INCO’s revenue grew 27.3% YoY to US$543.1 million in 6M26, driven by a 2,840.0% YoY surge in nickel ore sales to US$142.3 million, with volume reaching 2,545,342 wmt (vs 147,491 wmt), while nickel matte sales declined 5.0% YoY to US$400.81 million.

INCO’s net profit increased significantly  313.4% YoY to US$104.38 million in 6M26, with growth accelerating in 2Q26 by 39.3% QoQ to US$60.8 million, supported by the average selling price of nickel matte rising 20.6% YoY to US$14,491/tonne and COGS decreasing 3.6% QoQ to US$10,005/tonne.

INCO’s profitability margin lines recorded significant improvements in 6M26, with the GPM rising to 28.04% (vs 7.07% in 6M25), the OPM rising to 24.70% (vs 1.46%), and the NPM rising to 19.22% (vs 5.92%).

The reactivation of Furnace 3 supported INCO’s nickel matte production up 18.60% QoQ to 16,153 mt in 2Q26, though energy costs also increased with coal at US$143.12/mt (+11.8% QoQ) and diesel at US$1.15/liter (+40.24% QoQ).

INCO’s Sambalagi HPAL project received an autoclave for processing limonite nickel ore into MHP as a raw material for EV batteries, offering significantly higher added value than nickel matte and nickel ore.

By PHINTRACO SEKURITAS | Research
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MIDI delivered solid revenue growth of 8.5% YoY to IDR11.24 trillion in 6M26, driven by strong performance across all product segments, while gross profit increased 10.1% YoY despite a seasonal QoQ slowdown following the festive period.

Net profit rose 24.3% YoY to IDR486 billion in 6M26, supported by continued store expansion and broad-based revenue growth across all business segments, in line with 58% of our FY26 earnings forecast.

Operational performance remained robust, with 75 net store openings in 1H26, expansion into one new province and three additional regencies/cities, bringing the total store network to 2,662 outlets.

Expansion outside Java continued to gain traction, with stores outside the island accounting for 55.0% of the total network, reflecting the Company’s ongoing strategy to capture growth opportunities in underpenetrated markets.

We maintain our recommendation supported by the Company’s solid expansion strategy, while monitoring risks from weaker consumer purchasing power, KDMP-related expansion constraints, and intensifying industry competition.

By PHINTRACO SEKURITAS | Research
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Phintraco Sekuritas Company Flash
PT Astra Agro Lestari Tbk – AALI. IJ
Aditya Prayoga

>AALI reported a solid 2Q26 performance, posting net profit of IDR726bn (+94.4% QoQ; +70.7% YoY). Revenue increased 3.4% QoQ (+4.5% YoY) to IDR7.8tn, mainly driven by higher CPO and derivative sales (+2.1% QoQ; +6.4% YoY) to IDR6.9tn, alongside a recovery in kernel and derivative sales (+14.3% QoQ) to IDR873bn. Meanwhile, COGS rose by only 0.8% QoQ (+4.5% YoY) to IDR6.4tn despite a 21.2% QoQ (+9.9% YoY) increase in raw material costs to IDR5.3tn, largely offset by efficiencies across other operating cost components. Consequently, GPM improved to 17.6% (vs. 15.5% in 1Q26), while OPM and NPM expanded to 10.9% (vs. 9.7%) and 9.4% (vs. 5.0%), respectively.

>Operational performance also recovered strongly in 2Q26. Processed FFB volume increased 27.0% QoQ to 1.69mn tons, driving CPO production up 27.9% QoQ to 330k tons and kernel production up 27.3% QoQ to 70k tons, in line with the seasonal recovery following the low crop period. On a cumulative 1H26 basis, however, processed FFB volume still declined 4.0% YoY to 3.01mn tons, followed by a 2.2% YoY decline in CPO production, reflecting normalized productivity from the Company’s aging plantation profile.

>Nevertheless, total CPO and derivative sales volume still increased 1.7% YoY to 898k tons, supported by 5.9% YoY growth in domestic sales, which offset weaker export demand. In addition, OER and KER improved to 19.6% (vs. 19.3% in 2Q25) and 4.3% (vs. 4.0% in 2Q25), respectively, reflecting better production quality and improved processing efficiency.

>We remain constructive on AALI’s outlook for 2H26, supported by seasonal production recovery, resilient CPO demand, and relatively tight global supply. Although the Company’s aging plantation profile continues to increase external FFB procurement, its healthy balance sheet (DER <1) and net cash position provide ample financial flexibility to support future expansion. Overall, 1H26 results remained broadly in line with our estimates, with the Company achieving 51% of our FY26F revenue forecast and 70% of our FY26F net profit forecast (53% and 73% of consensus, respectively).

Key risks include: (1) CPO price volatility, (2) lower-than-expected plantation productivity, and (3) higher operating costs.

By PHINTRACO SEKURITAS | Research
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ASII’s net revenue declined by 3.0% YoY to IDR157.91tn in 6M26, mainly driven by 14.9% YoY contraction in its Mining Solutions and Heavy Equipment segment.

The decline reflected significantly lower gold sales from the Martabe Mine following operational restrictions earlier this year, reduced national coal RKAB allocations that weighed on mining activity and contractor demand, as well as weaker Komatsu heavy equipment sales.

Profit growth in the automotive and financial services businesses offset the decline in profits from mining solutions and heavy equipment.

The decline in the profits of the mining solutions and heavy equipment segment resulted in 19.2% YoY decline in ASII’s net profit to Rp12.53 trillion in 6M26.

ASII has implemented new corporate strategy focused on increasing shareholder returns. This strategy centers on three core businesses that collectively contribute approximately 90% of the group’s profits: the automotive segment, financial services, also mining and heavy equipment solutions.

By PHINTRACO SEKURITAS | Research
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August 4th, 2026

Indeks di Wall Street ditutup menguat signifikan pada Senin (3/8).

Kenaikan indeks didorong oleh penguatan pada saham sektor teknologi serta turunnya harga minyak mentah.

Perdagangan saham AI dan fluktuasi harga minyak diperkirakan masih akan menjadi fokus investor di Agustus 2026.

Investor menantikan sejumlah data tenaga kerja AS pada pekan ini.

Indeks PMI Manufacturing RI membaik di level 50.2 di Juli 2026 (3/8).

Neraca perdagangan RI defisit US$0.45 miliar di Juni 2026 (3/8).

Laju inflasi RI melambat menjadi 2.88% YoY di Juli 2026 (3/8).

Harga minyak mentah melemah lebih dari 4% (3/8).

U.S. 10-year Bond Yield turun sekitar 6 bps di level 4.688% (3/8).

Harga emas spot menguat 0.4% di level US$4,055/troy oz (3/8).

Diperkirakan IHSG berpotensi rebound dan menguji resistance di level 6,250-6,300.

Top picks (4/8): ICBP, MAPA, MEDC, ELSA dan ASII.

By PHINTRACO SEKURITAS | Research
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U.S. ISM Manufacturing PMI naik menjadi 55.6 pada Juli 2026 dari 53.3 pada Juni, melampaui ekspektasi pasar sebesar 54.0 dan menandai ekspansi aktivitas manufaktur terkuat sejak Mei 2022. Aktivitas manufaktur juga ditopang oleh percepatan pemesanan untuk mengantisipasi gangguan pasokan, investasi terkait AI, serta rendahnya persediaan perusahaan yang membuka ruang ekspansi lebih lanjut.

Inflasi Indonesia turun menjadi 2.88% YoY pada Juli 2026 dari 3.34% YoY pada Juni 2026, dengan kenaikan inflasi pada seluruh komponen, meliputi komponen inti (2.76% YoY), harga diatur pemerintah (3.58% YoY), dan bergejolak (2.52% YoY). Selain itu, neraca perdagangan Indonesia tercatat mengalami perbaikan defisit menjadi US$0.45 miliar pada Juni 2026 akibat penurunan defisit perdagangan migas dan kenaikan surplus perdagangan nonmigas.

Indonesia’s inflation rate was recorded at 2.88% YoY in July 2026 from 3.34% YoY in June 2026. According to its components, all components including core inflation, administered price inflation, and volatile inflation, headline inflation. Core inflation was recorded at 2.76% YoY with the largest contribution to inflation at 1.76% in July 2026. The second largest contributor to inflation was the administered price component, which recorded an inflation of 3.58% YoY with a 0.70% contribution to inflation in July 2026. Lastly, the volatile component recorded inflation of 2.52% YoY with an inflation contribution of 0.42% in July 2026.

Indonesia’s Trade Balance recorded a deficit improvement of US$0.45 billion in June 2026 from a deficit of US$1.61 billion in May 2026. The deficit stemmed from the oil and gas sector’s trade deficit which was recorded to have improved to US$3.49 billion in June 2026 from a deficit of US$3.76 billion in May 2026, driven by petroleum products and crude oil. In addition, the improvement in Indonesia’s trade balance deficit was supported by an increase in the non-oil and gas sector’s trade surplus to US$3.04 billion in June 2026 from US$2.15 billion in May 2026. Commodities that contribute to the surplus in the non-oil and gas sector include vegetable animal fats and oils, mineral fuels, and iron and steel.

BBCA reported a 6M26 net profit of IDR29.55 trillion (+1.8% YoY), representing 48% of our FY26 estimate. Earnings remained resilient despite stable NII and tighter industry liquidity, supported by a 5.4% NIM and low credit cost of 0.4%.

Loan growth accelerated to 8.0% YoY, driven by the corporate, commercial, and consumer segments. Meanwhile, TPF grew 7.9% YoY, with CASA rising 10.2% YoY and maintaining an industry leading CASA ratio of 84%, supporting funding cost resilience.

Asset quality and liquidity remained healthy, with Gross NPL stable at 1.8% and LDR increasing to 80.7%, providing sufficient room for future loan expansion while maintaining a conservative liquidity profile.

BBCA continues to strengthen its digital ecosystem through myBCA and broader AI adoption to enhance customer experience, operational efficiency, data analytics, and risk management, supporting its long-term competitive advantage.

We revised our FY26–FY27 net profit estimates to IDR59.11 trillion (+2.7% YoY) and IDR65.41 trillion (+10.7% YoY), primarily reflecting more moderate loan growth assumptions. Nevertheless, we expect BBCA’s NIM to remain resilient, supported by its strong CASA franchise.

By PHINTRACO SEKURITAS | Research
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August 3rd, 2026

August 3rd, 2026

Indeks di bursa Wall Street ditutup menguat pada Jumat (31/7).

Penguatan dipicu saham Amazon, meskipun yield obligasi AS meningkat.

Investor cermati fluktuasi harga minyak dan dampak terhadap inflasi.

Data nonfarm payrolls diperkirakan mengalami kenaikan di Juli 2026 (7/8).

Inflasi domestik diperkirakan melambat menjadi 3.2% YoY di Juli dari 3.34% (3/8).

Defisit neraca perdagangan diperkirakan menyempit menjadi US$0.79 miliar (3/8).

Pertumbuhan ekonomi RI diperkirakan menjadi 5.3% YoY di 2Q26 dari 5.61% YoY (5/8).

Secara teknikal IHSG diperkirakan menguji level 6,300-6,380 pada pekan ini.

Top picks pekan ini: ASII, AMMN, PGAS, NCKL dan INTP.

By PHINTRACO SEKURITAS | Research
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U.S. Michigan Consumer Sentiment Final naik menjadi 55.2 pada Juli 2026 dari 49.5 pada Juni 2026 dan diatas perkiraan pasar 54.0. Sementara ekspektasi inflasi satu tahun turun menjadi 4.2% dari 4.6% dan ekspektasi inflasi lima tahun tetap sebesar 3.3%.

Gubernur sementara (Pjs) Bank Indonesia (BI) Destry Damayanti mengungkap bahwa kenaikan suku bunga ke level 5.75% berhasil mendorong aliran modal asing masuk ke Surat Berharga Negara (SBN) dan Sekuritas Rupiah Bank Indonesia (SRBI) sebesar Rp195 triliun (US$10 miliar). Ke depan, BI akan tetap fokus mengoptimalkan instrumen kebijakan dalam menjaga stabilitas kurs dan inflasi serta mendorong pertumbuhan ekonomi.

The U.S. Gross Domestic Product (GDP) was recorded at 1.5% QoQ in the first estimate 2Q26, lower than a 2.1% QoQ growth in 1Q26. Consumption-based inflation indicators also declined, including Personal Consumption Expenditure (PCE) recorded at 3.7% YoY in June 2026 from 4.1% YoY in May 2026 and Core PCE recorded at 3.3% YoY in June 2026 from 3.4% YoY in May 2026, but still well above the Fed’s 2% inflation target. In addition, household income grew at a slower pace, marked by a 0.2% MoM growth of Personal Income (PI) to US$26.99 trillion in June 2026 from a 0.7% MoM growth in May 2026, fueled by higher employee compensation, income receipts on asses, and government social benefits, partly offset by a decline in farm proprietors’ income.