BCAS: TLKM IJ - Muted 1Q26 high season, net profit was below ours and cons' estimate

Erajaya Swasembada (ERAA) Planned IDR 100 bn Share Buyback 
ERAA plans to conduct share buyback of up to IDR 100 bn, representing a maximum of 797.5 mn shares or 5% of total outstanding shares. The buyback program will be executed gradually over a three-month period from 02 Jun-26 to 02 Sep-26. The co. has appointed PT Trimegah Sekuritas Indonesia and PT Ciptadana Sekuritas Asia to facilitate the transaction. Management emphasized that the buyback will be funded entirely from internal cash resources and is not expected to affect the co.'s financial condition, liquidity, or ability to fund ongoing business operations. (Investor Daily) 

Aneka Tambang (ANTM) Maintained Domestic Market Focus Amid Planned Export Governance Reform 
ANTM stated that its business remains primarily focused on the domestic market despite the govt.'s plan to introduce a new Export Governance Regulation for natural resources and establish a dedicated state-owned export trading entity. Based on 1Q26 financial results, domestic sales reached IDR 28.31 tn, accounting for 97% of total revenue, reflecting the co.'s strong alignment with Indonesia's downstream processing and industrialization agenda. Management expressed support for the govt.'s initiative, viewing it as an effort to enhance value-added processing, strengthen Indonesia's position in global supply chains, and create a more integrated commodity trading system. (Emitennews)

Super Bank Indonesia (SUPA) Shareholding Restructured Through Singtel Stake Transfer 
SUPA's shareholder structure changed following Singtel Alpha Investments' divestment of its entire 2.44 bn shares, representing 7.3% ownership, to GXS Bank at IDR 327/sh. The transaction value amounted to approximately IDR 800.4 bn. Following the transfer, GXS Bank increased its ownership to 5.98 bn shares or 17.66% of SUPA's outstanding shares. Management stated the transaction was part of an internal restructuring exercise. The move further strengthens Grab-related ownership in SUPA, considering Grab already holds stakes through Kudo Teknologi Indonesia (16.6%) and A5-DB Holdings (15.94%), while Elang Media Visitama remains the largest shareholder with 27.59% ownership. (Bloomberg Technoz)

Jasa Marga (JSMR) Recorded 11.15% Increase in Iduladha Holiday Traffic Volume 
JSMR recorded 821,849 vehicles exiting the Greater Jakarta area during the Iduladha long holiday period on 26–30 May-26, representing an 11.15% increase compared with normal traffic volume of 739,417 vehicles. Traffic distribution was dominated by eastbound routes toward Trans Java and Bandung with 381,379 vehicles (46.4%), followed by westbound routes toward Merak with 234,187 vehicles (28.5%), and southbound routes toward Puncak with 206,283 vehicles (25.1%). Traffic heading toward Trans Java through Cikampek Utama Toll Gate reached 188,441 vehicles, increasing 29.81% versus normal conditions. Management stated the co. continues to coordinate with relevant stakeholders to monitor traffic conditions and implement necessary traffic management measures during peak travel periods. (IDX Channel)