Equity Strategy: FY26 Outlook: Still a Stock Picker’s Market Amid Gradual Growth Recovery
We set the FY26-end JCI target at 9,440; Our bottom-up total-return screen highlights BBCA, ISAT, JPFA, ASII, KLBF, AADI, NCKL, ICBP as key picks.
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Telco: FY26 Outlook: Sustained Mobile Momentum and Upside from Fiber Transformation
We maintain an Overweight on the sector, supported by resilient mobile momentum and selective catalysts from ongoing fiber transformation.
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Telco: 1.4 GHz Spectrum Auction Nears; 5G FWA Could Reshape Industry Dynamics (OVERWEIGHT)
The 1.4 GHz spectrum opening for 5G FWA may disrupt mobile economics, with an estimated effective cost per GB ~14× below mobile.
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Telco: Sep25 Price Tracker: Promotional ST Drag on Yields (OVERWEIGHT)
Our Sep25 price tracker indicates that Tsel and IOH offered lower yields in their promotional packages, which are typically limited-time offers.
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Macro Strategy: The 2026 Proposed Budget: Building Up Momentum
The 2026 budget balances fiscal prudence with acceleration growth, prioritizing 8 national agendas, aiming for 5.4% GDP growth.
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