Abstract: We analyzed the consensus earnings revisions for MSCI Indonesia index components in July 2026, with the index rising 12% from 3,851 to 4,309 while the 2026E index EPS edged down 0.086% month on month to 428.6, with 11 stocks revised up versus 17 revised down. Individual stock EPS changes attributed -IDR2.28 to the index EPS in aggregate. The largest drags on index EPS came from Bank Rakyat Indonesia (BBRI IJ, -IDR1.33) and Astra Intl (ASII IJ, -IDR1.32), while Charoen Pokphand Indonesia (CPIN IJ, +IDR0.95) and Bank Tabungan Negara (BBTN IJ, +IDR0.45) were the top positive contributors. At the stock level, the largest EPS upgrades were XL Axiata (EXCL IJ, +34.8%) and BFI Finance Indonesia (BFIN IJ, +11.6%), while the steepest cuts went to Perusahaan Gas Negara (PGAS IJ, -5.23%) and Telkom Indonesia (TLKM IJ, -4.34%).
Bank Tabungan Negara, Perusahaan Gas Negara, Charoen Pokphand Indonesia, Kalbe Farma, PT Indofood Sukses Makmur, Bank Central Asia
Interested in the full report? Get in touch with our team.