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
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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
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• 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

PT Alamtri Resources Indonesia Tbk (ADRO) posted solid 1Q26 performance, supported by significant margin expansion amid revenue normalization. Revenue increased 30.5% YoY and 21.9% QoQ to US$640.53 million, driven by strong growth in both the mining and mining services segments.

The mining segment recorded revenue of US$266.46 million (+33.97% YoY), while the mining services segment grew 15.30% YoY to US$229.46 million. Overall, ADRO’s 1Q26 revenue achievement represented around 26% of our FY26 estimate.

Gross profit rose 61.8% YoY to US$178.56 million, supported by operational efficiency and improved cost structure. Meanwhile, joint venture gains surged 939.09% YoY to US$25.25 million, helping profit before tax reach US$180.31 million.

Net profit declined 31.0% YoY to US$153.77 million, although the result still accounted for approximately 27% of our FY26 earnings estimate. On profitability, GPM improved to 27.9% from 22.5%, while OPM increased to 22.1% from 15.6%.

Beyond near-term earnings, ADRO continues to strengthen its long-term growth outlook through aluminium downstream development via ADMR, which is expected to benefit from rising demand linked to EVs and the global energy transition.

Key risks of ADRO include regulatory uncertainty, commodity price volatility, weaker global demand, and delays in strategic project execution.

By PHINTRACO SEKURITAS | Research
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Indeks di Wall Street ditutup menguat pada Rabu (6/5).

Penguatan ini dipicu oleh optimisme bahwa AS-Iran hampir mencapai kesepakatan untuk mengakhiri perang.

Pemerintah RI berencana terbitkan Panda Bonds.

Pemerintah revisi aturan Devisa Hasil Ekspor SDA  yang mewajibkan eksportir tempatkan dana hasil ekspor ke bank Himbara serta konversi maksimal 50% ke Rupiah, berlaku mulai 1 Juni 2026.

Pemerintah berencana berikan intensif subsidi untuk pembelian kendaraan bermotor listrik berbasis baterai pada awal Juni 2026 mendatang.

Harga minyak melemah lebih dari 7% pada penutupan Rabu (6/5).

U.S. 10-year Bond Yield turun 6 bps ke level 4.354% (6/5).

Harga emas spot menguat 2.7% di level US$4,678/troy oz (6/5).

Diperkirakan IHSG berpotensi melanjutkan penguatan menguji level 7150-7200.

Top picks (7/5): HRTA, PSAB, OASA, TOBA dan ESSA.

By PHINTRACO SEKURITAS | Research
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ADP Employment Change di AS menambahkan 109 ribu pekerjaan pada April 2026. Terlepas dari peningkatan yang cukup signifikan, kondisi pasar tenaga kerja AS tetap mencerminkan kondisi “low-hire, low-fire”, dimana perusahaan menahan pemutusan hubungan kerja namun secara signifikan mengurangi perekrutan.

Menko Bidang Perekonomian RI menyebut bahwa pemerintah Indonesia akan meningkatkan belanja pemerintah demi mempertahankan momentum pencapaian target pertumbuhan ekonomi nasional di tahun 2026 sebesar 5.4% YoY. Hal ini akan dilakukan dengan memberikan gaji ke-13 kepada ASN, melakukan akselerasi bantuan pangan bulan April-Juni 2026, hingga menjaga subsidi dan kompensasi energi.

May 7th, 2026

The U.S. S&P Global Manufacturing PMI rose to 54.5 in April 2026 from 52.3 in March 2026, driven by increasing new orders. Meanwhile, the U.S. ISM Manufacturing PMI remained at 52.7 in April 2026, slightly below market expectations of an increase to 53. On the other hand, the U.S. S&P Global Services PMI increased to 51 in April 2026 from 49.8 in March 2026. In contrast, the U.S. ISM Services PMI declined to 53.6 in April 2026 from 54 in March 2026, in line with market expectations of 53.7. Overall, U.S. PMI indicators in April 2026 reflect resilient economic activity amid global pressures, with both manufacturing and services sectors remaining in expansion territory.

INDF booked revenue growth of 7.4% YoY to IDR33.89 trillion in 1Q26. By segment, all business segments booked sales growth in 1Q26. Sales in the consumer branded products segment, as the main contributor to revenue, increased by 7.67% YoY to IDR21.4 trillion in 1Q26 in line with volume growth across all segments.

In terms of profitability, almost all segments booked an increase in operating profit, except for the agribusiness segment, which decreased by 19.58% YoY to IDR800 billion due to high production costs, mainly from the large amount of fertilizer used. Meanwhile, the Bogasari segment booked the highest increase in operating profit of 24.72% YoY to IDR785 billion.

INDF’s net profit grew 7.76% YoY to IDR4.22 trillion in 1Q26. In terms of cost, the cost of goods sold increased by 9.99% YoY to IDR22.74 trillion in 1Q26, but gross profit still grew by 2.49% YoY to IDR11.16 trillion in 1Q26. Operating expenses increased by 16.78% YoY to IDR4.63 trillion in 1Q26, driven by higher general and administrative expenses, increased sales and distribution expenses, and a decrease in other operating income due to lower gains on foreign exchange differences from operating and other activities.

Management is maintaining its FY26 guidance in line with the FY25 earnings call presentation, with an increase in Bogasari segment volume of 2–5% YoY and CPO production growth of around 0–5% YoY, reflecting an optimistic but conservative outlook amid high global uncertainty.

By PHINTRACO SEKURITAS | Research
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INCO bookded strong 1Q26 performance, with revenue rising 22.3% YoY to US$252.66 million and net profit jumping 100.1% YoY to US$44 million, driven by higher nickel prices.

Nickel price strength was supported by supply constraints, including sulfur shortages due to Middle East tensions, Indonesia’s arround 34% production quota cut, and HPM revisions.

Profitability improved significantly, with GPM at 22.5% and OPM at 18.0%, while 1Q26 earnings reached 25% of full-year estimates, indicating a solid start.

Despite lower nickel matte production, operations remain on track, supported by the expansion of three mining blocks (Sorowako, Bahodopi, Pomalaa) to enhance capacity and diversification.

INCO secured a US$750 million ESG-linked syndicated loan (with US$250 million greenshoe) to fund key projects, reinforcing its downstream strategy and long-term growth.

By PHINTRACO SEKURITAS | Research
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Indeks di Wall Street ditutup menguat pada Selasa (5/5).

Indeks rebound dipicu oleh koreksi harga minyak mentah, serta penguatan di sektor material dan teknologi.

Laporan keuangan emiten yang solid juga menjadi faktor positif.

Pertumbuhan ekonomi RI berakselerasi 5.61% di 1Q26 dari 5.39% YoY di 4Q25 (5/5).

OJK memperpanjang kebijakan buyback saham tanpa melalui RUPS hingga September 2026.

Harga minyak mentah koreksi sekitar 4% pada penutupan Selasa (5/5).

U.S. 10-year Bond Yield turun 2 bps ke level 4.426% (5/5).

Harga emas spot menguat 0.8% di level US$4,557/troy oz (5/5).

Secara teknikal, diperkirakan IHSG berpotensi menguji level 7100-7150.

Top picks (6/5): SSIA, RAJA, CUAN, CDIA dan BBRI.

By PHINTRACO SEKURITAS | Research
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