PT Petrindo Jaya Kreasi Tbk(CUAN) delivered solid financial growth in 1H26, with revenue increasing 59.3% YoY to US$736 million. Growth was primarily driven by coal sales, which rose 130.8% YoY to US$249 million and accounted for 34% of total revenue, followed by the mining segment, which grew 47.0% YoY to US$233 million or 32% of total revenue.

CUAN’s profitability strengthened significantly with Gross profit surged 112.0% YoY to US$102 million, with GPM reaching 13.81%, while operating income increased 66.7% YoY to US$68 million. Net profit jumped 918.0% YoY to US$20 million, supported by cost efficiencies and contributions from newly acquired subsidiaries.

CUAN continues to strengthen its portfolio diversification and vertical integration across mining and energy. The acquisitions of Hafar, HBS, and Scan-Bilt expanded its capabilities across EPC, mining services, offshore EPCI, logistics, and supporting services, while GDI provides exposure to the nickel ecosystem through the development of a 680MW power plant at FHT Industrial Park, with an estimated project value of US$600 million.

Further growth could be supported by CUAN’s ongoing expansion into energy and nickel downstreaming. CUAN currently holds a 27.78% stake in SINI and plans to increase its ownership to at least 51%, while the FHT power plant project could strengthen its exposure to the EV battery supply chain and create additional long-term growth opportunities.

CUAN currently trades at 139.55x PER and 15.29x PBV, significantly above the oil, gas, and coal subsector averages of 13.31x and 2.24x, respectively. Key risks include commodity price volatility and regulations restricting the use of affiliated contractors, which could weigh on profitability and operations.

By PHINTRACO SEKURITAS | Research
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MDKA booked 1H26 revenue of US$1.40 billion (+64.1% YoY), supported by nickel segment revenue of US$1.05 billion (+66.9% YoY) and gold sales of US$301 million (+66.3% YoY).

Gross profit increased 310% YoY to US$434 million, while EBITDA increased 191% YoY to US$512 million. Net profit reached US$102 million, compared to a net loss of US$16 million in 1H25

PANI gold mine started production of 17,412 oz in 1H26, while MDKA completed the main commissioning of the 90,000 tpa SLNC HPAL project in 1H26 and obtained the IUI in August 2026, with production targeted to commence in 2H26

MDKA continues to optimize costs, with NPI cash cost targeted below US$13,000/tNi and HGNM conversion costs below US$2,000/tNi. Meanwhile, the Tujuh Bukit Copper Project has entered the FS phase.

We estimate FY26F revenue at US$2.98 billion, with EBITDA of US$991 million and net profit of US$213 million, supported by higher gold production and well maintained costs.

By PHINTRACO SEKURITAS | Research
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October 5th, 2026

October 5th, 2026

Indeks di bursa Wall Street ditutup menguat pada Jumat (2/10).

Penguatan dipicu oleh data nonfarm payrolls yang lebih rendah dari perkiraan.

Nonfarm payrolls tercatat 29 ribu di September, melambat dari 133 ribu di Agustus.

Tingkat pengangguran AS naik menjadi 4.2% dari 4.1% (2/10).

G7 akan melepas 100 juta barel cadangan minyak selama 4 bulan ke depan.

Dari AS, akan dirilis FOMC minutes, data ISM Service PMI, serta data awal Michigan Consumer Sentiment.

Dari domestik akan dirilis cadangan devisa (7/10), indeks keyakinan konsumen (8/10), serta retail sales dan penjualan otomotif (9/10).

Diperkirakan IHSG sideways cenderung menguat pada kisaran 6,000-6,200 pekan ini.

Top picks pekan ini: ASII, BRMS, BBCA, BRPT dan MDKA.

By PHINTRACO SEKURITAS | Research
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October 2nd, 2026

Indeks di Wall Street ditutup menguat terbatas pada Kamis (1/10).

Kenaikan indeks dipicu oleh turunnya yield US-Treasury, meskipun harga minyak naik.

Harga minyak menguat setelah dilaporkan bahwa kapal induk AS akan tiba di kawasan Timur Tengah pada akhir November.

ISM Manufacturing PMI turun tipis menjadi 54.5 pada September 2026 (1/10).

Data nonfarm payrolls diperkirakan menjadi 90 ribu di September dari 162 ribu di Agustus (2/10).

Inflasi Indonesia tercatat 3.28% YoY pada September 2026 (1/10).

Neraca perdagangan Indonesia tercatat surplus US$3.55 miliar di Agustus 2026 (1/10).

Harga minyak Brent ditutup menguat 4.4% pada level US$102/barel (1/10).

U.S. 10-year Bond Yield turun 5 bps ke level 5.243% (1/10).

Harga emas spot ditutup naik 0.4% di level US$4,171/troy oz (1/10).

Diperkirakan IHSG akan uji level psikologis kembali di level 6,000.

Top picks (2/10): AADI, VKTR, DSSA, PTRO dan CUAN.

By PHINTRACO SEKURITAS | Research
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October 1st, 2026

Indeks di Wall Street ditutup mixed pada Rabu (30/9).

Tekanan jual menjelang penutupan perdagangan menghapus kenaikan yang sempat terjadi sebelumnya.

Indeks PCE naik 0.3% MoM dan 3.4% YoY pada bulan Agustus (30/9).

Estimasi pertumbuhan PDB riil AS untuk 2Q26 menjadi 2.2% dari sebelumnya 1.5% (30/9).

Indeks ISM Manufacturing AS diperkirakan naik pada level 55 pada bulan September 2026 (1/10).

Inflasi Indonesia diperkirakan menjadi 3.3% YoY di September 2026 dari 3.19% YoY (1/10).

Surplus neraca perdagangan diperkirakan menjadi US$0.6 miliar pada Agustus 2026 dari US$0.13 miliar di Juli 2026 (1/10).

Indeks S&P Global Manufacturing PMI Indonesia diperkirakan naik pada level 50.3 pada September (1/10).

Harga minyak ditutup menguat 1% (30/9).

U.S. 10-year Bond Yield naik lebih dari 4 bps ke level 5.298% (30/9).

Harga emas spot ditutup melemah 0.7% di level US$4,152/troy oz (30/9).

Diperkirakan IHSG konsolidasi pada kisaran level 6,000-6,200.

Top picks (1/10): EMAS, INDF, ANTM, INKP dan BDMN.

By PHINTRACO SEKURITAS | Research
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September 30th, 2026

Indeks di Wall Street ditutup melemah pada Selasa (29/9).

Pelemahan indeks karena kenaikan yield US-Treasury jangka panjang yang sempat menguat pada level tertinggi sejak Juni 2002.

Indeks kepercayaan konsumen AS turun ke level terendah dalam lebih dari 12 tahun (29/9).

Jumlah lowongan pekerjaan di AS turun sebanyak 256 ribu menjadi 7.08 juta pada Agustus (29/9).

Indeks PCE diperkirakan stabil dikisaran 3.7% YoY pada Agustus 2026 (30/9).

DPR telah resmi menetapkan RUU APBN 2027 sebagai UU dengan target defisit 2.4% dari PDB (29/9).

Harga minyak Brent melemah 2.6% ditutup di level US$102/barel (29/9).

U.S. 10-year Bond Yield naik lebih dari 1 bps ke level 5.235% (29/9).

Harga emas menguat 1.1% di level US$4,157/troy oz (29/9).

Diperkirakan IHSG konsolidasi pada kisaran 6,050-6,200 dan perlu waspadai meningkatnya fluktuasi karena penutupan 3Q26 pada hari ini (30/9).

Top picks (30/9): ANTM, BBRI, BMRI, EXCL, TINS dan MDKA.

By PHINTRACO SEKURITAS | Research
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GGRM recorded a 7.2% YoY decline in revenue to Rp41.18 trillion, mainly driven by weaker cigarette revenue, with SKM and SKT revenue down 8% YoY and 9% YoY, respectively.

Meanwhile, profitability improved significantly, with gross profit up 58.0% YoY and operating profit surging 659.6% YoY to Rp3.90 trillion, supported by lower cost of revenue and opex.

Net profit surged 2,440% YoY to Rp2.98 trillion, although 2Q26 net profit declined 6.5% QoQ to Rp1.44 trillion, indicating some earnings normalization.

Sales volume fell 13.6% YoY to 20.5 billion sticks, while higher selling prices and tighter cost management supported profit growth despite weaker volumes.

Key risks of GGRM come from persistent illicit cigarette sales, weaker purchasing power, and cigarette excise uncertainty.

By PHINTRACO SEKURITAS | Research
-Disclaimer On –

MBMA booked 1H26 revenue of US$1.05 billion (+66.9% YoY), supported by NPI sales of US$458 million (+20.2% YoY), HGNM sales of US$289 million (+100.1% YoY), and limonite ore sales of US$184 million (+147.8% YoY).

Higher ASP and sales volume supported performance, with NPI sales reaching 39.5 thousand tonnes Ni (+19.5% YoY) and HGNM sales reaching 18.5 thousand tonnes Ni (+72.1% YoY). Meanwhile, saprolite and limonite ore ASP reached US$58.9/wmt (+106.7% YoY) and US$26.1/wmt (+29.2% YoY), respectively.

Downstream product AISC came under pressure following HPM implementation, with NPI AISC at US$12,859/ton Ni and HGNM margin at -US$542/ton Ni in 2Q26. However, margin pressure could potentially be offset by internal saprolite supply from the SCM mine, targeted to reach 100% in FY26.

We expect MBMA’s performance to remain in line with company guidance, with NPI sales estimated at 80,000 tonnes Ni, HGNM sales at 45,000 tonnes Ni, and saprolite and limonite ore sales at 8.7 million wmt and 21.9 million wmt, respectively.

We estimate FY26F revenue to reach US$2.60 billion (+81.3% YoY), with EBITDA at US$356 million (+62.9% YoY) and net profit at US$80 million (+171.8% YoY), supported by higher sales volume and well maintained costs.

By PHINTRACO SEKURITAS | Research
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September 29th, 2026

Indeks di Wall Street ditutup melemah pada Senin (28/9).

Indeks terbebani oleh tingginya harga minyak dan berlanjutnya aksi jual di pasar obligasi AS.

Investor akan mencermati data indeks PCE yang akan dirilis pada hari Rabu (30/9).

Data nonfarm payrolls bulan September dirilis pada hari Jumat (2/10).

Harga minyak mentah turun dari level tertinggi harian (28/9).

U.S. 10-year Bond Yield naik lebih dari 5 bps ke level 5.234% (28/9).

Harga emas turun lebih dari 3% di sekitar level US$4,148/troy oz (28/8).

Diperkirakan IHSG akan menguji level 6,000-6,100.

Top picks (29/9): UNTR, MEDC, CBRE, ERAA, ELSA dan AADI.

By PHINTRACO SEKURITAS | Research
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