KEY HIGHLIGHTS
- 1H26 revenue IDR 42.9 Tn, +22.4% YoY and 53.1% of FY26F, a beat, with operating profit at 64.0% and net profit at 60.1% of consensus. The half is ahead of pace; the quarter is not.
- 2Q26 revenue IDR 20.5 Tn, +6.9% YoY but -8.6% QoQ, against 41.1% growth in 1Q26. Cellular phones and tablets, still 72.4% of sales, fell 4.1% YoY to IDR 14.8 Tn, while Computers and consumer electronics rose 104.0% and Active & Lifestyle 276.2%. Growth has moved decisively away from the handset core.
- 2Q26 gross margin 11.8%, +0.4pp YoY and the highest of three quarters, on mix rather than price, though 1H26 at 11.2% is still -0.1pp YoY. 2Q26 operating profit IDR 637 Bn, -7.6% YoY, as selling and distribution expense rose 25.6% against a 6.9% sales gain.
- 2Q26 net profit IDR 331 Bn, -9.2% YoY and -26.8% QoQ. Quality is thin: the 1H26 effective tax rate fell to 24.1% from 29.8%, other income dropped to IDR 96 Bn from IDR 341 Bn in 1Q26, and ex-FX the 2Q26 operating profit fell 13.4%. Two perimeter changes sit unrestated in the comparatives, with Era Blu consolidated 30 January and Era Industri Otomotif deconsolidated 8 May. Key watch: whether the non-handset verticals hold margin as they scale, with consensus implying 2H26 revenue 11.7% below the 1H26 level.
Regards, Aldiracita Research
