Key Indices


Top Stories
Company Update | Bank Mandiri (BMRI IJ/HOLD/Rp4,000/Target: Rp4,665)
- BMRI’s share-pledge clarification provides some reassurance, but undisclosed exposure limits a credit assessment. Liquidity remains tighter than headline ratios suggest, with lending growth outpacing CASA. NIM is likely to trough at 4.1% in 3Q26 (1H26: 4.37%) and an improvement depends on funding conditions, while rising credit costs could temper earnings. We maintain HOLD and lower our target price to Rp4,665, raising CoE to 14.0%, reflecting elevated global bond yields as well as funding and credit-allocation uncertainty. Earnings forecasts remain unchanged.
Technical Analysis
Kalbe Farma | KLBF IJ
- Trading Buy Range: We have a technical Buy at Rp770, and take profit at Rp830.
Astra International | ASII IJ
- Trading Buy Range: We have a technical Buy at Rp4,800, and take profit at Rp5,050.
Top Stories
Company Update | Bank Mandiri (BMRI IJ/HOLD/Rp4,000/Target: Rp4,665)
- BMRI’s share-pledge clarification provides some reassurance, but undisclosed exposure limits a credit assessment. Liquidity remains tighter than headline ratios suggest, with lending growth outpacing CASA. NIM is likely to trough at 4.1% in 3Q26 (1H26: 4.37%) and an improvement depends on funding conditions, while rising credit costs could temper earnings. We maintain HOLD and lower our target price to Rp4,665, raising CoE to 14.0%, reflecting elevated global bond yields as well as funding and credit-allocation uncertainty. Earnings forecasts remain unchanged.
Technical Analysis
Kalbe Farma | KLBF IJ
- Trading Buy Range: We have a technical Buy at Rp770, and take profit at Rp830.
Astra International | ASII IJ
- Trading Buy Range: We have a technical Buy at Rp4,800, and take profit at Rp5,050.
Key Indices


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