Phintraco Sekuritas

BBTN: Beyond Mortgage Drives Sustainable Growth

Nur — Mon, 20 Jul 2026 01:54:41 +0000

BBTN reported a solid 1H26 performance, with net profit rising 40.8% YoY to IDR2.40 trillion, reaching 68% of our FY26 forecast, supported by a sharper decline in interest expense than interest income and improving profitability.

Loan growth remained resilient at 11.2% YoY to IDR418.11 trillion, driven primarily by a 46.1% YoY increase in non-housing loans, while subsidized mortgages continued to represent the largest share of the loan portfolio.

Funding remained stable with Third Party Funds and CASA growing 6.6% YoY and 6.5% YoY, respectively, while improving asset quality reduced Gross NPL to 3.0% and Cost of Credit to 0.7%, supporting earnings sustainability.

BBTN continues to diversify its business beyond mortgages through the expansion of non-housing loans and the planned acquisition of Bank SMBC Indonesia’s pension loan portfolio, which is expected to enhance loan yields and diversify revenue sources.

We maintain our positive outlook on BBTN, supported by strong earnings realization, improving asset quality, continued support from the FLPP program, and management’s strategy to gradually increase the non-housing loan portfolio to approximately 30% over the next five years.

By PHINTRACO SEKURITAS | Research
– Disclaimer On –

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Select Weekly SSF review 2026 – July 20th, 2026

Nur — Mon, 20 Jul 2026 00:15:16 +0000

July 20th, 2026

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PHINTAS Weekly Swing Trading Ideas

Nur — Mon, 20 Jul 2026 00:02:15 +0000

July 20th, 2026

The post PHINTAS Weekly Swing Trading Ideas appeared first on Phintraco Sekuritas.

Investor menantikan hasil RDG Bank Indonesia di tengah kenaikan harga minyak dunia

Nur — Mon, 20 Jul 2026 00:00:26 +0000

Indeks di bursa Wall Street ditutup melemah pada Jumat (17/7) dan pekan lalu.

Koreksi disebabkan oleh pelemahan saham semikonduktor dan eskalasi geopolitik.

Pergerakan harga minyak akan menjadi perhatian pasar global.

Di Wall Street akan dirilis sejumlah laporan keuangan perusahaan teknologi pekan ini.

ECB diperkirakan mempertahankan suku bunga acuan tetap di 2.4% (23/7).

Investor akan menantikan RDG Bank Indonesia dan pertumbuhan kredit (22/7).

Sentimen domestik membaik namun perlu waspadai kenaikan harga minyak mentah.

Secara teknikal IHSG berpeluang uji level 6,225-6,280 pada pekan ini.

Top picks pekan ini: UNVR, KLBF, BBYB, ICBP, MDKA dan GTSI.

By PHINTRACO SEKURITAS | Research
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Weekly Fixed Income Report – 20 July 2026

Research_tim Tim — Sun, 19 Jul 2026 22:15:35 +0000

U.S. Michigan Consumer Sentiment naik menjadi 54.4 pada Juli 2026, melampaui perkiraan 51.0 dan mencapai level tertinggi sejak Februari, karena penurunan harga bensin. Namun, sentimen masih 12% lebih rendah dibandingkan tahun sebelumnya akibat tekanan harga, sementara ekspektasi inflasi satu tahun kedepan turun menjadi 4.2% dari 4.6% dan ekspektasi inflasi jangka panjang kedepan tetap 3.3%.

Kinerja Lapangan Usaha (LU) Industri Pengolahan tergolong masih mengalami ekspansi, tetapi melambat menjadi 51.43% pada 2Q26 dari 52.03% pada 1Q26. Berdasarkan Sublapangan Usaha (Sub-LU), Sub-LU yang mengalami ekspansi dengan indeks tertinggi adalah Industri Mesin dan Perlengkapan. Kinerja LU Industri Pengolahan diperkirakan tetap mengalami ekspansi dan naik sebesar 52.32% pada 3Q26.

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Daily Fixed Income Report – 17 July 2026

Research_tim Tim — Fri, 17 Jul 2026 00:47:01 +0000

U.S. retail sales tumbuh lebih lambat 0.2% MoM pada Juni 2026, dari pertumbuhan 1.0% MoM pada Mei dan menjadi pertumbuhan terendah dalam lima bulan, terutama akibat penurunan penjualan bensin di SPBU sebesar 5.3% MoM. Di luar bensin, penjualan ritel meningkat 0.7% MoM, didukung oleh kenaikan pada dealer kendaraan bermotor yang tumbuh 1.9% MoM.
Realisasi investasi yang masuk ke Indonesia naik 7.2% YoY menjadi Rp1,010.6 triliun pada 1H26, dengan kontribusi penanaman modal asing (PMA) naik menjadi Rp507.6 triliun dan penyertaan modal dalam negeri (PMDN) turun menjadi Rp502.9 triliun. Investasi terbesar berasal dari Singapura (US$8.8 miliar), Hong Kong (US$7.6 miliar), Tiongkok (US$3.9 miliar), Jepang (US$1.9 miliar), dan AS (US$1.7 miliar).

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Diperkirakan IHSG berpeluang menguji area resistance 6,125–6,175

Nur — Fri, 17 Jul 2026 00:43:58 +0000

Indeks di Wall Street ditutup melemah pada Kamis (16/7).

Aksi jual saham teknologi mendorong koreksi indeks meskipun sejumlah laporan keuangan emiten solid.

Penjualan ritel AS sesuai dengan ekspektasi, tumbuh 0.2% MoM di Juni 2026 (16/7).

Data Michigan Consumer Sentiment Preliminary diperkirakan naik di level 51 pada Juli (17/7).

Dari Inggris, pertumbuhan PDB tercatat 0.1% MoM di Juni 2026 (16/7).

Investasi asing langsung di Indonesia meningkat 27.4% YoY ke rekor tertinggi sebesar Rp257.7 triliun pada 2Q26 (16/7).

Harga minyak melemah hampir 1% (16/7).

U.S. 10-year Bond Yield naik lebih dari 1 bps ke level 4.559% (16/7).

Harga emas spot melemah 1.7% di level US$3,989/troy oz (16/7).

Diperkirakan IHSG berpeluang melanjutkan penguatan menguji area resistance 6,125–6,175.

Top picks (17/7): BBCA, ICBP, EXCL, TKIM dan SMGR.

By PHINTRACO SEKURITAS | Research
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Today’s Selective Shares by Phintraco Sekuritas

Nur — Fri, 17 Jul 2026 00:14:27 +0000

July 17th, 2026

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Diperkirakan IHSG masih akan berkonsolidasi di kisaran 6,000-6,125

Nur — Thu, 16 Jul 2026 01:01:15 +0000

Indeks di Wall Street ditutup menguat pada Rabu (15/7).

Penguatan indeks dipicu oleh data PPI AS yang lebih rendah dari perkiraan dan kenaikan saham teknologi besar.

Inflasi PPI AS tercatat sebesar 5.5% YoY di Juni 2026 dari 6.0% YoY di Mei 2026 (15/7).

Penjualan ritel di AS diperkirakan mencapai 6.7% YoY di Juni 2026 (16/7).

Pertumbuhan PDB Tiongkok 4.3% YoY di 2Q26 melambat dari 5% YoY di 1Q26 (15/7).

Posisi utang luar negeri (ULN) Indonesia tercatat sebesar US$444.4 miliar atau naik 2.1% YoY (15/7).

Harga minyak menguat tipis (15/7).

U.S. 10-year Bond Yield turun 3 bps ke level 4.555% (15/7).

Harga emas spot melemah 0.2% di level US$4,047/troy oz (15/7).

Diperkirakan IHSG masih akan berkonsolidasi di kisaran 6,000-6,125.

Top picks (16/7): BBYB, MAPA, DKFT, LSIP dan HMSP.

By PHINTRACO SEKURITAS | Research
– Disclaimer On –

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Today’s Selective Shares by Phintraco Sekuritas

Nur — Thu, 16 Jul 2026 00:50:01 +0000

July 16th, 2026

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Daily Fixed Income Report – 16 July 2026

Research_tim Tim — Thu, 16 Jul 2026 00:44:57 +0000

U.S. Price Producer Inflation (PPI) turun 0.3% MoM pada Juni 2026, setelah naik 0.6% MoM pada Mei, terutama akibat penurunan harga barang sebesar 1.4% MoM yang dipicu turunnya harga bensin 12% MoM. Secara tahunan PPI melambat menjadi 5.5% YoY dari 6.0% YoY, dengan inflasi inti bulanan sebesar 0.2% MoM dan tahunan 4.7% YoY di Juni 2026.

Pertumbuhan Utang Luar Negeri (ULN) Indonesia naik sebesar 2.1% YoY menjadi US$444.4 miliar, dengan ULN publik tumbuh melambat sebesar 3.7% YoY. Rasio ULN Indonesia terhadap Produk Domestik Bruto (PDB) tercatat 29.9% pada Mei 2026, dengan kontribusi ULN jangka panjang sebesar 83.9%.

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U.S. Inflation Eased to 3.50% YoY in June 2026 Due to US-Iran Truce

Research_tim Tim — Wed, 15 Jul 2026 08:35:35 +0000

U.S. monthly Consumer Price Index (CPI) dropped by 0.4% MoM in June 2026 from a 0.5% MoM increase in May 2026. This first decline since May 2020 was primarily driven by a 5.7% MoM drop in energy price as of June 2026 from a 3.9% MoM increase in May 2026. On the other hand, the U.S. annually CPI still increased but at a slow rate of 3.5% YoY in June 2026 from 4.2% YoY in May 2026. The energy cost increased by 15.7% YoY in June 2026, but lower than a 23.5% YoY increase in May 2026 due to easing geopolitical tensions in the Middle East. In line with the U.S. annually headline inflation movement, the U.S. core inflation that excludes food and energy components dropped 2.6% YoY in June 2026 from 2.9% YoY in May 2026, while the U.S. monthly core inflation was recorded stagnant in June 2026.

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INKP : Sustainable Revenue Through Demand and Capacity Growth

Nur — Wed, 15 Jul 2026 08:13:17 +0000

China’s pulp demand remains resilient, with 2M26 import volumes reaching 2.47 million metric tons, or 14.4% above the 10-year average. Despite ongoing digitalization, demand continues to shift toward downstream products, supported by projected FY24–FY28F CAGR of 5.0% for tissue, 3.6% for packaging paper, and 2.7% for pulp, while printing paper demand is expected to decline.

INKP’s production capacity expansion is expected to become a key catalyst in FY26F. The addition of 2.4 million metric tons of downstream capacity increases total capacity to 9.4 million metric tons, supporting a 20.7% YoY increase in total sales volume to 6.5 million metric tons and accelerating downstream production growth.

The company’s sales mix is expected to shift further toward downstream products, with downstream contribution projected to increase to 48% of total sales volume in FY26F (vs 37% in FY25), reducing reliance on the cultural paper segment and strengthening exposure to higher-growth packaging-related products.

Industrial paper is expected to remain the primary earnings driver, with segment revenue projected to increase 61.3% YoY to US$1.66 billion, raising its
contribution to total revenue to 43% (vs 32% in FY25) and supporting total revenue growth of 20.6% YoY to US$3.82 billion.

We estimate FY26F net income to increase 13.3% YoY to US$514 million. Although higher raw material costs are expected to slightly compress margins, improved economies of scale and operating efficiency are projected to drive 22.3% YoY growth in operating profit, supporting overall earnings expansion.

By PHINTRACO SEKURITAS | Research
– Disclaimer On –

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IHSG berpeluang konsolidasi direntang level 5,950-6,125 (15/7)

Nur — Wed, 15 Jul 2026 00:36:59 +0000

Indeks di Wall Street ditutup menguat pada Selasa (14/7).

Saham semikonduktor rebound setelah data inflasi AS lebih rendah dari perkiraan.

Data inflasi AS sebesar 3.5% YoY di Juni 2026 dari 4.2% YoY di Mei 2026 (14/7).

Pertumbuhan ekspor impor Tiongkok meningkat di atas perkiraan (14/7).

Laju inflasi PPI AS diperkirakan melambat menjadi 6.2% YoY di Juni 2026 dari 6.5% YoY di Mei 2026 (15/7).

Pertumbuhan PDB Tiongkok diperkirakan melambat menjadi 4.5% YoY di 2Q26 dari 5% YoY di 1Q26 (15/7).

S&P memproyeksikan defisit APBN mencapai 2.9% terhadap PDB untuk tahun 2026 dan 2027.

BEI menambah 37 saham ke dalam daftar saham HSC sehingga total menjadi 51 saham.

Harga minyak menguat lebih dari 1% (14/7).

U.S. 10-year Bond Yield turun lebih dari 2 bps ke level 4.583% (14/7).

Harga emas spot menguat 1.2% di level US$4,046/troy oz (14/7).

IHSG berpeluang konsolidasi direntang level 5,950-6,125 pada perdagangan Rabu (15/7).

Top picks (15/7): WIFI, NCKL, MYOR, CTRA dan MBMA.

By PHINTRACO SEKURITAS | Research
– Disclaimer On –

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Daily Fixed Income Report – 15 July 2026

Research_tim Tim — Wed, 15 Jul 2026 00:31:51 +0000

Inflasi tahunan AS turun menjadi 3.5% YoY pada Juni 2026, dari 4.2% YoY pada Mei 2026 dan lebih rendah dari perkiraan 3.8% YoY yang menandai penurunan pertama dalam lima bulan. Penurunan ini ditopang oleh penurunan biaya energi menjadi 15.7% YoY dari 23.5% YoY, serta penurunan inflasi sektor perumahan menjadi 3.3% YoY dan pangan menjadi 3.0% YoY.

Menteri Keuangan RI Purbaya Yudhi Sadewa optimistis arus modal asing akan terus mengalir ke Indonesia setelah S&P Global Ratings mempertahankan peringkat utang Indonesia pada level BBB dengan outlook stabil. Menurutnya, keputusan tersebut mencerminkan kepercayaan terhadap fundamental ekonomi dan fiskal nasional, sehingga berpotensi memperkuat nilai tukar rupiah serta meningkatkan keyakinan investor terhadap pasar keuangan domestik.

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Today’s Selective Shares by Phintraco Sekuritas

Nur — Wed, 15 Jul 2026 00:01:01 +0000

July 15th, 2026

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ORI030: Investasi Aman dengan Kupon Tetap yang Dijamin Negara

Yundira Rahmadianti — Tue, 14 Jul 2026 02:19:03 +0000

Di tengah ketidakpastian ekonomi global, tingginya suku bunga, inflasi, dan fluktuasi nilai tukar, banyak investor mencari instrumen investasi yang stabil. ORI030 (Obligasi Ritel Indonesia Seri 030) hadir sebagai salah satu pilihan Surat Berharga Negara (SBN) Ritel yang diterbitkan Pemerintah Republik Indonesia. Instrumen ini menawarkan kupon tetap, jaminan pemerintah, serta kemudahan pembelian secara online melalui Mitra Distribusi.

Apa Itu ORI030?

ORI030 merupakan SBN Ritel yang ditawarkan khusus kepada Warga Negara Indonesia. Pada penerbitan Juli 2026 tersedia dua seri, yaitu ORI030T3 dengan tenor 3 tahun dan ORI030T6 dengan tenor 6 tahun. Investor memperoleh kupon tetap setiap bulan hingga jatuh tempo dengan pokok investasi dijamin pemerintah sesuai ketentuan yang berlaku.

Untuk lebih lengkapnya, berikut merupakan struktur kupon ORI030.

	ORI030T3	ORI30T6
Penerbit	Pemerintah Republik Indonesia
Target	Rp25.000.000.000.000
Tenor	3 Tahun	6 Tahun
Jatuh Tempo	15 Juli 2029	15 Juli 2032
Tradable	Dapat diperdagangkan di pasar sekunder
Agen Pembayar Kupon	Bank Indonesia
Pembayaran Kupon Pertama	15 September 2026 (Pembayaran kupon dilakukan tanggal 15 setiap bulannya. Apabila tanggal 15 merupakan hari libur, maka akan dibayarkan pada hari kerja berikutnya)
Perpajakan	Pajak Final berlaku 10% dari Kupon Bulanan dan Capital Gain saat adanya penjualan di pasar sekunder
Minimum Pemesanan	Rp1.000.000
Maksimum Pemesanan	Rp5.000.000.000	Rp10.000.000.000
Tingkat Kupon	6,90% per tahun	7,00% per tahun
Jenis Kupon	Tingkat bunga tetap (fixed rate)
Minimum Holding Period	1 kali pembayaran

Dari struktur di atas, maka perhitungan kuponnya sebagai berikut:

ORI030T3

ORI030T6

a. Perhitungan Kupon dari tanggal setelmen sampai dengan 15 Agustus 2026:

6,90% x 10/31 x 1/12 x Rp1.000.000,00 = Rp1.854,84

b. Kupon satu bulan penuh untuk tanggal 16 Agustus 2026 sampai dengan 15 September 2026 (dan bulan berikutnya sampai jatuh tempo):

6,90% x 1/12 x Rp1,000,000 = Rp5.750

Long Coupon = a + b

a. Perhitungan Kupon dari tanggal setelmen sampai dengan 15 Agustus 2026:

7,00% x 10/31 x 1/12 x Rp1.000.000,00 = Rp1.881,72

b. Kupon satu bulan penuh untuk tanggal 16 Agustus 2026 sampai dengan 15 September 2026 (dan bulan berikutnya sampai jatuh tempo):

7,00% x 1/12 x Rp1.000.000 = Rp1.881,72

Long Coupon = a + b

Kenapa Investasi di ORI030?

Berikut beberapa alasan mengapa ORI030 dapat menjadi pilihan investasi:

Pemesanan ORI030 Mudah Secara Online

ORI030 dapat dipesan secara online melalui Mitra Distribusi yang sudah mendapatkan izin dari OJK, salah satunya adalah Phintraco Sekuritas, sehingga proses investasi kamu menjadi lebih praktis.

Investasi Mulai dari Rp1 Juta

Dengan minimum pemesanan hanya Rp1.000.000, ORI030 dapat diakses oleh investor ritel.

Aman karena Diterbitkan oleh Pemerintah

Pembayaran kupon dan pelunasan pokok ORI030 dijamin oleh Pemerintah Republik Indonesia sesuai dengan peraturan perundang-undangan.

Kupon Tetap (Fixed Coupon)

Besaran kupon ORI030 tidak berubah hingga jatuh tempo. Hal ini memberikan kepastian pendapatan meskipun kondisi pasar atau suku bunga mengalami perubahan.

Pendapatan Rutin Setiap Bulan

Kupon dibayarkan setiap bulan dan langsung ditransfer ke Rekening Dana Nasabah (RDN), sehingga dapat menjadi sumber arus kas secara berkala.

Berpotensi Menjadi Passive Income

Pembayaran kupon bulanan dapat dimanfaatkan sebagai tambahan penghasilan selama ORI030 masih dimiliki hingga jatuh tempo.

Pilihan Tenor Fleksibel

ORI030 tersedia dalam dua pilihan tenor, yaitu tenor 3 tahun dan tenor 6 tahun, sehingga investor dapat menyesuaikan dengan kebutuhan dan tujuan investasi.

Pajak Lebih Rendah Dibandingkan Deposito

Pajak atas kupon ORI030 sebesar 10%, lebih rendah dibandingkan pajak bunga deposito yang sebesar 20%, sehingga imbal hasil bersih yang diterima investor menjadi lebih optimal.

Dapat Diperdagangkan di Pasar Sekunder

Setelah melewati minimum holding period, ORI030 dapat diperjualbelikan di pasar sekunder. Hal ini akan memberikan fleksibilitas bagi investor yang ingin menjual ORI030 sebelum jatuh tempo.

Timeline Pemesanan ORI030

Tahapan	Tanggal Penting	Keterangan
Penetapan Kupon	03 Juli 2026	Pemerintah menetapkan kupon ORI030T3 & ORI030T6.
Masa Penawaran	06 Juli 2026	Investor pertama kali dapat melakukan pemesanan ORI030T3 & ORI030T6.
Masa Penawaran	30 Juli 2026	Tanggal terakhir investor dapat melakukan pemesanan ORI030T3 & ORI030T6.
Penetapan	03 Agustus 2026	Penetapan hasil penjualan ORI030T3 & ORI030T6.
Setelmen	05 Agustus 2026	Dana investor didebet dan ORI masuk ke portofolio investor.

Jika Anda ingin berinvestasi di ORI030, Anda dapat melakukan pemesanan secara online melalui aplikasi PROFITS Anywhere atau PROFITS Online Trading dari Phintraco Sekuritas selama masa penawaran berlangsung. Prosesnya praktis, aman, dan seluruh transaksi dilakukan secara digital sehingga investor dapat berinvestasi kapan saja dan di mana saja.

Download PROFITS Online Trading untuk MacOS, Windows, atau aplikasi PROFITS Anywhere dari hp Anda.

Penulis: Riska Novi Cahyani

Editor: Yundira Putri Rahmadianti

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Dipertahankannya peringkat Indonesia oleh S&P menjadi katalis positif (14/7)

Nur — Tue, 14 Jul 2026 01:32:02 +0000

Indeks di Wall Street ditutup melemah pada Senin (13/7).

Koreksi didorong pelemahan saham sektor teknologi dan meningkatnya ketegangan AS-Iran.

Inflasi AS (CPI) diperkirakan melambat menjadi 3.9% YoY di Juni dari 4.2% di Mei (14/7).

Chairman the Fed Kevin Warsh akan testmoni di hadapan Komite Jasa Keuangan DPR AS (14/7).

Tiongkok akan merilis data ekspor impor bulan Juni yang diperkirakan melambat (14/7).

S&P Global Ratings menegaskan peringkat kredit jangka panjang Indonesia pada “BBB” dengan outlook Stabil (13/7).

S&P memperkirakan ekonomi Indonesia masih mampu tumbuh 5.1% pada 2026.

Harga minyak menguat lebih dari 9% (13/7).

U.S. 10-year Bond Yield naik lebih dari 4 bps ke level 4.614% (13/7).

Harga emas spot melemah 3.1% di level US$3,991/troy oz (13/7).

Diperkirakan IHSG berpotensi uji level resistance di 6,080-6,120 pada Selasa (14/7).

Top picks (14/7): BBNI, BBCA, BMRI, TLKM dan ASII.

By PHINTRACO SEKURITAS | Research
– Disclaimer On –

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Daily Fixed Income Report – 14 July 2026

Research_tim Tim — Tue, 14 Jul 2026 00:25:41 +0000

Data inflasi AS menjadi faktor utama yang akan menentukan arah kebijakan suku bunga The Fed pada Juli mendatang. Pasar menantikan laporan inflasi terbaru dan memperkirakan adanya pelonggaran tekanan harga dari kenaikan sebelumnya, meski inflasi diperkirakan meningkat menjadi 5.2% dari 4.2%. S&P Global Ratings mempertahankan peringkat kredit Indonesia di level BBB dengan outlook stabil, merefleksikan keyakinan... Read more »

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Today’s Selective Shares by Phintraco Sekuritas

Nur — Mon, 13 Jul 2026 23:44:26 +0000

July 14th, 2026

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Weekly SSF review 2026 – July 13th, 2026

Nur — Mon, 13 Jul 2026 01:08:42 +0000

July 13th, 2026

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PHINTAS Weekly Swing Trading Ideas

Nur — Mon, 13 Jul 2026 01:04:46 +0000

July 13th, 2026

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Diperkirakan IHSG bergerak sideways pada kisaran 5800-6000 pada pekan ini

Nur — Mon, 13 Jul 2026 00:37:47 +0000

Indeks di bursa Wall Street ditutup menguat pada Jumat (10/6).

Penguatan terutama dikontribusikan oleh saham sektor teknologi.

Di Wall Street akan dimulai earning season 2Q26 pada pekan ini.

Data ekonomi AS yang akan dirilis diantaranya CPI dan Michigan Consumer Sentiment.

Investor juga menantikan testimoni Chairman the Fed di DPR AS dan Senat AS.

Pemerintah akan lelang SBSN dengan target indikatif Rp10 triliun (14/7).

BI akan rilis Statistik Utang Luar Negeri Mei 2026 (13/7).

Diperkirakan IHSG masih bergerak sideways pada kisaran 5800-6000 pada pekan ini.

Top picks pekan ini: ADRO, ADMR, BRMS, INCO, ARCI dan SRTG.

By PHINTRACO SEKURITAS | Research
– Disclaimer On –

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Weekly Fixed Income Report – 13 July 2026

Research_tim Tim — Mon, 13 Jul 2026 00:29:09 +0000

Presiden Federal Reserve Bank of Dallas, Lorie Logan, mengusulkan penerapan voluntary central clearing dalam operasi pasar terbuka. Hal ini dapat memperlancar transaksi pasar uang, memperkuat likuiditas, dan meningkatkan efektivitas fasilitas repo The Fed tanpa mengindikasikan perubahan arah kebijakan moneter.

Penjualan mobil Indonesia naik 12% YoY menjadi 77,550 unit pada Juni 2026. Per 1H26, penjualan mobil naik 15.9% dibanding 1H25 menjadi 436,564 unit, menunjukkan permintaan konsumen yang tangguh di tengah tekanan inflasi dan kenaikan harga BBM nonsubsidi. Namun, pasar mobil Indonesia masih dibayangi oleh tingginya biaya pinjaman dan lemahnya Rupiah secara terus menerus.

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Weak Consumer Confidence Expected to Keep Retail Sales in Contraction in June 2026

Research_tim Tim — Fri, 10 Jul 2026 02:05:39 +0000

The Consumer Confidence Index (CCI) fell further to its lowest level in 2026 to 117.8 in June 2026 from 120.9 in May 2026, but still exceeded the threshold of 100, reflecting consumer optimism about the economic situation. This optimism is supported by consumer perception of current economic conditions and expectations of future economic conditions, but tends to weaken because the Current Economic Condition Index (CECI) and the Consumer Expectation Index (CEI), which are at optimistic levels, are recorded to decline in June 2026. The CECI was recorded at 109.2 in June 2026 from 112.2 in May 2026, while the CEI was recorded at 126.4 in June 2026 from 129.7 in May 2026.

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Diperkirakan IHSG akan bergerak sideways pada kisaran 5,800-6,000

Nur — Fri, 10 Jul 2026 00:41:59 +0000

Indeks di Wall Street ditutup menguat pada Kamis (9/7).

Kenaikan indeks dipicu oleh menguatnya saham semikonduktor dan koreksi harga minyak mentah.

Qatar dan Pakistan berupaya agar AS dan Iran kembali ke meja perundingan.

Penjualan ritel RI turun 3.9% di Mei 2026, setelah turun 3.7% YoY di April 2026 (9/7).

Penjualan sepeda motor RI tumbuh 1.1% YoY menjadi 515,136 unit di Juni 2026 (9/7)

Investor akan menantikan data penjualan mobil bulan Juni 2026 (10/7).

Harga minyak mentah ditutup koreksi sekitar 2% (9/7).

U.S. 10-year Bond Yield turun 2 bps ke level 4.545% (9/7).

Harga emas spot rebound 1.1% di level US$4,122/troy oz (9/7).

Diperkirakan IHSG akan bergerak sideways pada kisaran 5,800-6,000.

Top picks (10/7): BMRI, BRPT, DEWA, ESSA dan TUGU.

By PHINTRACO SEKURITAS | Research
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Today’s Selective Shares by Phintraco Sekuritas

Nur — Fri, 10 Jul 2026 00:34:03 +0000

July 10th, 2026

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Daily Fixed Income Report – 10 July 2026

Research_tim Tim — Fri, 10 Jul 2026 00:23:58 +0000

U.S. Existing Home Sales turun 2.4% MoM menjadi 4.09 juta unit pada Juni 2026.

Penjualan ritel mengalami kontraksi yang semakin signifikan yakni 3.9% YoY pada Mei 2026 .

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Diperkirakan IHSG berpotensi uji support di kisaran 5,800–5,745

Nur — Thu, 09 Jul 2026 00:54:23 +0000

Indeks di Wall Street ditutup mixed pada Rabu (8/7).

Premi risiko geopolitik kembali menjadi fokus perhatian setelah serangan baru antara AS dan Iran.

Namun saham chip dan sektor teknologi rebound.

Risalah rapat the Fed menunjukkan perdebatan yang terbagi rata mengenai prospek kebijakan moneter (8/7).

Indeks Keyakinan Konsumen RI turun pada level 117.8 di Juni 2026 dari level 120.9 di Mei 2026 (8/7).

Investor akan menantikan data penjualan ritel dan sepeda motor (9/7)

Harga minyak mentah ditutup meningkat lebih dari 4% (8/7).

U.S. 10-year Bond Yield naik lebih dari 4 bps ke level 4.571% (8/7).

Harga emas spot melemah 0.9% di level US$4,068/troy oz (8/7).

Diperkirakan IHSG berpotensi melanjutkan koreksi menguji support di kisaran 5,800–5,745 pada perdagangan Kamis (9/7).

Top picks (9/7): PGEO, PGAS, UNTR, ITMG dan AALI.

By PHINTRACO SEKURITAS | Research
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Today’s Selective Shares by Phintraco Sekuritas

Nur — Thu, 09 Jul 2026 00:50:35 +0000

July 9th, 2026

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Daily Fixed Income Report – 9 July 2026

Research_tim Tim — Thu, 09 Jul 2026 00:08:04 +0000

FOMC Minutes melaporkan bahwa pejabat The Fed terbelah terkait arah suku bunga setelah FOMC di Juni 2026 mempertahankan suku bunga the Fed di kisaran 3.50%-3.75%, karena sebagian pejabat menilai inflasi masih terlalu tinggi untuk membuka ruang pemangkasan suku bunga dan Sebagian pejabat bahkan melihat alasan untuk kenaikan suku bunga jika inflasi tetap persisten, terutama akibat tekanan harga dari energi, tarif, dan investasi AI, sementara pasar tenaga kerja masih relatif stabil.

Indeks Keyakinan Konsumen (IKK) turun ke level 117.8 pada Juni 2026 dari 120.9 pada Mei 2026, didorong oleh penurunan Indeks Kondisi Ekonomi Saat Ini (IKE) dan Indeks Ekspektasi Konsumen (IEK) masing-masing menjadi 109.2 dan 126.4 pada Juni 2026. Hal tersebut masih

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Waspadai potensi profit taking di tengah beberapa sentimen negatif

Nur — Wed, 08 Jul 2026 00:36:13 +0000

Indeks di Wall Street ditutup melemah pada Selasa (7/7).

Pelemahan indeks dipicu oleh rotasi saham yang terkait dengan kecerdasan buatan serta kenaikan harga minyak.

Ketegangan geopolitik di Timur Tengah kembali meningkat.

Cadangan devisa Indonesia meningkat menjadi US$145.6 miliar pada Juni 2026 dari US$144.9 miliar di Mei 2026 (7/7).

Defisit APBN 2026 diproyeksikan dapat mencapai Rp734.3 triliun (2.85% dari PDB), lebih tinggi dari target Rp689.1 triliun (2.68% dari PDB).

Harga minyak menguat sekitar 3% (7/7), setelah Iran menyerang sebuah kapal tanker dari Qatar di dekat Selat Hormuz.

U.S. 10-year Bond Yield menguat lebih dari 6 bps ke level 4.545% (7/7).

Harga emas melemah 0.6% ke level US$4,141/troy oz (7/7).

Diperkirakan IHSG berpotensi bergerak mixed pada kisaran 5900-6000.

Waspadai potensi profit taking di tengah beberapa sentimen negatif.

Top picks (8/7): HMSP, CPIN, PGEO, SMGR dan BBNI.

By PHINTRACO SEKURITAS | Research
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Today’s Selective Shares by Phintraco Sekuritas

Nur — Wed, 08 Jul 2026 00:33:30 +0000

July 8th, 2026

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Daily Fixed Income Report – 8 July 2026

Research_tim Tim — Wed, 08 Jul 2026 00:06:58 +0000

U.S. Inflation Expectation untuk satu tahun ke depan naik 0.2 poin persentase menjadi 3.7% pada Juni 2026, level tertinggi sejak September 2023. Ekspektasi inflasi tiga tahun ke depan juga meningkat menjadi 3.3%, sedangkan proyeksi lima tahun tetap stabil di 3.0%. Disisi lain, ekspektasi kenaikan harga BBM turun menjadi 1.5%, terendah sejak Agustus 2022.

Cadangan devisa Indonesia naik menjadi US$145.6 miliar pada Juni 2026 dari US$144.9 miliar pada Mei 2026. Posisi tersebut setara dengan pembiayaan 5.5 bulan impor atau 5.4 bulan impor jika termasuk pembayaran utang luar negeri pemerintah, yang mana masih melampaui standar kecukupan internasional sekitar 3 bulan impor.

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Indonesia’s FX Reserves Rose to US$145.6 Billion in June 2026 After Five Consecutive Months of FX Reserves Declining

Research_tim Tim — Tue, 07 Jul 2026 08:09:52 +0000

Indonesia’s foreign exchange reserves slightly increased to US$145.6 billion in June 2026 from US$144.9 billion in May 2026. Such development was predominantly driven by tax and services receipts amid the government’s external debt repayments and the Bank Indonesia’s Rupiah stabilization policy. The Indonesia’s foreign exchange reserves position was equivalent to financing 5.5 months of imports... Read more »

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U.S. PMI Shows a Slower Expansion for Both Manufacturing and Services Sectors Amid Global Uncertainty in June 2026

Research_tim Tim — Tue, 07 Jul 2026 03:16:29 +0000

The US PMI indicators in June 2026 reflect the resilience of US economic activity amid global uncertainty. Both US manufacturing and services sectors remaining in expansion zone, despite a mixed signals across sectors with a weakening trend. Growth in both sectors was mainly driven by increased output and new orders, although consumer and business confidence... Read more »

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Diperkirakan IHSG berpotensi melanjutkan penguatan

Nur — Tue, 07 Jul 2026 00:36:39 +0000

Indeks di Wall Street ditutup menguat pada Senin (6/7).

Indeks Dow Jones mencapai rekor tertinggi baru.

Penguatan ditopang oleh reboundnya saham chip.

Indeks PMI sektor jasa ISM di AS turun menjadi 54.0 pada Juni 2026 (6/7).

Ketua Badan Anggaran DPR memperkirakan kebutuhan anggaran Program MBG turun menjadi sekitar Rp 174 triliun pada tahun 2027.

Harga minyak cenderung melemah pada harga sebelum perang AS-Iran (6/7).

U.S. 10-year Bond Yield turun 1 bps ke level 4.469% (6/7).

Harga emas spot melemah 0.4% ke level US$4,159/troy oz (6/7).

IHSG diperkirakan berpotensi melanjutkan kenaikan dan menguji level 6000.

Top picks (7/7): BBRI, RAJA, BRIS, RATU dan BUVA.

By PHINTRACO SEKURITAS | Research
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Today’s Selective Shares by Phintraco Sekuritas

Nur — Mon, 06 Jul 2026 23:53:10 +0000

July 7th, 2026

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Daily Fixed Income Report – 7 July 2026

Research_tim Tim — Mon, 06 Jul 2026 23:44:44 +0000

U.S. ISM Services PMI turun menjadi 54.0 pada Juni 2026 dari 54.5 pada Mei 2026, sesuai ekspektasi pasar, namun masih mencerminkan ekspansi yang solid di sektor jasa meskipun dengan laju yang lebih moderat. Perlambatan terutama dipengaruhi oleh melambatnya pertumbuhan aktivitas bisnis (55.4 dari 57.7) dan pesanan baru (55.1 dari 57.3), sementara indeks ketenagakerjaan meningkat ke 51.2 dari 47.9.

Rapat Dengar Pendapat Umum (RDPU) RUU Pengelola Pusat Finansial Internasional Indonesia (PPFI) pada Senin (6/7) mengungkap bahwa pemerintah berencana memberikan fasilitas perpajakan berupa pengurangan PPh Badan dan PPh bagi tenaga ahli masing-masing sebesar 100%, pengecualian sebagai subjek pajak dalam negeri, serta pembebasan pemotongan/pemungutan PPh untuk situasi tertentu.

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Weekly SSF review 2026 – Juli 6th, 2026

Nur — Mon, 06 Jul 2026 01:13:44 +0000

Juli 6th, 2026

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PHINTAS Weekly Swing Trading Ideas

Nur — Mon, 06 Jul 2026 01:06:58 +0000

Juli 6th, 2026

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Diperkirakan IHSG berpeluang uji level psikologis 6000 pada pekan ini

Nur — Mon, 06 Jul 2026 01:02:45 +0000

Mayoritas indeks bursa global ditutup menguat pada Jumat (3/7).

Faktor positif dari harapan the Fed akan menunda kenaikan suku bunga.

Pekan ini investor akan cermati FOMC Minutes.

Dari domestik, akan dirilis data cadangan devisa, indeks keyakinan konsumen, penjualan ritel dan penjualan otomotif.

Koreksi harga minyak dan rebound harga emas berpotensi menjadi faktor positif.

BEI kaji perubahan 3 kriteria papan pemantauan khusus dan autorejection.

Diperkirakan IHSG berpotensi uji level psikologis 6000 pada pekan ini.

Top picks pekan ini: ASII, DSSA, AVIA, NCKL, EMAS dan ELSA.

By PHINTRACO SEKURITAS | Research
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US Labor Market Signaled a Weaker Growth in June 2026

Research_tim Tim — Fri, 03 Jul 2026 07:31:14 +0000

The US labor market data released in June 2026 shows a mixed labor market situation, with a slow down signal. This is reflected by the slowing growth of Nonfarm Payrolls (NFP) and the downward revision of NFP in the previous month data. Despite an increase in the number of job openings, a decline in the... Read more »

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Weekly Fixed Income Report – 3 July 2026

Research_tim Tim — Fri, 03 Jul 2026 01:04:35 +0000

U.S. Non Farm Payroll turun menjadi 57 ribu lapangan kerja pada Juni 2026, dari 129 ribu pada Mei 2026 dan ekspektasi pasar sebesar 110 ribu menandai penambahan tenaga kerja terendah dalam empat bulan. Meski demikian, tingkat pengangguran justru turun menjadi 4.2% dari 4.3%, terutama karena penyusutan angkatan kerja sebesar 720 ribu orang yang mendorong tingkat partisipasi tenaga kerja turun ke 61.5%, level terendah sejak Maret 2021.

Menteri Keuangan RI Purbaya Yudhi Sadewa mengungkapkan bahwa Saldo Anggaran Lebih (SAL) APBN pada akhir 2025 tercatat turun menjadi Rp438.26 triliun dari Rp457.54 triliun di awal tahun 2026 setelah pemerintah memanfaatkan Rp93.15 triliun untuk mendukung pembiayaan APBN dalam rangka menstimulasi pertumbuhan ekonomi.

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Today’s Selective Shares by Phintraco Sekuritas

Research_tim Tim — Fri, 03 Jul 2026 00:59:07 +0000

July 3rd, 2026

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Data nonfarm payrolls menimbulkan harapan penundaan kenaikan suku bunga The Fed

Research_tim Tim — Fri, 03 Jul 2026 00:57:22 +0000

Indeks di Wall Street ditutup mixed pada Kamis (2/7).

Pasar merespon positif data nonfarm payrolls, namun saham semikonduktor kembali melemah.

Data nonfarm payrolls menunjukkan penyerapan 57 ribu pekerjaan di Juni 2026 turun dari 129 ribu di Mei 2026 (2/7).

Data itu menimbulkan harapan investor bahwa the Fed berpeluang untuk menunda kenaikan suku bunganya.

Bursa Wall Street akan tutup pada hari Jumat (3/7).

Qatar menyatakan bahwa perundingan tidak langsung antara AS-Iran mencapai kemajuan.

Harga minyak cenderung stabil (2/7).

U.S. 10-year Bond Yield naik 1 bps ke level 4.485% (2/7).

Harga emas spot menguat 2.2% ke level US$4,117/troy oz (2/7).

Diperkirakan IHSG berpeluang konsolidasi direntang level 5700-5800.

Top picks (3/7): ANTM, BBCA, BMRI, TPIA dan INDF.

By PHINTRACO SEKURITAS | Research
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Indonesia Inflation Accelerates to 3.34% YoY Led by Food Prices in June 2026

Research_tim Tim — Thu, 02 Jul 2026 03:54:46 +0000

Indonesia’s inflation rate rose by 3.34% YoY in June 2026 from 3.08% YoY in May 2026. According to its components, core inflation of 2.76% YoY was a largest contributor to inflation, with a proportion of 1.77% in June 2026, fueled by several commodities including gold jewelry, cooking oil, rice with side dishes, mobile phones, and academy/college fees. In addition, inflation in the volatile food component of 5.58% YoY was the second largest contributor to inflation, with a contribution of 0.91% in June 2026. Commodities that contribute to this inflation component are rice, red chili, purebred chicken meat, cayenne pepper, and shallots. Meanwhile, administered price inflation was recorded at 3.42% YoY, with an inflation contribution of 0.66% in June 2026. Inflation in this component was driven by gasoline commodities, air freight rates, machined clove cigarettes (SKM), and household fuels

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Indonesia’s Trade Balance Turns to a US$1.61 Billion Deficit in May 2026 as Oil and Gas Deficit Widens

Research_tim Tim — Thu, 02 Jul 2026 03:48:23 +0000

Indonesia’s Balance of Trade recorded a deficit for the first time since April 2020 of US$1.61 billion in May 2026 from a surplus position of US$0.09 billion in April 2026. The deficit mainly comes from trade transactions in the oil and gas sector which has experienced a deepening deficit of US$3.76 billion in May 2026 from deficit of US$3.44 billion in April 2026 and a decrease in the surplus in the non-oil and gas sector to US$2.15 billion in May 2026 from US$3.53 billion in April 2026. In addition, the oil and gas commodity deficit was primarily driven by crude oil and petroleum products. Meanwhile, main commodities contributing to the surplus in the non-oil and gas sector were animal or vegetable fats and oils, mineral fuels, and iron and steel.

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Diperkirakan IHSG konsolidasi pada kisaran 5600-5800

Nur — Thu, 02 Jul 2026 01:19:17 +0000

Indeks di Wall Street ditutup melemah pada Rabu (1/7).

Data ADP Employment bulan Juni turun dan lebih rendah dari perkiraan (1/7).

Presiden Trump menyatakan perundingan AS-Iran berjalan baik di Qatar.

Indeks S&P Global Manufacturing PMI Indonesia turun di level 46.9 di Juni 2026 dari 50 di Mei 2026 (1/7).

Neraca perdagangan secara tak terduga mencatatkan defisit sebesar US$1.61 miliar di Mei 2026 (1/7).

Inflasi pada level 3.34% di Juni 2026 dari 3.08% YoY pada Mei 2026 (1/7).

Harga minyak melemah lebih dari 1% (1/7).

U.S. 10-year Bond Yield naik hampir 6 bps ke level 4.481% (1/7).

Harga emas menguat 2.1% di level US$4,089/troy oz (1/7).

Diperkirakan IHSG berpeluang berkonsolidasi pada kisaran 5600-5800.

Top picks (2/7): BRPT, ESSA, JPFA, ERAA dan RAJA.

By PHINTRACO SEKURITAS | Research
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Daily Fixed Income Report – 2 July 2026

Research_tim Tim — Wed, 01 Jul 2026 22:07:33 +0000

U.S. ISM Manufacturing PMI turun menjadi 53.3 pada Juni 2026 dari 54.0 pada Mei 2026, lebih rendah dari ekspektasi pasar sebesar 54.0, yang menunjukkan perlambatan aktivitas manufaktur. Pertumbuhan output (52.2) dan pesanan baru (56.0) melambat. Pelaku industri masih mengkhawatirkan inflasi yang relatif tinggi akibat konflik di Timur Tengah, serta risiko kenaikan suku bunga, ketidakpastian kebijakan, tarif, dan perdagangan global yang terus membebani sektor manufaktur.

Tingkat inflasi Indonesia naik 3.34% YoY pada Juni 2026 dari 3.08% YoY pada Mei 2026. Menurut komponennya, inflasi inti sebesar 2.76% YoY memiliki andil inflasi terbesar yakni 1.77% pada Juni 2026. Di samping itu, neraca perdagangan Indonesia tercatat mengalami defisit kembali sejak April 2020, yakni US$1.61 miliar pada Mei 2026.

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MBMA : Strong 1Q26 Results Supported by Higher Production and Nickel ASP

Research_tim Tim — Wed, 01 Jul 2026 07:28:57 +0000

MBMA delivered solid 1Q26 results, with revenue up 24% YoY to US$455 million and net profit reaching US$82 million, supported by higher NPI and nickel ore contributions, stronger nickel ASP, and robust exports to China.

Saprolite and limonite production and sales increased significantly, driven by higher internal SCM ore supply, reduced reliance on third-party ore purchases, and stronger feedstock demand for PT ESG’s HPAL operations.

NPI production and sales both grew 23% YoY following the completion of maintenance activities and ongoing furnace optimization, while HGNM production increased despite weaker sales due to shipment timing differences.

PT ESG continued ramping up MHP production, PT SLNC is on track for commissioning in 2H26, construction progress exceeded 94%, and AIM maintained stable sulfuric acid production.

Downside risks include the potential implementation of a windfall tax, higher Mineral Reference Prices (HMA), increased nickel royalty rates, and geopolitical uncertainties, all of which could pressure MBMA’s profitability going forward.

By PHINTRACO SEKURITAS | Research
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MDKA : Margin Expansion Driven by Gold and Strategic Projects

Research_tim Tim — Wed, 01 Jul 2026 07:21:59 +0000

MDKA recorded significant performance improvement in 1Q26, with revenue growing 23.5% year-on-year to US$620 million, meeting 34% of FY26 estimates. This growth was driven by higher revenue from limonite (+US$65 million), gold (+US$29 million), and NPI (+US$19 million), which offset the decline in HGNM revenue due to delivery delays.

The company’s profitability experienced strong margin expansion. Gross profit surged 277.2% year-on-year to US$218 million (GPM rose from 11.5% to 35.1%), driven by inventory buildup and improvements in gold and net profit margins. Operating profit grew 347.8% year-on-year to US$194 million, while net profit surged 4,689.8% year-on-year to US$120 million, with net profit reaching 19.4%.

Operationally, the increase in average selling prices (ASP) successfully offset the decline in production volume. Gold ASP surged 76% year-on-year to US$4,841/oz, pushing cash margins to a five-quarter high. In the copper segment (Wetar), production fell 11% year-on-year following the completion of mining activities at the end of 2025, but copper ASP increased 38% year-on-year to US$5.71/lb.

For FY26, TB Gold management is targeting gold production of 80,000–90,000 oz with an AISC of US$1,900–2,050/oz. Meanwhile, for the copper segment, the production target is set at 4,000–5,000 tonnes with an AISC of US$4.00–4.70/lb.

The main risks to consider going forward include the potential for a decline in gold prices due to inflation concerns and an increase in Indonesia’s benchmark nickel price.

By PHINTRACO SEKURITAS | Research
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Investor akan mencermati data inflasi dan neraca perdagangan (1/7)

Nur — Wed, 01 Jul 2026 00:32:13 +0000

Indeks di Wall Street ditutup menguat pada Selasa (30/6).

Kenaikan indeks dipicu oleh berlanjutnya rebound saham sektor teknologi dan data tenaga kerja yang lebih baik dari estimasi.

Yen Jepang melemah tajam terhadap dolar AS (30/6).

Data inflasi Indonesia diperkirakan meningkat menjadi 0.29% MoM dan 3.2% YoY di Juni 2026 (1/7).

Surplus neraca perdagangan Indonesia diperkirakan sebesar US$1.1 miliar di Mei 2026 (1/7).

Harga minyak bergerak cenderung melemah (30/6).

U.S. 10-year Bond Yield naik lebih dari 6 bps ke level 4.441% (30/6).

Harga emas melemah 0.2% di level US$4,008/troy oz (30/6).

Diperkirakan IHSG berpotensi akan menguji level 5500.

Top picks (1/7): WIFI, CPIN, CMRY, PGEO dan DATA.

By PHINTRACO SEKURITAS | Research
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Today’s Selective Shares by Phintraco Sekuritas

Nur — Wed, 01 Jul 2026 00:09:50 +0000

July 1st, 2026

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Higher for Longer: The New Market Reality

Research_tim Tim — Tue, 30 Jun 2026 08:26:49 +0000

Middle East geopolitical tensions disrupted global energy supply, pushing up oil prices and increasing pressure on inflation, exchange rates, and global monetary policy.

The US–Iran peace agreement and the planned reopening of the Strait of Hormuz improved market sentiment and eased oil prices, although geopolitical risks remain.

Global growth is expected to moderate in 2026, with persistent market volatility driven by energy prices, inflation, and higher-for-longer interest rates.

Indonesia targets 5.4% GDP growth in 2026, supported by fiscal stimulus, while inflation is expected to remain within Bank Indonesia’s target range in 2H26.

Bank Indonesia is expected to maintain a tight monetary stance amid Rupiah depreciation, global rate pressures, and inflation risks.

Fiscal conditions remain manageable, with the 2026 budget deficit reaching 0.7% of GDP by May, still well below the full-year target despite widening from last year.

Foreign investors are likely to remain cautious, as the market awaits MSCI’s market accessibility review and S&P’s sovereign credit rating assessment.

By PHINTRACO SEKURITAS | Research
– Disclaimer On –

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Daily Fixed Income Report – 30 June 2026

Research_tim Tim — Tue, 30 Jun 2026 00:36:09 +0000

U.S. Dallas Fed Manufacturing Index stabil setelah naik 0.4 pada Mei 2026 mencerminkan sentimen pelaku usaha membaik dan tingkat ketidakpastian menurun. Kondisi pasar tenaga kerja menguat, tercermin dari kenaikan signifikan indeks ketenagakerjaan menjadi 13.9, sementara kenaikan harga bahan baku diteruskan pada kenaikan harga jual dan upah. Ke depan, produsen tetap optimistis, ditunjukkan oleh meningkatnya indeks ekspektasi aktivitas bisnis menjadi 25.9 meskipun proyeksi produksi sedikit melambat.

Bank Indonesia (BI) menyatakan kondisi likuiditas di pasar uang dan perbankan nasional tetap memadai setelah ekspansi likuiditas mencapai lebih dari Rp1,000 triliun hingga akhir Juni 2026, meningkat signifikan dari sekitar Rp600 triliun pada akhir Mei 2026. Langkah ini dilakukan melalui optimalisasi instrumen operasi moneter untuk menjaga stabilitas pasar.

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Diperkirakan IHSG bergerak sideways di tengah minimnya katalis positif

Nur — Tue, 30 Jun 2026 00:12:40 +0000

Indeks di bursa Wall Street ditutup menguat pada Senin (29/6).

Kenaikan indeks dipicu oleh rebound pada saham sektor jasa komunikasi dan teknologi.

Bursa Wall Street akan tutup pada hari Jumat untuk libur akhir pekan Hari Kemerdekaan AS.

AS dan Iran mengadakan pembicaraan baru pada hari Selasa (30/6) di Qatar.

Kementerian/lembaga mengajukan tambahan anggaran belanja Rp984 triliun untuk tahun anggaran 2027.

Pemerintah berencana membentuk Dewan Kawasan Industri Nasional (DKIN) untuk memperkuat pengelolaan dan pengembangan kawasan industri.

Harga minyak menguat lebih dari 1% (29/6).

U.S. 10-year Bond Yield naik kurang dari 1 bps ke level 4.378% (29/6).

Harga emas melemah 1.7% di level US$4,019/troy oz (29/6).

Diperkirakan IHSG akan bergerak sideways dalam rentang 5700–5900 (30/6).

Top picks (30/6): DSSA, HMSP, MTEL, ADRO dan SUPA.

By PHINTRACO SEKURITAS | Research
– Disclaimer On –

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Today’s Selective Shares by Phintraco Sekuritas

Nur — Mon, 29 Jun 2026 23:52:51 +0000

June 30th, 2026

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Weekly SSF review – June 29th, 2026

Nur — Mon, 29 Jun 2026 01:26:45 +0000

June 29th, 2026

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IHSG diperkirakan menguji level 5700-5800 pada pekan ini

Nur — Mon, 29 Jun 2026 00:34:26 +0000

Indeks di bursa Wall Street ditutup melemah pada Jumat (26/6).

Investor melakukan rotasi dari sektor teknologi ke sektor defensif.

Investor khawatir perlambatan laju belanja infrastruktur AI yang selama ini menjadi pendorong utama permintaan chip semikonduktor dan pembangunan pusat data.

Pasar mencermati perkembangan lalu lintas kapal tanker di Selat Hormuz, terkait dengan bentrokan antara AS-Iran.

Dari AS akan dirilis data pasar tenaga kerja, PMI manufaktur, factory orders dan indeks harga rumah.

Data ekonomi domestik yang akan dirilis adalah S&P Global Manufacturing PMI, neraca perdagangan dan inflasi (1/7).

IHSG diperkirakan menguji level 5700-5800 pada pekan ini.

Top picks pekan ini: ISAT, UNTR, MARK, AMRT dan PNLF.

By PHINTRACO SEKURITAS | Research
– Disclaimer On –

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PHINTAS Weekly Swing Trading Ideas

Nur — Mon, 29 Jun 2026 00:31:48 +0000

June 29th, 2026

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Weekly Fixed Income Report – 29 June 2026

Research_tim Tim — Sat, 27 Jun 2026 08:12:42 +0000

Ketua Fed Bank of New York, John Williams, menyatakan bahwa inflasi AS masih terlalu tinggi dan berada jauh di atas target jangka panjang The Fed sebesar 2%. Namun, ia menilai kebijakan moneter saat ini sudah berada pada posisi yang tepat untuk membantu menurunkan tekanan harga. The Fed sebelumnya mempertahankan kisaran suku bunga acuan di 3.5% hingga 3.75%, sementara indeks harga PCE naik 4.1% YoY pada Mei 2026.

Menteri Keuangan RI Purbaya Yudhi Sadewa menilai penempatan dana Saldo Anggaran Lebih (SAL) ke bank-bank Himbara dapat memperkuat likuiditas perbankan dan mendorong pertumbuhan kredit kembali ke level dua digit. Tanpa tambahan likuiditas, pertumbuhan kredit berisiko turun ke 6%-8%, tetapi setelah dana masuk ke perbankan, kredit diperkirakan bisa naik ke 13%-14%.

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U.S. Economic Growth Climbed to 2.10% QoQ in The 1Q26 Due to Accelerated Domestic Investment and Government Spending

Research_tim Tim — Fri, 26 Jun 2026 09:36:22 +0000

The US economy grew 2.1% QoQ in 1Q26, revised upwards from the previous estimate of 1.6% QoQ and higher than the growth of 0.5% in 4Q25. This was largely driven by an increase in contribution from domestic investment to 1.48% QoQ in 1Q26 from 0.40% QoQ in 4Q25 and government spending to 0.74% QoQ in... Read more »

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Daily Fixed Income Report – 26 June 2026

Research_tim Tim — Fri, 26 Jun 2026 01:25:33 +0000

Ekonomi AS tumbuh final sebesar 2.1% QoQ pada 1Q26, direvisi naik dari estimasi kedua sebesar 1.6% QoQ dan lebih tinggi dibandingkan pertumbuhan 0.5% QoQ pada 4Q25. Revisi ini didorong oleh kontribusi perdagangan luar negeri yang lebih baik, peningkatan investasi domestik swasta, serta pemulihan belanja pemerintah setelah berakhirnya penutupan sementara pemerintah. Namun, pertumbuhan konsumsi rumah tangga direvisi turun menjadi 0.5%, mencerminkan perlambatan permintaan, terutama pada sektor jasa.

Kementerian Keuangan RI menyatakan Saldo Anggaran Lebih (SAL) pemerintah yang
ditempatkan di perbankan sudah ditarik secara bertahap tetapi mengenai waktu dan jumlah
penarikannya belum diperinci. Sebelumnya, total SAL pemerintah mencapai Rp420 triliun
dengan Rp300 triliun ditempatkan di perbankan di September 2025 dan Rp 120 triliun di BI.

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Today’s Selective Shares by Phintraco Sekuritas

Research_tim Tim — Fri, 26 Jun 2026 01:03:33 +0000

June 26th, 2026

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Diperkirakan IHSG bergerak sideways pada kisaran 5850-6100

Research_tim Tim — Fri, 26 Jun 2026 01:02:46 +0000

Indeks di Wall Street ditutup mixed pada Kamis (25/6).

Indeks bergerak fluktuatif akibat gejolak di saham sektor teknologi.

Saham sektor kesehatan, keuangan dan industri mendorong penguatan indeks Dow Jones.

Indeks PCE inti naik 0.3% MoM dan 3.4% YoY pada Mei 2026, sesuai dengan konsensus.

LPS menaikkan Tingkat Bunga Penjaminan untuk simpanan Rupiah di bank umum dan BPR masing-masing sebesar 25 bps (25/6).

Pemerintah mempertimbangkan pemangkasan lagi anggaran MBG sebesar Rp50 triliun.

Harga minyak menguat 2% (25/6), setelah Iran menyerang sebuah kapal di Selat Hormuz.

U.S. 10-year Bond Yield turun kurang dari 1 bps ke level 4.396% (25/6).

Harga emas menguat 0.7% di level US$4,029/troy oz (25/6).

Diperkirakan IHSG akan bergerak sideways pada kisaran 5850-6100.

Top picks (26/6): DEWA, MDKA, AMRT, BRIS dan BUKA.

By PHINTRACO SEKURITAS | Research
– Disclaimer On –

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Today’s Selective Shares by Phintraco Sekuritas

Research_tim Tim — Thu, 25 Jun 2026 01:04:26 +0000

June 25th, 2026

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Koreksi harga minyak diharapkan mengurangi tekanan IHSG

Research_tim Tim — Thu, 25 Jun 2026 01:03:34 +0000

Indeks di Wall Street ditutup mixed pada Selasa (23/6).

Investor menantikan rilis laporan keuangan Micron Technology pasca penutupan bursa.

Berlanjutnya koreksi harga minyak meredam kekhawatiran inflasi dan potensi kenaikan suku bunga.

Namun di sisi lain memicu koreksi pada saham sektor energi.

PT Pos Indonesia akan melakukan konsolidasi sejumlah perusahaan BUMN logistik melalui penggabungan ke dalam PT Multi Terminal Indonesia (MTI).

Peringkat daya saing Indonesia turun dari posisi 40 menjadi 48.

Harga minyak turun sekitar 4% (24/6).

U.S. 10-year Bond Yield turun lebih dari 8 bps ke level 4.406% (24/6).

Harga emas melemah 2.9% di level US$3,981/troy oz (24/6), akibat kenaikan dolar AS.

IHSG berpeluang uji level 5750, namun koreksi harga minyak berpotensi menjadi faktor positif karena mengurangi tekanan pada defisit APBN.

Top picks (25/6): MIKA, AADI, MYOR, BFIN dan UNVR.

By PHINTRACO SEKURITAS | Research
– Disclaimer On –

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Daily Fixed Income Report – 25 June 2026

Research_tim Tim — Thu, 25 Jun 2026 00:44:50 +0000

Menteri Keuangan AS Scott Bessent optimistis Gubernur The Fed Kevin Warsh mampu menjaga keseimbangan antara pengendalian inflasi dan pertumbuhan ekonomi, serta tetap independen meski ada tekanan politik untuk menurunkan suku bunga. Ia memperkirakan inflasi akan mereda seiring turunnya risiko konflik Iran dan harga energi, meskipun indikator inflasi pilihan The Fed diproyeksikan masih naik 4.1% YoY pada Mei dan inflasi inti 3.4% YoY, tetap di atas target The Fed sebesar 2.0%.

Kementerian Energi dan Sumber Daya Alam (ESDM) akan meningkatkan total kuota penambangan menjadi 360 juta ton untuk tahun 2026, naik dari sekitar 260 juta ton yang dikeluarkan pada semester pertama. Hal ini berpotensi meningkatkan harga secara signifikan di London Metal Exchange (LME).

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Pharmaceuticals Sector: Facing Various Challenges Amid Resilient Demand

Research_tim Tim — Wed, 24 Jun 2026 08:36:19 +0000

GDP of the chemical, pharmaceutical, and traditional medicine industries grew consistently, reflecting that demand for pharmaceutical products, medicines, and healthcare services remains steady amid increasing healthcare needs and people’s health awareness.

The PMI of the chemical, pharmaceutical, and traditional medicine industries contracted in 1Q26. This condition indicates a slowdown in production and demand. If this condition continues, the revenue growth of pharmaceutical companies will potentially slow down in the future.

The pharmaceutical industry is still highly dependent on imported raw materials, as reflected in the industry’s import value, which consistently exceeds its export value. This condition has caused the sector’s trade balance to consistently experience a deficit.

The performance of the pharmaceutical companies in our coverage
is mixed. KLBF booked revenue growth of 10.13% YoY in 1Q26. This growth was driven by increased sales across all business segments.

Downside risks in this sector include a more-than-expected weakening of purchasing power, restrictions on expansion, and intense competition with e-commerce platforms. Meanwhile, SIDO booked a revenue decrease of 18.83% YoY in 1Q26, primarily due to SIDO’s inventory normalization efforts in its distribution channels.

Downside risks in this sector include dependence on imported raw materials, the risk of changes in pharmaceutical regulations, and intense competition between industry players.

By PHINTRACO SEKURITAS | Research
– Disclaimer On –

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Plantation: Demand Takes the Lead

Research_tim Tim — Wed, 24 Jun 2026 03:52:18 +0000

**Phintraco Sekuritas Sector Update**
**Plantation Sector**
**Aditya Prayoga**

> The plantation sector’s performance in 1Q26 showed a quarterly normalization following the strong performance recorded in 4Q25. Aggregate revenue grew 7.3% YoY to IDR 16.0 Trillion, but declined 3.8% QoQ as the peak production and harvesting season came to an end, resulting in lower sales volumes across most companies under our coverage. A similar trend was reflected in aggregate gross profit and net profit, which declined by 22.9% QoQ and 14.3% QoQ, respectively.

> STAA recorded the strongest growth within our coverage universe, with revenue rising 49.2% YoY to IDR 2.5 Trillion, driven by the contribution from its refinery business, which was not reflected in 1Q25. However, its quarterly performance also normalized, with revenue and net profit declining by 20.0% QoQ and 31.6% QoQ, respectively. In terms of profitability, SSMS remained the sector leader with a GPM of 36.0%, while AALI posted the lowest margins, with a GPM of 15.5% and an NPM of 5.0%.

>We expect Indonesia’s CPO production to remain relatively stagnant in FY26F at around 58 million tons (+0–1% YoY) While 2H26 production is likely to be slightly stronger than 1H26, supported by seasonal patterns where approximately 53% of annual output is generated in the second half, we believe the improvement will be largely seasonal in nature.

>Looking ahead, the potential emergence of El Niño in 2H26 remains a factor worth monitoring. Nevertheless, we believe the risk to FY26F production remains relatively limited, given that weather-related impacts on palm oil productivity typically materialize with a lag of 9–12 months. As a result, any stronger-than-expected El Niño event is more likely to affect the FY27F production outlook rather than FY26F.

> On the demand side, the implementation of the mandatory B50 biodiesel program, effective from 1 July 2026, is expected to significantly increase domestic CPO consumption. Based on the government’s simulation, CPO demand for biodiesel could rise to approximately 17.9 million tons (+33.4%), creating additional demand of around 4.35 million tons compared to the current B40 scheme. As domestic demand growth is expected to outpace supply growth, market balances could tighten further and support CPO prices.

> External demand is also expected to remain supportive. India’s seasonal restocking cycle ahead of the Diwali festival is likely to strengthen imports during 2H26, while recent data suggest that China’s palm oil imports are beginning to recover after several years of decline. We believe these factors should help absorb additional supply entering the market during the second half of the year.

>Downside risks to our view include: (1) volatility in CPO and other vegetable oil prices, (2) changes in biodiesel or export policies, and (3) higher-than-expected fertilizer and operating costs resulting from geopolitical tensions and global supply chain disruptions.

Full Report : https://phintracosekuritas.org/

By PHINTRACO SEKURITAS | Research
– Disclaimer On –

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PT Rans Entertainmen Indonesia Tbk (RANS)

Research_tim Tim — Wed, 24 Jun 2026 02:26:27 +0000

Code : RANS
Sector : Consumer Cyclicals
Sub-Sector : Entertainment & Movie Production

———————————————
PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM

Perkiraan Tanggal Efektif :
30 Juni 2026

Perkiraan Masa Penawaran Umum :
2 Juli 2026 – 8 Juli 2026

Perkiraan Tanggal Penjatahan :
8 Juli 2026

Perkiraan Tanggal Distribusi Saham :
9 Juli 2026

Perkiraan Tanggal Pencatatan Saham di BEI :
10 Juli 2026

———————————————
STRUKTUR PENAWARAN UMUM PERDANA SAHAM

Sebanyak-banyaknya sebesar 2,525,000,000 (dua miliar lima ratus dua puluh lima juta) saham biasa atas nama, atau sebanyak-banyaknya sebesar 20.02% (dua puluh koma nol dua persen) dari modal ditempatkan dan disetor Perseroan setelah Penawaran Umum Perdana Saham dengan nilai nominal Rp10,- (sepuluh Rupiah) setiap saham.

Nilai Nominal :
Rp10 per lembar saham

Harga Penawaran :
Rp135 – Rp170 per lembar saham

Jumlah Penawaran Umum :
Sebanyak-banyaknya sebesar Rp429,250,000,000,- (empat ratus dua puluh sembilan miliar dua ratus lima puluh juta Rupiah).

Penjamin Pelaksana Emisi Efek:
PT Trimegah Sekuritas Indonesia

Penjamin Emisi :
Akan ditentukan kemudian

By PHINTRACO SEKURITAS | Research
– Disclaimer On –

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Today’s Selective Shares by Phintraco Sekuritas

Research_tim Tim — Wed, 24 Jun 2026 00:56:19 +0000

June 24th, 2026

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IHSG diperkirakan berpeluang menguji level 6000

Research_tim Tim — Wed, 24 Jun 2026 00:55:36 +0000

Indeks di Wall Street ditutup melemah pada Selasa (23/6).

Penurunan ini disebabkan oleh aksi jual besar-besaran di sektor teknologi.

Investor khawatir dengan valuasi saham sektor teknologi yang relatif mahal.

Investor memprediksi potensi kenaikan suku bunga Fed sebanyak dua kali pada tahun ini.

Indonesia masih di EM, namun MSCI masih akan memantau perkembangan reformasi pasar modal Indonesia (24/6).

Harga minyak cenderung melemah terbatas (23/6).

U.S. 10-year Bond Yield turun lebih dari 1 bps ke level 4.495% (23/6).

Harga emas melemah 1.3% di level US$4,149/troy oz (23/6).

Sentimen negatif dari eksternal dan hasil pengumuman MSCI diperkirakan akan memicu IHSG berpeluang menguji level 6000.

Top picks (24/6): CUAN, ESSA, RAJA, BIPI dan PTRO.

By PHINTRACO SEKURITAS | Research
– Disclaimer On –

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Daily Fixed Income Report – 24 June 2026

Research_tim Tim — Wed, 24 Jun 2026 00:13:26 +0000

U.S. Composite PMI naik menjadi 52.2 pada Juni 2026.
Uang beredar dalam arti luas (M2) Indonesia tumbuh menjadi Rp10,415.9 triliun (10.8% YoY) pada Mei 2026.

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Indonesia’s M2 Accelerated to 10.80% YoY in May 2026 Due to Higher Loan Growth and Net Foreign Assets

Research_tim Tim — Tue, 23 Jun 2026 08:42:38 +0000

Broad money supply (M2) experienced a growth of 10.80% YoY to Rp10,415.9 trillion in May 2026, faster than the growth recorded in April 2026 (9.20% YoY). This was supported by a growth of the M2 components, including narrower money supply (M1) which grew by 15.3% YoY to Rp6,025 trillion and quasi-money which grew by 6.0% YoY to Rp4,319.3 trillion in May 2026. Furthermore, the growth of M2 was also influenced by the growth of loan distribution (10.8% YoY) and net foreign assets (5.2% YoY) in May 2026, which higher than the previous growth of 9.4% YoY and 3.7% YoY, respectively.

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Telco : Monetization Remains the Key Earnings Driver

Research_tim Tim — Tue, 23 Jun 2026 08:04:36 +0000

**Phintraco Sekuritas Sector Update**
**Telecommunication Sector**
**Aditya Prayoga**

**Telecommunication: **Monetization Remains the Key Earnings Driver**

> The telecommunications sector delivered relatively solid earnings growth in 3M26, with aggregate revenue increasing 9.2% YoY to IDR 64.23 Trillion. The growth was primarily driven by the consolidation impact at EXCL following the merger of XL Axiata and Smartfren into XLSmart, which lifted EXCL’s revenue by 37.4% YoY to IDR 11.82 Trillion. Excluding the merger impact, sector growth was more moderate, as reflected in revenue growth of 12.1% YoY at ISAT and 1.5% YoY at TLKM.

> On the profitability front, sector EBITDA increased 5.7% YoY to IDR 30.62 Trillion. However, EBITDA margin contracted to 47.2% (-1.9ppt YoY), indicating that revenue growth has yet to be fully accompanied by operating efficiency improvements. At the bottom-line level, aggregate net profit declined 30.0% YoY to IDR 5.07 Trillion, primarily due to weaker earnings from TLKM and the ongoing post-merger integration process at EXCL.

> The SIM card starter pack repricing strategy implemented since last year continued to support customer monetization improvement. This was reflected in sector ARPU, which increased 13.2% YoY to IDR 45.9K, supported by a 17.2% YoY increase in data consumption to 14.5K PB and higher average data usage per subscriber, reaching 48.3 GB (+15.7% YoY). As a result, sector data yield improved by 5.8% YoY to IDR 2,905/GB.

> Despite the strong improvement in monetization, the aggregate subscriber base remained relatively stable at 320.1 million subscribers (+2.3% YoY; -0.8% QoQ), suggesting that industry growth is increasingly being driven by improving revenue quality rather than subscriber expansion. Among operators, TLKM recorded the strongest data yield growth (+25.9% YoY), while ISAT continued to deliver robust data traffic growth (+25.1% YoY).

> Looking ahead, we see two key catalysts that could shape the sector in FY26, namely the upcoming 700 MHz and 2.6 GHz spectrum auctions and the implementation of facial verification-based SIM registration starting in July 2026. We believe both initiatives have the potential to improve network capacity while enhancing the quality of the industry’s subscriber base.

> While facial verification-based SIM registration could lead to a c.5–10% decline in subscriber numbers in the near term due to customer base cleansing, we view the impact positively as it should improve subscriber quality and support stronger monetization. At the same time, additional spectrum allocation is expected to strengthen network quality and support future data traffic growth.

> Downside risks to our view include: (1) weaker-than-expected ARPU growth due to softer consumer purchasing power, (2) a larger-than-expected decline in subscriber numbers following customer base cleansing, and (3) higher-than-expected spectrum acquisition costs and capex requirements.

Full Report : https://phintracosekuritas.org

By PHINTRACO SEKURITAS | Research
– Disclaimer On –

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PT Bach Multi Global Tbk (BACH)

Research_tim Tim — Tue, 23 Jun 2026 02:42:51 +0000

Code : BACH
Sector : Industrials
Sub-Sector : Diversified Industrial Trading

———————————————
PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM

Perkiraan Tanggal Efektif :
29 Juni 2026

Perkiraan Masa Penawaran Umum :
1 Juli 2026 – 3 Juli 2026

Perkiraan Tanggal Penjatahan :
3 Juli 2026

Perkiraan Tanggal Distribusi Saham :
6 Juli 2026

Perkiraan Tanggal Pencatatan Saham di BEI :
7 Juli 2026

———————————————
STRUKTUR PENAWARAN UMUM PERDANA SAHAM

Sebanyak-banyaknya 615,000,000 (enam ratus lima belas juta) saham biasa atas nama yang merupakan saham baru, dengan nilai nominal Rp50,- (lima puluh Rupiah) setiap saham yang mewakili sebanyak 15.06% (lima belas koma nol enam persen) dari modal yang telah ditempatkan dan disetor penuh setelah Penawaran Umum.

Nilai Nominal :
Rp50 per lembar saham

Harga Penawaran :
Rp400 – Rp500 per lembar saham

Jumlah Penawaran Umum :
Sebanyak-banyaknya sebesar Rp246,000,000,000,- (dua ratus empat puluh enam miliar rupiah) sampai dengan Rp307,500,000,000,-(tiga ratus tujuh miliar lima ratus juta rupiah).

Penjamin Pelaksana Emisi Efek:
PT Erdhika Elit Sekuritas

Penjamin Emisi :
Akan ditentukan kemudian

By PHINTRACO SEKURITAS | Research
– Disclaimer On –

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Retailers Sector: Strong Performance Amid Risks of Expansion Constraints

Research_tim Tim — Tue, 23 Jun 2026 01:48:20 +0000

Consumer confidence decreased since early 2026. The IKK briefly increased to 127.0 in January 2026 before decreasing to 120.9 in May 2026, returning to a level below the average of the past three years.

Inflation across all expenditure groups increased. The food, beverages, and tobacco group increased to a high of 4.94% YoY in May 2026. This increase was followed by the household equipment group at 0.98% YoY, the information and communication group at 0.97% YoY, and the apparel and footwear group at 0.84% YoY.

The Ramadan season strengthened the revenue growth of retail companies in 1Q26. National retail sales increased by 3.4% YoY to 256.7, becoming the main stimulus for the companies under coverage.

The operations of the Merah Putih Village Cooperative faced a number of fundamental challenges, starting from a shortage of strategic land to concerns regarding governance.

Downside risks in this sector include a more-than-expected weakening of purchasing power, restrictions on expansion, and intense competition with e-commerce platforms.

By PHINTRACO SEKURITAS | Research
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Today’s Selective Shares by Phintraco Sekuritas

Research_tim Tim — Tue, 23 Jun 2026 01:00:22 +0000

June 23rd, 2026

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Investor menantikan pengumuman MSCI di tengah minimnya katalis positif

Research_tim Tim — Tue, 23 Jun 2026 00:59:20 +0000

Indeks di Wall Street ditutup mixed pada Senin (22/6).

Penurunan saham Alphabet membebani sektor jasa komunikasi.

Investor juga mencermati perkembangan gejolak di Timur Tengah.

PBoC mempertahankan suku bunga pinjaman pada rekor terendah (22/6).

Investor masih nantikan pengumuman MSCI dan S&P Global Standard.

Harga minyak Brent melemah lebih dari 3% di bawah level US$80/barel (22/6).

U.S. 10-year Bond Yield naik lebih dari 5 bps ke level 4.509% (22/6).

Harga emas spot menguat 0.6% di level US$4,183/troy oz (22/6).

Jika IHSG ditutup di atas level 6100, diperkirakan konsolidasi IHSG berlanjut di kisaran 6050-6220, namun jika tidak maka berpeluang uji level 6000.

Top picks (23/6): ITMG, NCKL, AKRA, JSMR dan ADRO.

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Daily Fixed Income Report – 23 June 2026

Research_tim Tim — Tue, 23 Jun 2026 00:38:23 +0000

Inflasi Kanada naik dari 2.8% YoY pada April 2026 menjadi 3.2% pada Mei 2026, menandai level tertinggi sejak Desember 2023. Kenaikan inflasi ini disebabkan oleh kenaikan harga energi akibat disrupsi ekspor energi dari Timur Tengah. Di samping itu, inflasi inti Kanada naik tipis dari 2.1% pada April 2026 menjadi 2.2% YoY pada Mei 2026.

Pemerintah Indonesia akan meluncurkan delapan paket stimulus ekonomi senilai Rp26.34 triliun pada 2H26 untuk mendorong daya beli masyarakat di tengah ketidakpastian global. Stimulus ini meliputi pembebasan pajak sebesar Rp2.04 triliun, program magang nasional sebesar Rp6.26 triliun, dan bantuan pangan Rp18.04 triliun.

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PT Nitrasanata Dharma Tbk (JECX)

Research_tim Tim — Mon, 22 Jun 2026 08:46:47 +0000

Code : JECX
Sector : Healthcare
Sub-Sector : Healthcare Providers

———————————————
PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM

Perkiraan Tanggal Efektif :
29 Juni 2026

Perkiraan Masa Penawaran Umum :
1 Juli 2026 – 3 Juli 2026

Perkiraan Tanggal Penjatahan :
3 Juli 2026

Perkiraan Tanggal Distribusi Saham :
6 Juli 2026

Perkiraan Tanggal Pencatatan Saham di BEI :
7 Juli 2026

———————————————
STRUKTUR PENAWARAN UMUM PERDANA SAHAM

Sebanyak-banyaknya 487,983,500 saham biasa, yang terdiri dari (i) 325,322,300 saham baru yang dikeluarkan dari portepel Perseroan yang mewakili 10.00% dan (ii) 162,661,200 saham milik DR.Dr. Waldensius Girsang, SpM(K) yang mewakili 5.00% dari modal ditempatkan dan disetor Perseroan setelah Penawaran Umum Perdana Saham yang mana seluruhnya sejumlah sebanyak-banyaknya 15% dari modal ditempatkan dan disetor Perseroan setelah Penawaran Umum Perdana Saham dengan nilai nominal Rp16,- (enam belas Rupiah) setiap saham.

Nilai Nominal :
Rp16 per lembar saham

Harga Penawaran :
Rp1,200 – Rp1,400 per lembar saham

Jumlah Penawaran Umum :
Sebanyak-banyaknya sebesar Rp683.176.900.000 (enam ratus delapan puluh tiga miliar seratus tujuh puluh enam juta sembilan ratus ribu Rupiah)

Penjamin Pelaksana Emisi Efek:
PT Trimegah Sekuritas

Penjamin Emisi :
Akan ditentukan kemudian

By PHINTRACO SEKURITAS | Research
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Metals & Mining : Tight Supply and Policy Review Shape Metals Outlook

Research_tim Tim — Mon, 22 Jun 2026 08:31:46 +0000

The Ministry of Energy and Mineral Resources (ESDM) has postponed the proposed mineral royalty increase following negative feedback from industry participants. The review aims to balance state revenue optimization with industry profitability and investment attractiveness, although uncertainty surrounding future royalty implementation remains a key concern for mining companies.

Nickel prices strengthened in 2026, supported by Indonesia’s decision to reduce its nickel ore production quota by approximately 17% YoY and supply disruptions in sulfuric acid, a critical input for HPAL operations. Higher operating costs have forced several HPAL producers to reduce output, raising concerns over tighter battery-grade nickel supply and supporting global nickel prices.

Copper prices also moved higher following the U.S. implementation of a 50% tariff on semi-finished copper products, while ESDM expects prices to remain on an upward trajectory through 2032 as demand growth from electrification, energy transition, and infrastructure development continues to outpace supply. The government has also proposed higher royalty rates for copper concentrate and cathode products.

Meanwhile, ESDM has proposed a more progressive royalty scheme for tin, including raising the maximum royalty rate from 10% to 20% when the Reference Mineral Price (HMA) exceeds US$50,000/t. With average tin prices already above this threshold in early 2026, producers could face higher royalty burdens should the proposal be implemented.

We remain constructive on the sector, supported by stronger nickel and copper prices amid supply constraints and favorable long-term demand trends. Key risks include uncertainty surrounding royalty revisions and geopolitical developments that may increase commodity price volatility.

By PHINTRACO SEKURITAS | Research
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Cement : Demand Remains Soft Across the Cement Sector

Research_tim Tim — Mon, 22 Jun 2026 07:58:08 +0000

**Phintraco Sekuritas Sector Update**
**Cement Sector **
**Aditya Prayoga**

> The cement industry started 2026 on a solid footing, with cumulative domestic sales volume reaching 19.06 million tons in 4M26 (+11.6% YoY). On a monthly basis, April 2026 volume grew by 5.8% YoY to 5.29 million tons, driven by stronger growth in bulk cement sales (+48.0% YoY) compared to bagged cement (+30.7% YoY), resulting in an increase in the contribution of bulk cement to 27.7% (vs 27.3% in 3M26) of total national volume.

>Nevertheless, we believe that the improvement in demand at the beginning of the year does not yet fully reflect a sustainable recovery, as part of the growth was still supported by post-disaster reconstruction activities in Sumatra as well as a low base effect from the previous year.

> The improvement in industry volume at the beginning of 2026 was primarily captured by SMGR rather than INTP. This was reflected in SMGR’s market share, which increased to 47.7% in April 2026 (vs 44.8%; Mar-26), while INTP’s market share remained relatively stagnant at 28.1%.

>On a cumulative 4M26 basis, SMGR maintained its market share at 47.5%, while INTP’s market share declined to 28.0% (vs 29.6%; 4M25). We believe this condition highlights SMGR’s ability to maintain its position as the leader in the cement market, while INTP continues to face competitive pressure from second-tier brands that have steadily increased their market share.

> The cement sector delivered improved performance in 1Q26, with aggregate revenue growing 4.3% YoY and net profit increasing 16.7% YoY. This performance was broadly in line with ongoing cost efficiency measures, which helped keep margins relatively stable.

>SMGR was the main contributor to the sector’s growth, supported by higher domestic volume that drove revenue and net profit growth of 8.3% YoY and 88.7% YoY, respectively. On the other hand, INTP continued to face revenue pressure (-3.3% YoY), although the company still managed to record net profit growth of 2.1% YoY.

> Looking ahead, we expect demand recovery to be supported by the acceleration of government infrastructure spending, which will serve as the key catalyst for volume improvement amid the ongoing oversupply condition. Meanwhile, potential increases in energy and raw material costs remain a risk to sector profitability.

> Upside risks in our view include: (1) accelerated government spending, (2) stronger-than-expected volume recovery, and (3) lower energy prices.

Full Report :

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F&B and Poultry Sector: Resilient Consumption, Chicken Meat Demand Potentially Stable

Research_tim Tim — Mon, 22 Jun 2026 07:54:18 +0000

Inflationary pressures increased in early 2026, driven by seasonal factors. The increase in inflation potentially increases costs, which could pressure operating margins. On the other hand, wage growth, which began to exceed inflation in early 2026, created room for a recovery in real purchasing power, which could potentially support demand volume.

The normalization of cocoa prices becomes a positive catalyst, wheat and CPO prices still pressure margins. Cocoa prices experienced a significant correction from December 2024 to US$3,889/ton in May 2026, Coffee prices also moderated to US$268/Lbs in May 2026. On the other hand, wheat prices increased to US$653/Bu in May 2026, while CPO remained in the range of MYR4,400/ton.

Normalization of live bird prices after Eid al-Fitr. The normalization of demand after Eid al-Fitr caused live bird prices to decrease to IDR19,617/kg in April 2026. On the other hand, the MBG program is expected to become a demand buffer, so that live bird prices potentially strengthen and stabilize in the future.

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PT Esa Medika Mandiri Tbk (EMMI)

Research_tim Tim — Mon, 22 Jun 2026 03:46:21 +0000

Code : EMMI
Sector : Healthcare
Sub-Sector : Healthcare Supplies & Distributions

———————————————
PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM

Perkiraan Tanggal Efektif :
30 Juni 2026

Perkiraan Masa Penawaran Umum :
2 Juli 2026 – 6 Juli 2026

Perkiraan Tanggal Penjatahan :
6 Juli 2026

Perkiraan Tanggal Distribusi Saham :
7 Juli 2026

Perkiraan Tanggal Pencatatan Saham di BEI :
8 Juli 2026

———————————————
STRUKTUR PENAWARAN UMUM PERDANA SAHAM

Sebanyak-banyaknya sebesar 522,857,000 (lima ratus dua puluh dua juta delapan ratus lima puluh tujuh ribu) saham biasa atas nama, atau mewakili sebesar 30% (tiga puluh persen) dari jumlah modal ditempatkan dan disetor Perseroan setelah Penawaran Umum Perdana Saham dengan nilai nominal Rp50,- (lima puluh rupiah) setiap saham.

Nilai Nominal :
Rp50 per lembar saham

Harga Penawaran :
Rp446 – Rp515 per lembar saham

Jumlah Penawaran Umum :
Sebanyak-banyaknya sebesar Rp269,271,355,000,- (dua ratus enam puluh sembilan miliar dua ratus tujuh puluh satu juta tiga ratus lima puluh lima ribu Rupiah).

Penjamin Pelaksana Emisi Efek:
PT BRI Danareksa Sekuritas
PT INA Sekuritas Indonesia

Penjamin Emisi :
Akan ditentukan kemudian

By PHINTRACO SEKURITAS | Research
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Weekly SSF review – June 22nd, 2026

Research_tim Tim — Mon, 22 Jun 2026 01:05:23 +0000

June 22nd, 2026

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PHINTAS Weekly Swing Trading Ideas

Research_tim Tim — Mon, 22 Jun 2026 01:04:06 +0000

June 22nd, 2026

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Investor menantikan review klasifikasi pasar dari MSCI pekan ini

Research_tim Tim — Mon, 22 Jun 2026 01:02:33 +0000

Bursa Wall Street libur Juneteenth pada Jumat (19/6).

Mayoritas indeks di bursa Eropa dan Asia ditutup melemah (19/6).

Investor meragukan perjanjian perdamaian AS-Iran dapat bertahan lama.

Iran menutup kembali Selat Hormuz pada Jumat (19/6) karena sejumlah syarat dalam kesepakatan perdamaian dengan AS belum dipenuhi.

Dari AS akan dirilis data indeks PCE, durable goods orders dan indeks sentimen konsumen Universitas Michigan pada pekan ini.

Data ekonomi yang akan dirilis pada pekan ini adalah M2 Money Supply (23/6).

Investor menantikan pengumuman dari MSCI mengenai Annual Market Classification Review (24/6)

IHSG pada pekan ini diperkirakan konsolidasi pada kisaran 6100-6250.

Top picks pekan ini: ASII, DSSA, ISAT, HMSP, INET dan DKFT.

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Weekly Fixed Income Report – 22 June 2026

Research_tim Tim — Mon, 22 Jun 2026 00:47:16 +0000

U.S. Net Long-term TIC Flows naik dari $79,900 juta pada Maret 2026.

Pertumbuhan kredit perbankan Indonesia naik dari 9.98% YoY pada April 2026.

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Bank Indonesia Tightens Monetary Policy by Raising Interest Rate to 5.75% as Geopolitical Risks and Inflation Pressures Persist

Research_tim Tim — Fri, 19 Jun 2026 02:37:55 +0000

The Bank Indonesia (BI) Board of Governors’ Meeting (RDG) held on June 17-18, 2026, ended up with a decision to increase the interest rate by 25 bps to 5.75%. In addition, BI also raised the Deposit Facility and Lending Facility Rate by 25 bps to 4.75% and 6.50%, respectively. The cumulative 100 bps increase in BI-rate from April 2026 was primarily aimed at supporting Rupiah stability against depreciation pressures stemming from heightened geopolitical uncertainty in the Middle East, while simultaneously anchoring inflation expectations within the BI target range of 2.5±1%.

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Today’s Selective Shares by Phintraco Sekuritas

Research_tim Tim — Fri, 19 Jun 2026 01:01:00 +0000

June 19th, 2025

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Diperkirakan IHSG konsolidasi pada kisaran 6100-6250

Research_tim Tim — Fri, 19 Jun 2026 00:59:09 +0000

>Indeks di Wall Street ditutup menguat pada Kamis (18/6).

>AS dan Iran menandatangani kesepakatan perdamaian sementara.

>Bursa Wall Street libur Juneteenth pada Jumat (19/6).

>BoE mempertahankan suku bunga pada level 3.75% (18/6).

>RDG BI menaikkan BI Rate sebesar 25 bps menjadi 5.75% (18/6).

>Pertumbuhan kredit sebesar 11.51% YoY di Mei 2026 dari 9.98% YoY di April 2026 (18/6).

>Harga minyak mentah cenderung stabil (18/6).

>U.S. 10-year Bond Yield turun 1 bps di level 4.453% (18/6).

>Harga emas spot melemah 0.6% di level US$4,232/troy oz (18/6).

>Diperkirakan IHSG cenderung berkonsolidasi pada kisaran level 6100-6250.

>Top picks (19/6): BRPT, INKP, PTRO, RATU dan MDKA.

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Daily Fixed Income Report – 19 June 2026

Research_tim Tim — Fri, 19 Jun 2026 00:14:48 +0000

Initial Jobless Claims di AS turun 4 ribu menjadi 226 ribu pada pekan kedua Juni 2026, mendekati ekspektasi pasar sebesar 225 ribu. Sementara itu, klaim lanjutan naik 24 ribu menjadi 1.81 juta pada pekan pertama Juni 2026, level tertinggi dalam hampir tiga bulan, tetapi secara historis pasar tenaga kerja masih tergolong solid dengan tren PHK rendah dan perekrutan yang juga rendah.

Bank Indonesia meningkatkan suku bunga acuan sebesar 25bps menjadi 5.75% pada 18 Juni 2026. Selain itu, suku bunga Deposit Facility dan Lending Facility juga naik 25bps menjadi 4.75% dan 6.50%. Langkah tersebut diambil untuk memperkuat stabilisasi nilai tukar Rupiah terhadap mata uang asing dan menjaga inflasi dalam target BI (2.5±1%).

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Oil & Gas Sector: Tight Global Supply and Increasing National Oil & Gas Opportunities

Research_tim Tim — Thu, 18 Jun 2026 08:27:21 +0000

Global oil prices have experienced a significant increase since late February 2026, in line with geopolitical tensions in the Middle East between the United States and Israel against Iran.

In mid-June 2026, global oil prices were below US$80/Bbl, experiencing a decrease following a peace agreement between the United States and Iran. However, prices remained relatively higher than before the conflict, at around US$65–70/Bbl.

OPEC oil production decreased significantly starting in March 2026, in line with the decrease in production by Middle East countries due to geopolitical tensions between the United States and Israel against Iran since the end of February 2026, making the global oil supply tighter.

The government is targeting national oil production of 1 million barrels per day in 2030. This is part of the government’s efforts to strengthen national energy security, considering that national oil production tends to decrease every year.

Upstream oil and gas investment continues to increase. The government is targeting upstream oil and gas investment of US$16.0 billion, or an increase of 3.9% YoY in 2026. Higher investment is expected to drive exploration activities, the development of new fields, and production optimization, thereby supporting national energy security in the long term.

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Fed Leaves Interest Rate Steady Amid Stronger Geopolitical Uncertainty and Higher Inflation Rate

Research_tim Tim — Thu, 18 Jun 2026 07:53:23 +0000

The Fed maintained its Federal Funds Rate (FFR) unchanged at 3.50%-3.75% for a fourth consecutive meeting on June 17, 2026. The Fed assessed that US economic activity continued to experience robust growth amid persistent global uncertainty, while US inflation has continued to rise due to geopolitical tensions in Middle East. Going ahead, the Fed is... Read more »

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PT Prodia Diagnostic Line Tbk (PRDL)

Research_tim Tim — Thu, 18 Jun 2026 06:01:22 +0000

Code : PRDL
Sector : Healthcare
Sub-Sector : Healthcare Equipment

———————————————
PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM

Perkiraan Tanggal Efektif :
29 Juni 2026

Perkiraan Masa Penawaran Umum :
1 Juli 2026 – 7 Juli 2026

Perkiraan Tanggal Penjatahan :
7 Juli 2026

Perkiraan Tanggal Distribusi Saham :
8 Juli 2026

Perkiraan Tanggal Pencatatan Saham di BEI :
9 Juli 2026

———————————————
STRUKTUR PENAWARAN UMUM PERDANA SAHAM

Sebanyak-banyaknya sebesar 522,900,000 (lima ratus dua puluh dua juta sembilan ratus ribu) saham biasa atas nama, atau sebanyak-banyaknya sebesar 30.00% (tiga puluh koma nol nol persen) dari modal ditempatkan dan disetor Perseroan setelah Penawaran Umum Perdana Saham dengan nilai nominal Rp50,- (lima puluh rupiah) setiap saham

Nilai Nominal :
Rp50 per lembar saham

Harga Penawaran :
Rp100 – Rp120 per lembar saham

Jumlah Penawaran Umum :
Sebanyak-banyaknya sebesar Rp62,748,000,000 (enam puluh dua miliar tujuh ratus empat puluh delapan juta Rupiah)

Penjamin Pelaksana Emisi Efek:
PT Sucor Sekuritas

Penjamin Emisi :
Akan ditentukan kemudian

By PHINTRACO SEKURITAS | Research
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Today’s Selective Shares by Phintraco Sekuritas

Research_tim Tim — Thu, 18 Jun 2026 01:44:14 +0000

June 18th, 2025

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