Abstract: We analyzed the consensus earnings revisions of MS-Indonesia component stocks for March 2026, covering a universe of 678 stocks with 524 upward and 154 downward EPS revisions. The MS-Indonesia index declined 13% in March from 5,837 to 5,101, with the index's 2026E EPS falling 17% month-on-month from IDR424.0 to IDR352.9. The largest negative contributors to index EPS were Bank Mandiri (BMRI IJ, -IDR29), Telkom Indonesia (TLKM IJ, -IDR14), and Astra International (ASII IJ, -IDR13), driven primarily by weight drift from price declines. Among individual stock revisions, APA Corporation (APA US) led upward EPS revisions at +93.2%, followed by Caesars Entertainment (CZR US) at +88.9%, while Chandra Asri Petrochemical (TPIA IJ) saw the steepest cut with EPS revised down 100%, followed by American Airlines (AAL US) at -44.9% and MP Materials (MP US) at -43.9%.
Astra International Tbk, Harley-Davidson, Inc., Aneka Tambang Persero Tbk, Coupang, Inc., Bank Mandiri Persero Tbk PT, Vail Resorts, Inc.
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