U.S. labor market conditions in April 2026 showed a significant strengthening across several indicators. Nonfarm Payrolls increased by 115 thousand in April 2026, lower than the 185 thousand increase recorded in March 2026. Average hourly earnings for all employees in the U.S. private nonfarm sector also rose by 3.6% YoY in April 2026, up from 3.4% in March 2026. On the other hand, Unemployment rate stood at 4.3% in April 2026, unchanged from 4.3% in March 2026, in line with market expectations, while the number of job openings in the U.S. declined by 56 thousand to 6.87 million in March 2026, from 6.92 million in February 2026.

ERAA booked a revenue increase of 41.12% YoY to IDR22.41 trillion in 1Q26. By segment, sales of cellular phones and tablet increased by 42.72% YoY to IDR17.61 trillion, sales of active and lifestyle goods booked the highest increase of 206.36% YoY to IDR698 billion in 1Q26 due to the addition of the electric vehicle business portfolio under the XPENG brand.

In terms of profitability, all business segments booked an increase in gross profit in line with the increase in sales. Gross profit for the cellular phones and tablet segment increased by 29.82% YoY to IDR1.5 trillion, gross profit for the active and lifestyle goods segment increased by 91.76% YoY to IDR182 billion, gross profit for the computer and consumer electronics segment increased by 166.59% YoY to IDR1.03 trillion, and gross profit for the accessories and other segment increased by 18.31% YoY to IDR592 billion in 1Q26.

ERAA’s net profit grew 133.49% YoY to IDR396 billion in 1Q26. In terms of cost, the cost of goods sold increased by 42.14% YoY to IDR20 trillion in 1Q26, in line with the increase in revenue. However, gross profit still grew by 33.07% YoY to IDR2.39 trillion in 1Q26.

Operating expenses also increased by 16.44% YoY to IDR1.59 trillion in 1Q26, primarily due to an increase in sales and distribution expenses of 44.54% YoY to IDR1.18 trillion, while general and administrative expenses increased by 13.31% YoY to IDR746 billion in 1Q26. Nevertheless, operating profit still grew 85.45% YoY to IDR802 billion in 1Q26.

Looking forward, ERAA will continue to strengthen its position as an integrated retail ecosystem. In line with this commitment, ERAA, through its subsidiary PT Sinar Eka Selaras Tbk (ERAL), has entered into a partnership with PAN Asia Indonesia Limited to establish a joint venture named PT Mega Cahaya Indonesia to engage in the wholesale business of supplying products and providing technical support for LED displays, videotrons, and smartboards in Indonesia.

By PHINTRACO SEKURITAS | Research
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AMRT booked revenue growth of 7.53% YoY to IDR35.24 trillion in FY26. All business segments booked sales increases. Sales in the food segment increased by 6.39% YoY to IDR25.19 trillion, while sales in the non-food segment increased by 10.51% YoY to IDR10.05 trillion in 1Q26.

In terms of profitability, gross profit for the food segment grew by 6.58% YoY to IDR5.03 trillion, while gross profit for the non-food segment increased by 7.98% YoY to IDR2.65 trillion in 1Q26. Overall, AMRT booked solid operational performance amid the dynamics of consumer purchasing power, and we assess that this positive performance was also driven by increased consumer spending due to various major holidays in 1Q26.

AMRT’s net profit grew 12.75% YoY to IDR1.14 trillion in 1Q26. In terms of expenses, the cost of goods sold increased by 7.69% YoY to IDR27.57 trillion in 1Q26. Nevertheless, gross profit still grew by 6.97% YoY to IDR7.67 trillion in 1Q26.

Operating expenses increased by 5.35% YoY to IDR6.23 trillion in 1Q26, primarily due to an increase in selling and distribution expenses of 6.14% YoY to IDR5.96 trillion, while general and administrative expenses remained relatively stable at IDR575 billion. However, AMRT’s operating profit still grew by 14.52% YoY to IDR1.44 trillion in 1Q26.

The national grocery industry grew by 5.6% YoY in YTD March 2026, with modern trade growing significantly by 13.1% YoY, much higher than general trade, which contracted by 1.8% YoY. This condition reflects a shift in consumer shopping preferences from traditional markets to modern retail.

By PHINTRACO SEKURITAS | Research
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Indonesia’s foreign exchange reserves declined to US$146.2 billion in April 2026, from US$148.2 billion in March 2026 (Figure 1). This development was influenced by tax and service revenues, as well as by the government’s global bond issuance, amid external debt payments and policies to stabilize the Rupiah exchange rate. In addition, Indonesia’s foreign exchange reserves were equivalent to 5.8 months of imports, or 5.6 months of imports including government external debt payments, well above the international adequacy standard of around 3 months of imports.

May 11th, 2026

May 11th, 2026

Indeks di bursa Wall Street ditutup menguat pada Jumat (8/5).

Kenaikan dipicu oleh data tenaga kerja AS yang lebih baik dari estimasi.

Data nonfarm payrolls menjadi 115 ribu di April 2026, lebih baik dari estimasi 55 ribu (8/5).

Investor menantikan pertemuan Presiden Trump dan Presiden Xi yang dijadwalkan 14-15 Mei 2026 di Beijing.

Investor akan mencermati data CPI dan PPI AS yang dirilis pekan ini.

Pemerintah akan menaikkan tarif royalti minerba.

Pada pekan ini dijadwalkan akan dirilis indeks keyakinan konsumen, retail sales dan penjualan sepeda motor.

Diperkirakan IHSG bergerak pada 6850-7100 pekan ini menjelang long weekend.

Top picks pekan ini: KLBF, MAPA, MYOR, MARK dan ERAL.

By PHINTRACO SEKURITAS | Research
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U.S. Non Farm Payroll menambah 115 ribu pekerjaan pada April 2026.

Cadangan devisa Indonesia tetap tinggi meski turun menjadi US$146.2 miliar pada April 2026.

AADI recorded weaker financial performance in 1Q26, with revenue and gross profit declining amid softer coal prices and lower sales volumes.

Operational performance also softened, reflected by lower production, weaker sales volume, and a decline in ASP compared to 1Q25.

Profitability margins remained under pressure on a yearly basis, while earnings realization still trended below full-year expectations despite modest quarterly margin improvement. However, rising geopolitical tensions in the Middle East could potentially support coal prices and improve earnings prospects >going forward.

AADI’s planned divestment of its Kestrel Coal Group stake is expected to become a key positive catalyst, as the transaction could significantly strengthen liquidity, improve balance sheet flexibility, and provide additional upside exposure through contingent payments tied to future coal prices.

Key risks remain tied to the global energy transition and potential production restrictions that may limit long-term growth.

By PHINTRACO SEKURITAS | Research
-Disclaimer On –

MYOR booked a decrease in revenue of 4.74% YoY to IDR9.39 trillion in 1Q26. This decrease was due to lower sales across all business segments. Sales in the packaged processed food segment decreased by 2.85% YoY to IDR5.73 trillion, and sales in the packaged processed beverage segment decreased by 7.57% YoY to IDR3.66 trillion in 1Q26.

In terms of profitability, gross profit for the packaged processed food segment grew 11.26% YoY to IDR1.35 trillion, and the packaged processed beverage segment increased by 20.37% YoY to IDR1.14 trillion in 1Q26. This indicates that despite a decrease in sales across all business segments, MYOR was able to improve profitability, reflecting production cost efficiency.

MYOR’s net profit grew 36.89% YoY to IDR965 billion in 1Q26. In terms of costs, the cost of goods sold decreased by 10.37% YoY to IDR6.9 trillion in 1Q26, due to lower prices for cocoa and coffee raw materials. This condition caused MYOR’s gross profit to grow 15.26% YoY to IDR2.49 trillion in 1Q26. Operating expenses remained relatively stable at IDR1.32 trillion in 1Q26 due to a decrease in selling expenses of 1.52% YoY to IDR1.07 trillion amid an increase in general and administrative expenses of 6.8% YoY to IDR249 billion in 1Q26.

Looking forward, we see potential improvements in MYOR’s performance in FY26 in line with the downward trend in raw material prices. The normalization of cocoa and coffee prices has the potential to generate higher margins, particularly if MYOR is able to maintain its current pricing strategy and operational efficiency.

By PHINTRACO SEKURITAS | Research
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CTRA booked weaker 1Q26 performance, with revenue declining 6.38% YoY to IDR 2.56 trillion and net profit falling 17.85% YoY to IDR 549 billion, mainly due to lower development revenue recognition.

Quarterly pressure was more pronounced as development revenue dropped 45.05% QoQ, reflecting the typical seasonal pattern of the property sector where 4Q is usually the strongest quarter for revenue recognition.

Marketing sales reached IDR 2.40 trillion in 1Q26, equivalent to 26% of the FY26 target, supported mainly by houses and land plots, while VAT incentives and the 100% LTV policy continued to support demand.

Several new project launches, including Citra Homes Halim and Citra Bukit Golf Sentul, are expected to become key catalysts for marketing sales acceleration, supported by CTRA’s broad geographic diversification strategy across Indonesia.

Recurring income remained resilient, growing 4.64% YoY in 1Q26, providing a stabilizing factor amid volatile development revenue, while the long holiday season in 2Q26 may support higher mall traffic and tenant-related income.

By PHINTRACO SEKURITAS | Research
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ADMR booked solid 1Q26 results, with revenue rising 33.8% YoY to US$267.49 million, supported by strong growth in mining product sales and higher domestic and export demand.

Profitability improved significantly, as gross profit grew 51.5% YoY and operating profit increased 48.7% YoY, while GPM and OPM expanded to 46.8% and 40.0%, respectively.

As of 1Q26, ADMR’s gross profit and net profit had reached around 32% of full-year estimates, reflecting a relatively solid start, with export sales still contributing around 53% of total revenue.

ADMR continues to strengthen operational efficiency through its large-scale CHPP facility and infrastructure expansion, including haul roads, conveyor systems, and supporting facilities to support future production growth.

ADMR’s long-term expansion strategy is supported by the ramp-up of PT Kalimantan Aluminum Industry (KAI), which targets full operations in 2026 and is expected to benefit from higher aluminum prices and rising global demand for steel and aluminum products.

By PHINTRACO SEKURITAS | Research
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Indeks di Wall Street ditutup melemah pada Kamis (7/5).

Koreksi indeks dipicu oleh memudarnya harapan akan kesepakatan damai yang segera terjadi antara AS dan Iran.

Konflik AS-Iran mulai sedikit memanas lagi di Selat Hormuz.

Investor menantikan data cadangan devisa, indeks harga properti dan penjualan mobil (8/5).

Menkeu menyetujui pembebasan pungutan pajak yang berkaitan dengan transaksi aksi korporasi BUMN yang tengah dilakukan oleh Danantara.

Harga minyak sedikit turun (7/5), karena AS menunggu tanggapan Iran terhadap proposal damai.

U.S. 10-year Bond Yield naik 3 bps ke level 4.386% (7/5).

Harga emas spot menguat 1% di level US$4,735/troy oz (7/5).

IHSG diperkirakan berpotensi menguji level 7200-7200, namun perlu diwaspadai potensi pullback jangka pendek.

Top picks (8/5): SCMA, MYOR, BBTN, EXCL dan MAPI.

By PHINTRACO SEKURITAS | Research
– Disclaimer On –

• U.S. Nonfarm Business Sector Labor Productivity naik 0.8% QoQ pada estimasi awal 1Q26 dari 1.6% QoQ pada 4Q25. Hal ini didorong oleh pertumbuhan komponen penyusunnya, hasil produksi dan jam kerja tumbuh masing-masing sebesar 1.5% QoQ dan 0.7% QoQ pada estimasi awal 1Q26.

• Menteri Keuangan Indonesia berencana mengaktifkan kembali Bond Stabilization Fund (BSF), guna menekan kenaikan imbal hasil obligasi dan menjaga stabilitas pasar obligasi serta rupiah. Langkah ini dilakukan karena naiknya imbal hasil SBN, yang berpotensi meningkatkan risiko capital outflow asing serta pelemahan rupiah.

May 8th, 2026