Abstract: We analyzed the earnings revision of MS-Indonesia index constituents for May 2026, with the index declining 11% from 4,783 to 4,254 while the aggregate 2026E EPS rose 2.8% month-on-month to IDR 437.4 from IDR 425.7 in April. Among the 43 constituents tracked, 21 stocks saw upward EPS revisions versus 22 downward, with individual stock EPS changes attributing IDR 1.82 to the index EPS. The largest positive EPS impact came from Indah Kiat Pulp & Paper (INKP IJ, +IDR 1.83 to index EPS, stock EPS +12.8%), Surya Esa Perkasa (ESSA IJ, +IDR 1.33, stock EPS +156.9%), and Aneka Tambang (ANTM IJ, +IDR 1.24, stock EPS +13.3%), while Telkom Indonesia (TLKM IJ, -IDR 0.76) and United Tractors (UNTR IJ, -IDR 0.58) were the largest detractors. At the stock level, XL Axiata (EXCL IJ) suffered the steepest EPS cut at -32.7%, followed by Solusi Sinergi Digital (WIFI IJ, -18.6%) and Medikaloka Hermina (HEAL IJ, -18.1%), while Surya Esa Perkasa led EPS upgrades at +156.9% followed by GoTo Gojek Tokopedia (GOTO IJ, +13.4%) and Aneka Tambang (ANTM IJ, +13.3%).
XL Axiata, Medikaloka Hermina, Bumi Resources Minerals, Solusi Sinergi Digital, Vale Indonesia, United Tractors
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