U.S. headline inflation rose by 0.6% MoM in April 2026, lower than the 0.9% MoM increase recorded in March 2026. Nevertheless, the increase in inflation was still driven by energy costs, which rose by 3.8% MoM in April 2026, compared to a 10.9% MoM increase in March 2026, due to the Iran war and the closure of the Strait of Hormuz.

KLBF booked revenue growth of 10.13% YoY to IDR 9.68 trillion in 1Q26. This growth was driven by increased sales across all business segments. The distribution and logistics segment booked the highest revenue growth of
21.13% YoY to IDR 3.49 trillion in 1Q26.

In terms of profitability, almost all segments booked an increase in gross profit, except for the nutritional segment, which experienced a limited decrease of 0.65% YoY to IDR 1.15 trillion in 1Q26. Meanwhile, gross profit in the distribution and logistics segment experienced the highest increase of 13.62% YoY to IDR 411 billion in 1Q26 in line with a significant increase in revenue.

KLBF’s net profit decreased by 5.2% YoY to IDR1.05 trillion in 1Q26. In terms of costs, the cost of goods sold increased by 15.52% YoY to IDR5.97 trillion in 1Q26, higher than the increase in revenue. This condition caused gross profit to grow moderately by 2.43% YoY to IDR3.7 trillion in 1Q26.

Operating expenses increased by 6.97% YoY to IDR2.4 trillion in 1Q26, primarily driven by an increase in selling expenses of 7.85% YoY to IDR1.89 trillion, general and administrative expenses increased by 3.31% YoY to IDR386 billion, while research and development expenses increased by 5.9% YoY to IDR113 billion in 1Q26. These conditions caused operating profit to decrease by 4.99% YoY to IDR1.3 trillion in 1Q26.

Looking forward, KLBF will continue to maintain business efficiency. This will be implemented through the digitalization and management of marketing effectiveness to drive growth. In addition, KLBF also manages the use of the renminbi for imported raw materials, therefore reducing dependence on the US$.

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Phintraco Sekuritas Company Flash Notes
PT Dayamitra Telekomunikasi Tbk – MTEL.IJ
Aditya Prayoga

MTEL: Deep Value Meets Defensive Growth

>MTEL delivered an overall in-line 1Q26 performance, supported by healthy tenant growth and continued improvement in asset utilization. MTEL reported revenue of IDR 2.29 Trillion (+1.4% YoY; -13.6% QoQ), representing 23.1% of our FY26F estimate and 23.2% of consensus, while EBITDA reached IDR 1.90 Trillion (+0.9% YoY; -8.2% QoQ) with EBITDA margin remaining solid at 82.67%.

>At the bottom line, net profit came in at IDR 545 Billion (+3.6% YoY; -5.7% QoQ), equivalent to 23.3% of our forecast and 24.1% of consensus, indicating earnings remain broadly on track. Operationally, MTEL continued to demonstrate resilient execution, with total tower count reaching 40,327 (+1.9% YoY) and tenant count increasing to 63,333 (+5.1% YoY), driving tenancy ratio improvement to 1.57x (vs. 1.52x in 1Q25).

>From a segmental perspective, tower leasing remained the key revenue contributor in 1Q26, accounting for c.80% of total revenue, with revenue reaching IDR 1.85 Trillion (+0.3% YoY). Meanwhile, the fiber segment delivered stronger growth, with revenue increasing to IDR 152 Billion (+8.5% YoY), supported by fiber network expansion to 58,279 km (+8.8% YoY), alongside rising operator demand for Fiber-to-the-Tower (FTTT) deployment to enhance network capacity and service quality. That said, monetization remained in a normalization phase, as reflected by average revenue per fiber declining to IDR 740K (-8.7% YoY).

>Looking ahead, management reiterated its FY26 guidance, targeting revenue growth broadly in line with industry growth, alongside a target of c.2.5K new tenant additions, comprising 1K from Built-to-Suit (BTS) and 1.5K from colocation, which we believe should support gradual improvement in tenancy ratio. In addition, management has started to highlight Fixed Wireless Access (FWA) as a potential new growth driver, with deployment opportunities across c.8,000 towers, including c.2,000 highly potential sites. With its existing tower footprint and fiberized infrastructure, we believe MTEL is strategically positioned to capture this opportunity, supporting solid earnings visibility going forward.

Full Report :

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BRIS posted a net profit of IDR 2.20 trillion in 1Q26, growing 17.1% YoY and 10.0% QoQ, supported by higher margin income and lower profit-sharing expenses. Net profit and margin income have reached 25% and 22% of our FY26 estimates, respectively.

Financing grew 14.4% YoY to IDR 328.54 trillion despite a more selective expansion strategy. Meanwhile, Third Party Funds increased 18.0% YoY, driven by strong CASA growth of 21.4% YoY, lifting the CASA ratio to 62.70%.

The stronger CASA composition helped maintain funding cost efficiency and supported margin expansion, with NIM improving to 5.59% in 1Q26. This indicates BRIS’s ability to preserve spreads amid competitive industry liquidity conditions.

Gross NPF improved to 1.80% from 1.88% in 1Q25, reflecting disciplined risk management despite continued double-digit financing growth. Profitability also strengthened, with Tier-1 ROE rising to 19.36%, while CAR remained solid at 20.95%.

BRIS is targeting 14–16% financing growth in FY26 while maintaining prudent asset quality management. Provision expenses declined 6.8% YoY to IDR 602 billion, significantly lower than the average of around IDR 2 trillion in 1Q22–1Q24, supporting expectations for FY26 net profit to reach around IDR 8.90 trillion.

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May 13th, 2026

Indeks di Wall Street ditutup mixed pada Selasa (12/5).

Faktor negatif dari data inflasi dan belum tercapai kesepakatan AS-Iran.

Inflasi AS sebesar 3.8% YoY di April dari 3.3%, dan dari prediksi 3.7% (12/5).

Investor menantikan hasil pertemuan Presiden Trump-Presiden Xi (15/5).

Harga minyak naik di atas level US$100/barel (12/5).

U.S. 10-year Bond Yield naik lebih dari 4 bps ke level 4.459% (12/5).

Harga emas spot melemah 1% di level US$4,685/troy oz (12/5).

Pengumuman rebalancing indeks MSCI Mei 2026 diperkirakan menambah sentimen negatif.

Diperkirakan IHSG berpotensi menguji level 6700.

Top picks (13/5): ADRO, ISAT, CDIA, BRPT dan BBNI.

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Tingkat inflasi tahunan AS naik 3.8% YoY pada April 2026 dari 3.3% YoY pada Maret 2026, tertinggi sejak Mei 2023. Angka tersebut berada di atas perkiraan pasar sebesar 3.7% YoY, seiring berlanjutnya tekanan peningkatan harga minyak yang dipicu oleh perang Iran.

Penjualan ritel Indonesia diperkirakan turun 1.9% YoY pada April 2026 dari peningkatan 3.4% YoY pada Maret 2026. Hal ini dipengaruhi oleh penurunan Kelompok Barang Budaya dan Rekreasi, Makanan, Minuman, dan Tembakau, serta Bahan Bakar Kendaraan Bermotor, dengan penurunan masing-masing sebesar -1.1% YoY, -2.1% YoY, dan -2.8% YoY pada April 2026.

The Consumer Confidence Index (CCI) increased by 0.1 points to 123.0 in April 2026, from 122.9 in March 2026. This indicates that consumer confidence in economic conditions remained strong. The increase in the CCI was driven by stronger consumer confidence in current economic conditions, as reflected in the Current Economic Conditions Index (CECI), which rose by 1.1 points to 116.5 in April 2026, from 115.4 in March 2026. However, this improvement was offset by weaker consumer confidence in future economic conditions, as reflected in the Consumer Expectations Index (CEI), which declined by 0.8 points to 129.6 in April 2026, from 130.4 in March 2026.

CPIN booked a revenue increase of 12.69% YoY to IDR19.95 trillion in 1Q26. Almost all business segments experienced an increase in sales, except for the other segment sales, which decreased by 4.55% YoY to IDR289 billion, and the processed chicken segment sales remained relatively stagnant at IDR3.04 trillion in 1Q26.

In terms of profitability, almost all business segments booked an increase in gross profit, except for the other segment, which incurred a loss of IDR19 billion, and gross profit in the feed segment remained relatively stagnant at IDR1.05 trillion in 1Q26. Gross profit in the DOC segment experienced the highest increase of 379% YoY to IDR391 billion.

CPIN’s net profit grew 46.72% YoY to IDR2.26 trillion in 1Q26. In terms of costs, the cost of goods sold increased by 6.31% YoY to IDR15.49 trillion in 1Q26, a lower increase than revenue growth, causing gross profit to increase by 42.43% YoY to IDR4.46 trillion in 1Q26.

Operating expenses remained relatively stagnant at IDR1.02 trillion in 1Q26, primarily due to a gain from changes in the fair value of biological assets of IDR80 billion (vs. a loss of IDR34 billion in 1Q25). Meanwhile, selling expenses increased by 2.27% YoY to IDR579 billion, and general and administrative expenses increased by 10.1% YoY to IDR573 billion in 1Q26. These conditions caused CPIN’s operating profit to grow by 47.74% YoY to IDR3.11 trillion in 1Q26.

We estimate that CPIN’s performance will remain strong in FY26. This estimate is based on the prices of live bird and DOC, which are potentially stable in the future, as the government’s Free Nutritious Meals (MBG) program can maintain stable demand for chicken meat. On the other hand, CPIN’s business plans for 2026, such as continuing the construction of an animal feed mill in South Sulawesi and building a Parent Stock facility to increase DOC production capacity, can support long-term growth.

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U.S. Existing Home Sales naik 0.2% MoM ke 4.02 juta pada April 2026.

Indeks Keyakinan Konsumen Indonesia naik ke 123 pada April 2026.

Indeks di Wall Street ditutup menguat moderat pada Senin (11/5).

Kenaikan dipicu penguatan saham sektor teknologi.

Data CPI dan PPI bulan April dijadwalkan masing-masing pada hari Selasa (12/5) dan Rabu (13/5).

Indeks keyakinan konsumen RI relatif stabil di level 123 pada April 2026 dari 122.9 di Maret 2026 (11/5).

Investor menantikan retail sales yang diperkirakan tumbuh 6.8% YoY di Maret 2026 (12/5).

Investor diperkirakan mengantisipasi pengumuman MSCI (12/5).

Harga minyak menguat hampir 3% (11/5).

U.S. 10-year Bond Yield naik lebih dari 4 bps ke level 4.41% (11/5).

Harga emas spot menguat 0.1% di level US$4,717/troy oz (11/5).

Diperkirakan IHSG berpotensi melanjutkan pelemahan dan menguji level support di 6750-6850.

Top picks (12/5): ASII, RMKE, GJTL, INTP dan LSIP.

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May 12th, 2026

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.

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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.

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