US Services PMI Rose to 51.3 in Apr-26, Indicating Recovery in Activity
The S&P Global US Services PMI rose to 51.3 in Apr-26 from 50.3 in the previous month, exceeding market expectations of 50, reflecting a recovery in private services activity after earlier disruptions from the Iran conflict. New business improved modestly but remained below historical averages due to affordability concerns, while input costs increased sharply, prompting the fastest rise in selling prices in 45 months. Employment edged higher, and business outlook improved slightly, although still below last year’s levels. (Trading Economics)

Indonesian Rupiah Weakened Toward IDR 17,290/USD Amid External Pressures
The Indonesian rupiah weakened toward IDR 17,290/USD, marking a third consecutive decline amid a stronger US dollar supported by haven demand following stalled US–Iran peace efforts. Bank Indonesia’s decision to hold rates for a seventh straight meeting provided limited support, while pressure intensified due to Indonesia’s reliance on imported energy and rising oil prices. Governor Perry Warjiyo noted the current account deficit could widen to 0.5%–1.3% of GDP from prior estimates of 0.1%–0.9%. BI has increased market intervention, leading to lower forex reserves and higher bond yields to attract inflows, although sentiment remains pressured by fiscal concerns and ongoing geopolitical risks. (Trading Economics)

BCAS: BBCA IJ - 1Q26 Earnings Slightly Below Cons
- BBCA 1Q26 net profit reached IDR 14.7tn (+3.8% QoQ; +3.8% YoY), slightly below cons at 24.2% of FY26F. - Net interest income came in at IDR 21.2tn (-2.3% QoQ; +0.0% YoY) with NIM declining to 5.4% (vs 5.6% in 4Q25 and 5.8% in 1Q25).
- Operating income declined to IDR 27.9tn (-2.3% QoQ; +3.4% YoY), slightly below cons at 23.6% of FY26F, supported by strong non interest income growth of +14.2% YoY.
- PPOP reached IDR 19.4tn (+6.5% QoQ; +4.9% YoY), supported by strong opex discipline with CIR stood at 27.3% in 1Q26 (vs 35.9% in 4Q25 and 28.5% in 1Q25).
- Loan growth stood at +10.6% YoY, with LDR eased to 74.1%, CAR at 25.1%, while gross NPL stood at 1.8%.
- The Co. maintains its FY26 guidance with loan growth at 8–10%, NIM at 5.4–5.6%, cost of credit at 40–50bps, CIR improved to 31 33% (from 32–34% previously), and gross NPL at 1.8–2.0%; management expects no BI rate cuts for the rest of 2026.

BCAS: TINS IJ - 4Q25 Strong Volume-Driven Rebound, Earnings Beat Across the Board
- In 4Q25, TINS delivered strong revenue of IDR 4.9 tn (+107.1% QoQ, +90.1% YoY), driven by higher sales volume and improved pricing. This brought FY25 revenue to IDR 11.6 tn (+6.4% YoY), exceeding our estimate (106.6%) and consensus (104.8%), indicating stronger-than-expected top-line recovery.
- Operationally, 4Q25 profitability expanded sharply, with gross profit reaching IDR 1.2 tn (+77.9% QoQ, +123.4% YoY) and EBIT surging to IDR 1.0 tn (+138.1% QoQ, +160.3% YoY), reflecting strong operating leverage despite elevated COGS (+118.9% QoQ). EBIT margin improved to 20.6% (+2.7ppt QoQ). FY25 EBIT stood at IDR 1.8 tn (+0.8% YoY), above our estimate (123.2%) and consensus (115.8%), suggesting resilient margin delivery despite softer full-year margin profile.
- At the bottom line, 4Q25 net profit rose to IDR 711 bn (+135.2% QoQ, +108.8% YoY), despite higher net interest expense (IDR 99 bn). Consequently, FY25 net profit reached IDR 1.3 tn (+5.2% YoY), beating our estimate (124.8%) and consensus (120.8%). Overall, the earnings beat was driven by a sharp 4Q25 operational rebound, pointing to improving earnings momentum into FY26 despite relatively flat full-year margin expansion. We maintain our BUY rating with a target price of IDR 5,500 per share.

Central Omega Resources (DKFT) to Disburse Final Dividend of IDR 35/sh
DKFT will distribute final dividend of IDR 35/sh from FY25 earnings, part of total dividend of IDR 69.22553/sh, with total payout reaching IDR 390.31 bn (68.06% payout ratio; Div. yield 8.60%) from FY25 net profit of IDR 574.39 bn; the schedule of disbursement is as follows:
- Cum Dividend in the Regular Market and Negotiated Market on 30 Apr-26
- Ex Dividend in the Regular Market and Negotiated Market on 04 May-26.
- Cum Dividend on the Cash Market on 05 May-26.
- Ex Dividend on the Cash Market on 06 May-26.
- Recording date on 05 May-26.
- Dividend payment on 12 May-26. (Emitennews)

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Bank Tabungan Negara

23 April 2025 - 04.41pm

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bonds

Fixed Income Daily Notes 24 April 2026

stocks

Indonesian Rupiah Weakened Toward IDR 17,290/USD Amid External Pressures

bonds

Fixed Income Daily Notes 23 April 2026