BDMN’s net profit grew 21% YoY to IDR 2.9 trillion in 9M25. This profit growth was driven by a 22.9% decrease in the value of financial asset losses, resulting in (IDR 2.8 trillion) in 9M25.

Meanwhile, net interest income remained relatively flat (-0.24% YoY) at IDR 11.69 trillion in 9M25. This was in line with the increase in interest expense (+10.8% YoY), which was higher than the growth in interest income (+3.2% YoY).

BDMN’s total loans grew 5% YoY to IDR 196.2 trillion in 9M25. The wholesale segment contributed the most, reaching IDR 118.78 trillion, or 60% of total loans in 9M25.

Interest income is estimated to grow by around 11% YoY to IDR 3.7 trillion in FY25F. BDMN remains focused on its integration strategy as a financial group. Auto retail financing (synergy loans with ADMF) grew 57% YoY to IDR 1.5 trillion.

Therefore, we maintain our Buy rating for BDMN with the same projection and fair value as in the previous BDMN company update, IDR 2,810/share.

By PHINTRACO SEKURITAS | Research

– Disclaimer On –

ERAA booked revenue growth of 7.7% YoY to IDR52.36 trillion in 9M25. This growth was driven by increased sales in almost all business segments, except for the operator products segment, which decreased by 5.7% YoY to IDR1.18 trillion in 9M25.

We estimate that ERAA’s revenue can potentially recover in 4Q25, aligned with the release of the iPhone 17 series in October 2025 and the potential increase in demand towards the end of the year.

ERAA’s operating expenses increased by 9.7% YoY to IDR3.81 trillion in 9M25, due to sales and distribution expenses, which increased by 20.8% YoY to IDR2.65 trillion in 9M25, mainly due to higher advertising and promotion costs and other expenses.

ERAA’s net profit decreased slightly by 0.5% YoY to IDR849 billion in 9M25. This decrease was relatively lower than the decrease in operating profit. ERAA’s net profit is still in line with our estimates (69% of FY25F).

We maintain our Buy rating for ERAA with the same projections and fair value in the initiate report at Rp555/share.

By PHINTRACO SEKURITAS | Research
– Disclaimer On –

BNGA booked interest income growth of 2.6% YoY to IDR 18.60 trillion in 9M25. This growth was overshadowed by a higher increase in interest expense (+6.3% YoY) to IDR 8.52 trillion in 9M25.

BNGA booked better quarterly performance, with net interest income rising 4.5% QoQ to IDR 3.46 trillion and net profit growing 9.9% QoQ to IDR 1.8 trillion in 3Q25.

BNGA has increased its Dividend Payout Ratio (DPR) to 60% starting from the 2024 financial year, which is higher than the average Dividend Payout Ratio of 47% over the last three years.

BNGA aims to optimize retail loan growth by focusing on larger revenue streams. This effort is being taken to offset the impact of slower macroeconomic conditions.

Therefore, we maintain our Buy rating for BNGA, projected at the same fair value as in the previous BNGA company update, at IDR 2,040/share.

By PHINTRACO SEKURITAS | Research
– Disclaimer On –

Congressional Budget Office (CBO) melamporkan penutupan pemerintah (government shutdown) federal telah merugikan perekonomian AS setidaknya US$18 miliar tahun ini. Penurunan Produk Domestik Bruto (PDB) diperkirakan mencapai 1% pada 4Q25 akibat shutdown, dengan potensi kerugian hingga US$39 miliar jika berlangsung delapan pekan. Selain itu, CBO memperkirakan tingkat pengangguran naik 0.4% pada Oktober karena sekitar 650 ribu pegawai federal dirumahkan sementara.

Menteri Koordinator Bidang Perekonomian, Airlangga Hartarto, membuka peluang tarif perdagangan 0% dari Amerika Serikat untuk beberapa komoditas Indonesia seperti kelapa sawit, kakao, dan karet yang tidak diproduksi di sana. Target kesepakatan ini adalah rampung pada akhir November 2025, mengikuti langkah negara tetangga yang sudah menyegel tarif 0% di KTT ASEAN. Negosiasi lanjutan dengan AS dijadwalkan setelah pertemuan Asia-Pacific Economic Cooperation (APEC).

31 October 2025

Indeks di Wall Street ditutup melemah pada Kamis (30/10).

Koreksi indeks terutama oleh saham sektor teknologi setelah merilis kinerja keuangan yang beragam.

Presiden Trump dan Presiden Xi melakukan pertemuan di Korea Selatan (30/10).

AS akan mengurangi tarif impor Tiongkok yang terkait dengan perdagangan obat fentanil menjadi 10% dari sebelumnya 20%.

Bank of Japan mempertahankan suku bunga acuan tetap di level 0.5% (30/10).

ECB mempertahankan bunga acuan tetap di 2.15% (30/10).

U.S. 10-year Bond Yield naik lebih dari 3 bps di level 4.089%.

Harga emas spot menguat 1.8% ke level US$3,999/troy oz (30/10).

IHSG diperkirakan bergerak sideways pada kisaran 8150-8250, waspadai potensi profit taking akhir pekan.

Top picks (31/10): PGAS, ITMG, INCO, TOWR, SCMA dan EMTK.

By PHINTRACO SEKURITAS | Research
– Disclaimer On –

The Fed cut its benchmark interest rate by 25 bps to 3.75%–4.00% at the Federal Open Market Committee (FOMC) meeting on October 29, 2025. This marks the second rate cut in 2025. The decision was driven by concerns over weakening U.S. labor market conditions, amid limited access to economic data due to the government shutdown at the end of October 2025. The Fed Committee assessed that recent indicators are consistent with current developments, in which downside risks to employment have increased alongside rising U.S. inflation.

MYOR booked revenue growth of 5.9% YoY to IDR27.16 trillion in 9M25. This growth was driven by an increase in sales in the packaged processed food segment of 7.1% YoY to IDR16.51 trillion and the packaged processed beverage segment of 4.1% YoY to IDR10.65 trillion in 6M25.

On the cost side, the cost of goods sold increased by 9.4% YoY to IDR20.63 trillion in 9M25, due to higher production costs for raw materials and packaging, direct labor, and indirect production costs. This condition caused MYOR’s gross profit to decrease by 3.7% YoY to IDR6.53 trillion with a GPM of 24% in 9M25 (aligned with the guidance of 22-25% in FY25).

MYOR’s operating expenses are relatively stable at around IDR3.34 trillion in 9M25. This stability in operating expenses shows that MYOR can control its operating expenses amid increasing sales and new product innovations.

MYOR’s net profit decreased by 8.6% YoY to IDR1.88 trillion in 9M25. This decrease was relatively low compared to the decrease in operating profit, aligned with better non-operating performance, mainly due to higher foreign exchange gains and other income.

We maintain our Buy rating for MYOR with the same projections and fair value as in our previous company update at IDR2,850/share.

By PHINTRACO SEKURITAS | Research
– Disclaimer On –

Moderate loan growth to improve asset quality. BBRI’s loan grew 6% YoY to IDR 1,438 trillion in 9M25. Loan growth was supported by corporate loans (+39.7% YoY) and commercial, small, micro, and enterprise (CSME) loans (+20.6% YoY).

Meanwhile, microloans, as the primary contributor to BBRI’s revenue (44%), booked lower growth (+4.8% YoY). This aligns with BBRI’s efforts to improve the quality of its disbursed loans.

In terms of margin, BBRI’s Net Interest Margin was 7.7% (-20 bps YoY) in 9M25 but still in line with management guidelines of (7.3%-7.7%) for 2025.

Current Account Savings Account (CASA) grew 8% YoY to IDR 997.6 trillion in 9M25. The CASA ratio was 67.6% in 9M25, higher than 64.2% in 9M25, and total third-party funds reached IDR 1,475 trillion (+8.2% YoY) in 9M25.

The increase in CASA optimized BBRI’s cost of funds reduced it from 3.6% in FY24 to 3.4% in 9M25. Meanwhile, the cost of credit still increased slightly from 3.2% in 2024 to 3.3% in 9M25.

With BBRI’s performance in line with our expectations, we maintain our Buy rating for BBRI with the same projection and fair value as in the previous BBRI company update, IDR 4,710/share.

By PHINTRACO SEKURITAS | Research
– Disclaimer On –

ISAT delivered an improving set of results in 3Q25, with early signs of recovery reflected in key operating trends. Revenue reached Rp14.05tn (+3.84% QoQ; +1.56% YoY), bringing 9M25 revenue to Rp41.16tn (-1.56% YoY), broadly in line with expectations (Phintas: 71%; Cons: 70%). The cellular segment, contributing >80% of revenue, rose to Rp11.81tn (+4.23% QoQ; +1.49% YoY), supported by sustained monetization despite a softer subscriber base of 95mn (-2.36% YoY). Blended ARPU improved to Rp39.2k (+0.77% QoQ; +5.38% YoY), underpinned by AI-driven hyper-personalization, growing data traffic (+4.74% QoQ; +10.94% YoY), and more disciplined starter pack and promo rationalization, which collectively strengthened revenue quality.

OPEX increased to Rp11.47tn (+3.02% QoQ; +3.16% YoY), led by higher Cost of Service at Rp6.06tn (+4.06% QoQ; +8.31% YoY), mainly from partnership fees, network maintenance, and frequency expenses — reflecting ISAT’s strategy to enhance network capacity and quality. Network expansion remained aggressive, with total BTS reaching 266k sites (+7.66% YTD), driven by 4G BTS growth of +7.81% YTD and a strong rollout of 5G BTS (+1,212% YTD). Despite cost pressures, ISAT recorded a stronger bottom line with net profit rising to Rp1.25tn (+22.25% QoQ; +9.50% YoY), lifting NPM to 18.36% (vs. 17.71% in 2Q25).

Strategic initiatives continue to show progress, particularly around technology transformation and early AI monetization. ISAT has begun operating IOH GB200 servers, which are fully contracted, signaling initial monetization traction and offering a runway for AI-driven revenue opportunities. Growth also remained intact in the Home Broadband (HBB) segment, with subscribers increasing to 369k (+4.90% QoQ). With Indonesia’s fixed broadband penetration still low, expansion potential remains wide. Fixed-Mobile Convergence (FMC) will be a key execution priority, as a more integrated ecosystem is expected to strengthen customer stickiness and household-level monetization through deeper bundling penetration.

Looking ahead, we see ISAT’s earnings trajectory supported by improving revenue quality, AI-enabled monetization levers, and HBB-FMC growth opportunities, although cost discipline remains essential to balance network expansion and profitability. While recovery remains gradual, the improving ARPU trend, scalable AI initiatives, and ecosystem-driven strategy provide structural support for medium-term momentum.

We maintain our BUY call on ISAT with a TP of Rp2,200 (see our previous report), as performance remains broadly in line with our expectations. Our positive stance is supported by improving monetization, on-track AI initiatives, and the HBB/FMC growth runway. Downside risks include: (1) slower-than-expected convergence monetization, and (2) higher-than-anticipated capex requirements.

By PHINTRACO SEKURITAS | Research
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BRIS’s net profit grew 9% YoY to IDR 5.57 trillion in 9M25, reaching 70% of our FY25F target (Annualized). This growth was supported by a 14% YoY growth in margin income to IDR 21 trillion and a 12% YoY growth in Net Margin Income to IDR 14.15 trillion in 9M25.

In terms of financing, BRIS booked 12.65% YoY growth to IDR 300.85 trillion, primarily driven by consumer financing (+15% YoY), which contributed 56% of total financing.

This growth was supported by improvements in asset quality, with gross NPF decreasing to 1.84% in 9M25 from 1.97% in 9M24.

Bullion Bank increases the contribution of BRIS’s gold business. Where BRIS’s gold business was able to book significant growth, the number of customers increased by 824 thousand, and revenue from the gold business grew 73% YoY to IDR 18.8 trillion in 9M25.

With BRIS’s performance in line with our expectations, we maintain our Buy rating for BRIS with the same projections and fair value as in the previous BRIS company update, namely IDR 3,580/share.

By PHINTRACO SEKURITAS | Research
– Disclaimer On –

MIDI booked revenue growth of 4% YoY to IDR14.69 trillion in 9M25. This growth was driven by increased sales in almost all business segments, except for the food segment, which decreased by 5.3% YoY to IDR8.39 trillion in 9M25.

By location, only sales outside Java experienced sales growth of 19.5% YoY to IDR 7.27 trillion in 9M25 (equivalent to 47.6% of total sales). The growth in sales outside Java is aligned with MIDI’s focus on store expansion outside Java, which has high growth potential.

MIDI’s operating expenses decreased by 3.4% YoY to IDR2.85 trillion in 9M25. This decrease was mainly due to lower sales and distribution expenses and general and administrative expenses in 9M25. We assess that the operational efficiency experienced by MIDI in 9M25 was aligned with the divestment of Lawson in May 2025.

MIDI’s net profit grew 39.3% YoY to IDR591 billion in 9M25. This growth was aligned with an increase in operating profit due to operational efficiency. In addition, MIDI also booked an increase in financial income and a decrease in financial expenses.

We maintain our Buy rating for MIDI with the same projections and fair value as in our previous company update at IDR530/share.

By PHINTRACO SEKURITAS | Research
– Disclaimer On –

30 October 2025

Indeks di Wall Street ditutup mixed pada Rabu (29/10).

Seperti yang diperkirakan The Fed menurunkan suku bunga acuan sebesar 25 bps di level 3.75%-4% (29/10).

The Fed juga akan mengakhiri program pengetatan kuantitatifnya mulai 1 Desember 2025.

Namun Powell memperingatkan agar tidak berasumsi bahwa pemangkasan suku bunga akan terjadi pada pertemuan berikutnya.

Bank of Japan diperkirakan akan mempertahankan suku bunga acuan tetap di level 0.5% (30/10).

ECB diperkirakan akan mempertahankan bunga acuan tetap di 2.15% (30/10).

U.S. 10-year Bond Yield naik lebih dari 8 bps  di level 4.072%.

Harga emas spot menguat 0.30% ke level US$3,964/troy oz (29/10), setelah sebelumnya sempat menguat 2%.

Diperkirakan IHSG dalam jangka pendek cenderung bergerak menguat dan menguji resistance 8200-8250.

Top picks (30/10): BMRI, BBTN, ANTM, PSAB, HRUM dan ASII.

By PHINTRACO SEKURITAS | Research
– Disclaimer On –

The Fed memutuskan memotong suku bunga sebesar 25bps menjadi 3.75%-4.00% pada Federal Open Market Committee (FOMC) setelah penilaian risiko ketenagakerjaan meningkat dan pertumbuhan ekonomi dinilai moderat. Ketua TheFed Jerome Powell, mengatakan pembuat kebijakan harus lebih hati-hati karena data ekonomi terbatas akibat shutdown sehingga keputusan menjadi lebih konservatif dibanding perkiraan pasar. Inflasi inti pada September tetap tinggi di level 3.00% YoY, lebih tinggi dari target 2.00%, sehingga pejabat The Fed berselisih terkait seberapa jauh pelonggaran kebijakan moneter dapat ditempuh dalam kondisi ketidakpastian data ekonomi.

Menteri Keuangan RI Purbaya Yudhi Sadewa menegaskan bahwa pemerintah tidak akan melanjutkan skema burden sharing atau berbagi beban bunga utang Surat Berharga Negara (SBN) antara Kementerian Keuangan dan Bank Indonesia. Kebijakan tersebut dinilai mengaburkan batas antara kebijakan fiskal dan moneter serta mengancam independensi bank sentral. Purbaya menegaskan bahwa skema ini sebaiknya hanya diterapkan saat krisis parah seperti pandemi Covid-19 dan ke depan akan dihindari agar kebijakan moneter tetap berjalan sesuai tanpa intervensi fiskal.