TINS — 1H26 Results MIXED, as earnings clear the full-year target while revenue tracks behind

July 29, 2026

KEY HIGHLIGHTS

  • 2Q26 net profit IDR 1.2 Tn, -19.1% QoQ, +562.6% YoY, taking 1H26 to IDR 2.7 Tn: 72.5% of FY26F consensus, 169% of the FY26 target.
  • 2Q26 revenue IDR 5.0 Tn, +133.5% YoY, -9.3% QoQ. Volume fell 17.2% QoQ to 4,975 MT while ASP rose 2.6% to a period-high USD 50,486/t: volume, not price.
  • 2Q26 gross margin +0.7pp to 39.3%, operating margin -2.4pp to 32.0%. The gap is G&A, up 60.6% QoQ to IDR 339 Bn.
  • Our read: a real earnings beat; the revenue shortfall is consensus shape, not demand. 1H26 revenue is 46.0% of FY26F against a 50% pace, but 1H25 was only 36.5% of FY25. The risk is royalty, already 9.9% of 1H26 revenue against 5.1%, with an ESDM top tier above USD 50,000/t that 2Q26 ASP clears. It trades at 6.1x blended forward P/E versus a 9.5x mean since March 2024, rather attractive at 35.7% discount. Key watch: whether the royalty revision lands before onshore ore output recovers in 3Q26.

Regards, Aldiracita Research

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PT Aldiracita Sekuritas Indonesia

Menara Tekno Lt. 9 Jl. Fachrudin No. 19 Jakarta Pusat 10250

Phone: 021-39705858

Customer Service (WhatsApp): +6288801010088

Email: [email protected]

Subsidiaries :
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8 Temasek Boulevard, #04 – 01, Suntec Tower Three, Singapore 038988

PT Surya Timur Alam Raya Asset Management

Menara Tekno Lt. 9 Jl. Fachrudin No. 19 Jakarta Pusat 10250

Phone: (021)-39725678

©Copyright 2024, PT Aldiracita Sekuritas Indonesia

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Anindita Cintasya

Director of Investment Banking

Anindita Cintasya is an experienced finance and investment professional specializing in debt capital markets. With a Bachelor’s degree in Business Administration from Universitas Indonesia (2007), she has built a strong career in investment banking, holding key roles at PT Aldiracita Sekuritas Indonesia, CIMB Niaga Sekuritas, and CGS-CIMB Sekuritas Indonesia. She holds multiple certifications, including a Risk Management Competency Certification and WPPE license, demonstrating her expertise in capital market regulations. Currently serving as VP Debt Capital Market – Investment Banking Associate at PT Aldiracita Sekuritas Indonesia, she has a proven track record of managing and coordinating debt issuance processes.

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Mario Martin
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Mindo Leona
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Schedule a consultation with our Fixed Income Sales

Mindo Leona Christina Pardede

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Mindo Leona Christina earned her Bachelor’s degree in Public Relations from Institut Ilmu Sosial dan Politik Jakarta in 2000. She joined Aldira in 2021 as Vice President of Fixed Income Sales and has been serving as President Director since 2025. With over 20 years of experience in Indonesia’s capital market, she specializes in Fixed Income. She also holds a capital market license as a Broker-Dealer Representative.

Livius Nurtanio

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Livius graduated from University of Toronto in 1995. He joined PT. Aldiracita Sekuritas Indonesia as Vice President Director from 4 October 2023. Livius has more than 20+ years of experience in Investment Banking both in Securities, Private Equity and Investment Banks in Indonesia, and overseas such as New York, Hongkong, Singapore as a Research Analyst, Head of Fixed Income, Financial Advisor, Senior Associate, Executive and Managing Director. He holds a capital market license for Broker-Dealer Representative and Underwriter Representative from OJK.

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B Hari Mantoro

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Hari received his degree from the Faculty of Economics, University of Indonesia in 1988. He became the Independent Commissioner of PT Aldiracita Sekuritas Indonesia on 24 March 24 2023. He began his work in the financial industry in 1976 at a foreign bank in Jakarta and later worked for a security company in the capital market. Having worked in the financial market for over 30+ years, Hari has held positions as a President Director, Directors and Senior Manager. He is currently an competency assessor for Lembaga Sertifikasi Profesi Pasar Modal Indonesia (LSPPMI).