 November 2026
PT Telkom Indonesia (Persero) Tbk – TLKM.IJ
Aditya Prayoga
**TLKM: Near-Term Headwinds, Long-Term Infrastructure Upside**
>Earnings Growth Remained Moderate Amid Margin Pressure. TLKM recorded 9M26 revenue of IDR113.5 trillion (+3.5% YoY), supported by Telkomsel revenue of IDR82.9 trillion (+1.8% YoY) and data revenue growth of 7.7% YoY. However, net income declined 4.3% YoY to IDR14.4 trillion due to higher non-operating items. Normalized net income reached IDR16.5 trillion (+3.9% YoY), while EBITDA grew 2.0% YoY to IDR56.49 trillion, with a margin of 48.89% (vs. 49.62% in 9M25; FY26 Mgmt guidance: 50%).
>Telkomsel Faces Data Yield Pressure Amid Price Competition. Telkomsel’s 3Q26 revenue and EBITDA declined 2.7% and 5.3% QoQ to IDR27.3 trillion and IDR12.3 trillion, respectively. Data yield fell to IDR3.03/MB (vs. IDR3.10/MB in 2Q26; IDR3.12/MB in 1Q26), amid weaker consumer activity and intensifying price competition. Nevertheless, 9M26 mobile ARPU grew 7.1% YoY to IDR45.4k, with 151.1 million subscribers.
>FY27F–FY28F Earnings Estimates Revised Down. We lower FY27F–FY28F revenue estimates by 2.4% and 4.8% to IDR154.0 trillion and IDR158.4 trillion, respectively, while net income estimates are cut by 4.1% and 10.3% to IDR19.9 trillion and IDR20.9 trillion. Revisions reflect ongoing TLKM transformation costs and higher depreciation of approximately IDR1.23 trillion in 9M26. Meanwhile, data center revenue and EBITDA grew 17% and 35% YoY, respectively. Management targets 400 MW capacity by 2030, with potential expansion to over 1 GW, supported by rising AI infrastructure demand.
>Currently, TLKM trades at 3.2x EV/EBITDA FY26F, 2 standard deviations below its 5-year average. Potential re-rating is supported by ARPU recovery and infrastructure monetization, particularly data centers and subsea cables. Key risks include price competition, higher CapEx intensity in 2027–2028, and uncertainty surrounding asset monetization and infrastructure utilization.
By PHINTRACO SEKURITAS | Research
-Disclaimer On-
Phintraco Sekuritas Company Flash | 09 November 2026
PT Indocement Tunggal Prakarsa Tbk – INTP.IJ
Aditya Prayoga
INTP: Stronger Earnings Recovery, Bulk Cement to Drive FY27 Growth
>Earnings Recovery Continued in 3Q26. INTP recorded net profit of IDR712 billion (+90.2% QoQ; +25.3% YoY), bringing 9M26 net profit to IDR1.30 trillion (+22.5% YoY), equivalent to 73% of our FY26 estimate. Revenue grew 22.0% QoQ to IDR5.62 trillion, supported by a 20.8% increase in sales volume to 6.18 million tons and a 1.0% rise in blended ASP to IDR909k/ton.
>Margin Expansion Supported by Cost Efficiency. Despite a 13.3% QoQ increase in cost of revenue, gross profit rose 41.7% QoQ to IDR2.00 trillion, with GPM improving to 35.52% (vs. 30.57% in 2Q26). Lower raw material and fuel costs per ton supported margin expansion, although higher distribution and shipping costs absorbed part of the ASP increase. Operating profit grew 116.8% QoQ to IDR868 billion, with OPM reaching 15.45%.
>FY27 Growth to Be Led by Bulk Cement. We expect mid-single-digit revenue growth in FY26, although 4Q26 growth may moderate due to the rainy season. For FY27, management targets sales volume growth of 4%–5% YoY, led by bulk cement (+6%–7% YoY vs bag cement +3%–4% YoY), supported by private project such as industrial estate and data center developments as well as government infrastructure projects.
>Despite improving volume and cost efficiency, industry oversupply and distribution cost pressures remain key constraints. Key risks include slower cement demand recovery, higher input and logistics costs, and weaker-than-expected sales volume and earnings.
By PHINTRACO SEKURITAS | Research
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TUGU recorded a net profit of Rp526 billion in 9M26 (+24.3% YoY), reaching approximately 75% of our FY26 estimate, supported by a 17.2% YoY increase in insurance service results.
Insurance service revenue grew 4.5% YoY to Rp6.73 trillion, primarily driven by the offshore segment (+105% YoY) and fire segment (+11% YoY), while marine hull declined 2% YoY.
Profitability improved, with insurance service margin increasing to 9.0% from 8.0%, net margin to 7.4% from 6.6%, and ROE to 7.0% from 5.9%. However, investment income declined 31.2% YoY to Rp342 billion.
TUGU maintains a strong capital position, with an RBC ratio of 410.9% in FY25, well above the 120% regulatory minimum, alongside an AM Best Financial Strength Rating of A-.
Danantara’s planned consolidation of state-owned insurance companies could reshape industry competition. TUGU’s energy franchise and Pertamina affiliation provide strategic advantages, although the holding structure and sustainability of business synergies remain key considerations.
By PHINTRACO SEKURITAS | Research
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Revenue declined 10.80% YoY to Rp7.49 trillion in 9M26, while net profit decreased 18.13% YoY to Rp1.43 trillion, mainly due to weaker development revenue.
Recurring revenue grew 6.55% YoY to Rp1.83 trillion in 9M26, highlighting the resilience of CTRA’s commercial property business amid property market normalization.
Marketing sales remained flat at Rp7.59 trillion in 9M26, although 3Q26 sales improved 26.53% QoQ to Rp2.90 trillion, supported by stronger contributions from new product launches.
Recurring revenue is projected to reach Rp2.44 trillion in FY26E and Rp2.63 trillion in FY27F, while development revenue is expected to recover to Rp9.90 trillion in FY27F.
CTRA’s net cash position provides financial flexibility to support expansion, although weaker purchasing power, higher interest rates, and slower project absorption remain key risks.
By PHINTRACO SEKURITAS | Research
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Indeks di bursa Wall Street ditutup mixed pada perdagangan Jumat (6/11).
Data nonfarm payrolls tercatat 165 ribu di Oktober dari 60 ribu (6/11).
Tingkat pengangguran AS turun dari 4.2% menjadi 4.1% (6/11).
U.S. 10-year Bond Yield naik 2 bps ke level 4.855% (6/11).
Harga emas koreksi 0.7% ke level US$4,059/troy oz (6/11).
Data indikator ekonomi domestik yang akan dirilis pekan ini, yaitu indeks consumer confidence, penjualan otomotif dan penjualan ritel.
Investor menantikan rebalancing indeks MSCI pekan ini (12/11).
Secara teknikal IHSG berpeluang uji level 5,100-5,200 pada pekan ini.
Top picks pekan ini: TLKM, HMSP, ASII, ICBP, UNVR dan BRIS.
By PHINTRACO SEKURITAS | Research
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Phintraco Sekuritas Company Update | 6 November 2026
PT Astra Agro Lestari Tbk – AALI.IJ
Aditya Prayoga
AALI: Strong Earnings Recovery, Cautious FY27 Outlook
>Strong Earnings Growth on Margin Expansion. AALI recorded 3Q26 net profit of IDR806 billion (+11.0% QoQ; +119.0% YoY), bringing 9M26 net profit to IDR1.9 trillion and NPM to 8.03% (vs. 4.84% in 9M25). Revenue grew 9.0% QoQ to IDR8.46 trillion, while cost of revenue increased only 3.5% QoQ, supported by lower raw material (-7.8% QoQ) and harvesting and maintenance costs (-14.7% QoQ). Consequently, GPM expanded to 21.80% from 17.62% in 2Q26.
>Higher Production Supported by Export Sales. FFB processed volume rose 1.7% QoQ to 1.71 million tons, lifting CPO production by 3.0% to 340k tons and kernel production by 4.3% to 73k tons. Total CPO and derivatives sales increased 2.7% QoQ to 453k tons, driven by export sales growth of 50.0% to 189k tons, while local sales declined 16.2% to 264k tons.
>More Conservative FY27F Outlook Amid El Niño. We lower FY27F revenue, gross profit, and operating profit estimates by 1.66%, 1.50%, and 1.34%, respectively, reflecting potential lower FFB productivity following El Niño in 2H26. Lower FFB availability could constrain CPO production and sales volume, reducing FY27F net profit estimate by 0.76% to IDR1.71 trillion. Conversely, we raise FY26F net profit estimate by 51.93% to IDR2.39 trillion following stronger-than-expected 9M26 performance.
>Key risks include: (1) global CPO price volatility, (2) El Niño-related production disruptions, and (3) higher fertilizer and labor costs.
By PHINTRACO SEKURITAS | Research
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AMRT’s 9M26 revenue increased 7% YoY to Rp101.28 trillion, supported by growth across food (+8%) and non-food (+5%) segments, with a 74% run rate against our revised FY26 estimate. Franchise revenue contributed 17.83% of total revenue, slightly declining YoY.
Gross profit rose 9% YoY to Rp22.20 trillion, while operating income increased 8% YoY to Rp3.19 trillion. Net income grew 6% YoY to Rp2.55 trillion. We lowered our FY26 net income forecast from Rp4.08 trillion to Rp3.67 trillion, as 9M26 realization reached only 63% of our initial estimate.
AMRT continued expanding its store network, particularly outside Java, targeting approximately 800 new Alfamart stores in 2026. Despite potential competition from Koperasi Desa Merah Putih, AMRT’s operational performance remained solid. The Philippines also offers long-term growth potential, with 200–250 additional stores targeted.
We revised our valuation and projection for FY26 onwards, with key risks including weakening consumer purchasing power, Rupiah depreciation, and potential foreign investor capital outflows.
By PHINTRACO SEKURITAS | Research
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BULL booked 3Q26 revenue of US$54 million, down from US$85 million in 2Q26, mainly due to weaker performance in the oil tanker, FPSO, and FSO segments amid lower vessel rates. Nevertheless, 9M26 revenue increased by 71% YoY to US$183 million, supported by these segments, which contributed US$169 million (+64% YoY), while the gas tanker segment generated US$11 million.
3Q26 gross profit decreased by 48% QoQ to US$25 million, mainly due to a US$5 million loss from the gas tanker segment, bringing consolidated GPM to 46%. However, 9M26 gross profit increased by 235% YoY to US$91 million, with GPM improving to 50% (vs. 25% in 9M25) and EBITDA reaching US$99 million (+180% YoY).
We expect vessel rates to remain above pre conflict levels in 4Q26, supporting revenue, although elevated rates may not persist in the longer term. Strong fleet utilization, FSO and FPSO contracts, and an expected recovery in the gas tanker segment should support BULL’s operational performance.
We estimate FY26F revenue at US$235 million (+62% YoY), gross profit at US$113 million, and net profit at US$96 million. We maintain our BUY rating with a fair value of IDR 380/share, implying FY26F/FY27F EV/EBITDA of 3.26x/2.74x. Key Risks: Tanker charter rate fluctuations, dependence on oil and gas transportation demand, and shipping regulatory changes.
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
