Abstract: We analyzed the earnings revision of MSCI Indonesia index constituents for June 2026, estimating the index 2026E EPS at IDR 429.5 as of end-June, down -0.71% month-on-month from IDR 432.6 in May. The index itself declined -9.5% over the month, from 4,254 to 3,851, with 19 stocks revised up and 24 revised down. Individual stock EPS revisions contributed -IDR 1.84 to the index EPS change, with the largest negative impacts from Aneka Tambang (ANTM IJ, -IDR 10.2), PT Amman Mineral Internasional (AMMN IJ, -IDR 8.8), and United Tractors (UNTR IJ, -IDR 4.7), while Bank Mandiri (BMRI IJ, +IDR 5.4) provided the largest positive contribution. On a stock level, the biggest EPS upgrades were PT Bukalapak.com (BUKA IJ, +55.0%) and Barito Pacific (BRPT IJ, +44.7%), while PT Amman Mineral Internasional (AMMN IJ, -28.6%) and United Tractors (UNTR IJ, -7.7%) saw the steepest EPS cuts. On revenues, Chandra Asri Petrochemical (TPIA IJ) led upgrades at +73.6%, while PT Amman Mineral Internasional (AMMN IJ) also topped revenue downgrades at -9.24%.
United Tractors, PT Amman Mineral Internasional, Bank Mandiri, Bumi Serpong Damai, Barito Pacific, Astra Intl
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