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Telkom Indonesia (TLKM IJ/Maintain) - The Second Handover

TLKM is separating its wholesale fiber business into PT Telkom Infrastruktur Indonesia (InfraNexia) across two stages. Phase 1, effective Jan 26, transferred IDR48.9tr of assets and IDR13.3tr of liabilities at an appraised value of IDR35.8tr. Phase 2, tabled for the 30 September EGMS, moves a further IDR29.2tr of assets valued at IDR49.9tr, or 33% of FY25 equity, against 498.6mn new TIF shares. Combined, InfraNexia holds IDR78.0tr of assets generating IDR24.8tr of revenue and IDR16.9tr of EBITDA, valued at 5.9x EV/EBITDA. Consolidated financials are unchanged. Phase 1 carried the access fiber (490k km) and backbone (80k km), with the remaining domestic subsea assets (25k km) moving in Phase 2.

StockDaniel Widjaja
DownloadAug 11, 2026

Indonesia Daily Focus August 12, 2026

AMRT reported in line 2Q26 earnings, with 1H26 PATMI reaching IDR2.0tr (+7.5% YoY), or 52% of FY26 consensus estimates. Revenue growth moderated to 5.4% YoY in 2Q26, with SSSG easing to 2.7% from 6.2% in 1Q26, largely due to the Ramadan timing shift. Nevertheless, demand remained resilient despite c.4–5% price increases, while sales continued to shift towards higher margin categories. Improving sales trends in early Jul’26 support management’s FY26 guidance.

Daily ReportResearch Team
DownloadAug 11, 2026

Fixed Income Daily Update - August 12, 2026

Retail sales are expected to grow 0.9% YoY in Jul 26, with the Real Sales Index (RSI) reaching 224.4, supported by spare parts and accessories (+10.8% YoY) and household equipment (+2.5% YoY). However, sales are projected to decline 0.3% MoM, suggesting household consumption is improving only gradually rather than signaling a broad based recovery in purchasing power.

Fixed Income Daily UpdateJessica Tasijawa
DownloadAug 11, 2026

Poultry (Overweight/Maintain) - DOC Leads Rebound as MBG Resumes

DOC recovered to IDR5,286/chick in July 2026 (+51.5% MoM, 0.1% YoY), its strongest monthly gain since May 2025. Broiler rose to IDR18,661/kg (+11.4% MoM, +2.5% YoY), still below the IDR19,500/kg floor set under the national poultry price stabilization program signed on June 29, while corn was little changed at IDR6,490/kg (+0.1% MoM, +31.9% YoY). We attribute the DOC recovery to the broiler rebound, which reflects the joint commitment among poultry companies, associations, Dirjen PKH, and POLRI, alongside the MBG resumption.

StockAndreas Saragih
DownloadAug 10, 2026

Flash Focus: Sumber Alfaria Trijaya (AMRT IJ/Not rated) - Margin Expansion; Growth Still on Track

AMRT reported in line 2Q26 earnings, with 1H26 PATMI reaching IDR2.0tr (+7.5% YoY), or 52% of FY26 consensus estimates. Revenue growth moderated to 5.4% YoY in 2Q26, with SSSG easing to 2.7% from 6.2% in 1Q26, largely due to the Ramadan timing shift. Nevertheless, demand remained resilient despite c.4–5% price increases, while sales continued to shift towards higher margin categories. Improving sales trends in early Jul’26 support management’s FY26 guidance.

StockPutu Chantika Putri
DownloadAug 10, 2026

Indonesia Daily Focus August 11, 2026

Five syariah gold ETFs list on the IDX today under OJK effective letters dated August 4, each holding electronic gold receipts issued by Pegadaian, which also vaults the metal, while units settle in the same KSEI sub account as equities.

Daily ReportResearch Team
DownloadAug 10, 2026

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